Madurai, the second largest city in Tamil Nadu, is attracting IT companies.This together with investments in infrastructure has given impetus to demand for real estate in the city.
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1. IT Parks
A 10-lakh sq ft IT park to be set up at Ilandaikulam village in north Madurai and another one at Kochadai near Madurai
2. Road Projects
Inner and outer ring roads and the four laning of the roads connecting the city to Tuticorin, Chennai and Tiruchi will improve connectivity and create demand in new areas
3. Airport
With expansion of runway and construction of new integrated terminal building complex, Madurai will be connected to other bigger cities—a requirement for the IT sector
Investment in infrastructure
Housing and transportation are the two important focus areas in the overall infrastructure development plan for the city under Jawaharlal Nehru National Urban Renewal Mission
| Road & Traffic Management | 54% |
| Housing | 21% |
| Water Supply | 8% |
| Drainage | 7% |
| Sewerage & Sanitation | 6% |
| Others | 4% |
| Figures are percentage allocation to each sector Total proposed investment by 2015: Rs 2,361 crore | |
New residential projects
Integrated townships and apartment projects by big builders has created demand in the suburbs where land is more easily available.
| Builder | Project | Location | Price (Rs)* |
| Lakshmi Builders | Gomathi Niwas | Chokkikulam | 15 lakh |
| Sri Ram Builders | Sri Ram Enclave | Melu Madurai Rd | 15 lakh |
| Poornam Builders | Madhav Manjil | Chokkikulam | 17 lakh |
| Viswas Promoters | Vasudhara | Andalpuram | 18 lakh |
| Vilas Builders | Kurunthogai | Kochadai | 25 lakh |
| *Average price of a 3-bedroom apartment | |||
Retail space distribution by 2008
There is a strong demand for retail space. Madurai has good connectivity and has emerged as a retail hub to many smaller neighbouring towns.
| South | 1,600 |
| Central | 3,200 |
| North | 2,000 |
| Average property price in Rs per sq ft | |
Price change
| Average percentage price change in 2007 and 2008 (expected) | ||
| 2007 | 2008 | |
| North | 35% | 25% |
| Central | 30% | 20% |
| South | 25% | 20% |
Source: Ernst & Young, Knight Frank
