With half the projects under 'Destination Madhya Pradesh' to be implemented in and around Bhopal, the city is drawing developers in hordes. Dominated by a handful of local builders till recently, national players like DLF, Sahara and Ansal are now moving in.
Bhopal is strategically located and well connected with the main business locations in the region. The airport on the outskirts of the city is the new focal point of residential and commercial development. The borders of the city have stretched to Bairagarh and Kolar, which has recently been given the status of a separate municipality.
Price Propellers
Some projects underway that could influence realestate prices in future.
1. IT Parks/SEZs
IT majors TCS, Infosys and Wipro have planned facilities in the Software Technology Park coming up in Badwai, about 5 km from the airport. There are plans for another IT park and a biotech park on the outskirts.
2. Business District
Redevelopment of a 15-acre area in the heart of Bhopal into a business district. Infrastructure development of another 32 acre to be taken up.
3. Transport Projects
A ring road, six-laning of Saketnagar bypass road, subways, a logistics hub at Bahiropur and an inter-state bus terminus are part of the overall transport plan.
Investment in infrastructure
The area under the city development plan has been extended to cover 823 sq km. Land management and implementation of building by-laws will be the priority.
New residential projects
Although the residential market has largely been driven by end-users, investment-buying has pushed up the growth in prices recently.
Retail space distribution
The traditionally low absorption rates (of 50-60%) is now changing with many big players entering the market. This has pushed up capital and rental rates for commercial properties.
