How airport expansion is going to assist Coimbatore into being a global city?
Ever wondered what a fast-paced social development looks like? One can have a fair idea and witness the same if they ever lived around an airport. The airport has always been considered one of the most prized public amenities according to modern living standards and an important marker for urban development. This is the same for societies all around the world, vicinities around an airport would often have top-tier development. This top-tier development would include an upgrade of public transportation facilities, the establishment of civic amenities, and advanced infrastructural development. Prominent examples of development around the airport vicinity can be evidently seen in most of the country’s metropolitan cities, upcoming Tier-II and Tier-III cities where residential communities flourish, high-end public transport facilities like metros emerge, and Industrial and IT development takes place. One of the major reasons why big cities like Delhi, Mumbai, Bengaluru, Hyderabad, Kolkata, and Chennai are considered the top business destination hubs of the country is due to the presence of major transportation facilities like an airport. This is what boosted industrial and IT software development in these regions, where people from all the around the world could easily reach destinations like this for business purposes. This is also what drove people to migrate to these big cities and ultimately make them high-end metropolitan cities.
There are however few cities in the country where development around the airport vicinity remains unexplored, having the potential to reach the development of Tier-I metropolitan cities. One of the major contenders in this bracket happens to be the city of Coimbatore. Coimbatore, the second-largest city in Tamil Nadu also known as the textile capital of South India and considered one of the most industrialized cities within the state is currently considered to be booming with massive IT software and infrastructural development. The presence of leading software giants like Cognizant, Tata Consultancy Services, Wipro, Robert Bosch Engineering and Business Solutions (RBEI), and other huge IT parks like ELCOT and TIDEL has already catapulted Coimbatore into being a prospect for an emerging global city. This massive development has attracted the attention of many foreign investors, companies, and even the government. In a bid to make the most of this progress, the Central Government recently announced plans to expand the international Coimbatore airport in a Rs. 2000 crore project. The new airport is mandated to expand up to 627.89 acres of which 90 percent has already been acquired further ensuring that the runway is stretched and more airlines and destinations can be connected to Coimbatore.
Why Coimbatore(L & T) Bypass is a goldmine for real-estate investment?
Areas in and around 15-20 kilometers of the airport are projected to be propelled to massive development, especially the L&T Bypass Road which is considered to be the upcoming prime location of Coimbatore where the scope for advancement is valued to be at its peak due to its widening of the current 28 km two-lane road into a four-lane road with service roads. The project will drastically improve the value of land in the surrounding localities and contribute immensely to the land appreciation rate. The Rs. 400 crores proposed project will also maintain close proximity with the upcoming 61.62 acres largest bus stand project, Vellalore Integrated bus stand, and the Union DefenceIndustrial Corridor project of Rs. 225 crores which will be responsible for developing new defence equipment manufacturing facilities through foreign investments. Development in these regions will include real estate, IT-sector, and technological development, where prices for land plots would skyrocket, new IT industries and offices would begin to set up and operate and ultimately lead to the establishment of residential societies. These areas are currently the hottest-selling land plots in the city for residential and commercial purposes and are also expected to have essential civic amenities like schools, colleges, healthcare facilities, and entertainment avenues like malls and shopping complexes in the near future.
Numerous real estate analysts are now stating that a mere investment in a plot of land in any of these locations in Coimbatore today is considered an investment in the future, bound to increase in value with a promising ROI in upcoming years. Large-scale residential and commercial living is not far off in these localities and missing this golden opportunity to invest in these places which would reap enormous benefits from the nearby airport development would be quite a blunder for anybody and everybody. With people claiming ‘Coimbatore to be the future’, this might be one’s only chance to invest less now and witness massive social and real-estate development soon.
– authored by Eshwar N, Chief Executive Office of G Square