Real Estate in Madurai - Lands, New Houses, New Apartments in Madurai - Madurai Infrastructuve improvement and growth

"The spotlight on Madurai in the economic landscape of TN has definitely increased since MK Alagiri became a Cabinet minister," avers JLLM MD Ramesh Nair. Apart from inherent advantages such as HR availability, HR costs and government support, air connectivity and physical infrastructure have improved over the last couple of years, he said. "However, real estate availability, both commercial and residential, and social infrastructure need to improve to attract more companies to Madurai," he added.

Managing director of Rs 30 crore Vishal Promoters, R Ilankovan, said: "The market is neither good nor bad. The end-users’ market continues to be a little dull." Vishal has commissioned 5 lakh sq ft plus space, which includes two satellite townships and four apartment projects. It is building hi-end "farm resorts" on a 200-acre campus, where prices begin from Rs 30 lakh, he said. Engineering Estates honcho Balasubramanian, who is launching his first project Pearl on a five-acre area in this town, said: "There has been a big change in this region with mid-sized malls and residential structures coming up thick and fast in several areas."

Vishal is also promoting a high-end shopping mall on 2 lakh sq ft. The cash-rich district, thriving on tourism and granite-quarrying, has been making rapid strides in development. There are separate streets that are earmarked for retail activity.

Similarly, shopping is evolving with brands like Mega Mart and Cafe Coffee Day trying to leverage the most. Following the boom in retail, the traditional formats have changed to accommodate established chains such as Pothys, Kirtilal, Joyalukkas, Bhimas and Vohra.

City of four junctions (Koodal Maanagar), cultural capital of TN (Kalaachaara thalainagar), city of Jasmine (Malligai Maanagar), sleepless city (Thoonga Nagaram) and Athens of the East are some of the sobriquets that the city has earned. These not only capture Madurai’s heritage, but also underscore the growing importance of the economic activity in this region. Besides Chennai, it is the only TN location to have two IT SEZs.

The local player-dominated market (Max Properties, Vishal Promoters, Vishwas Builders, Raj Paris) is now attracting those operating out of other metros. For instance, Bangalore-based developer Sathya Sree is coming up with a unique fully air-conditioned 92-apartment project, 12 km from the city centre at Nattham, offering dwelling units between Rs 50 lakh and Rs 1 crore.

Engineering Estates promoter, who is an active player in the Chennai realty scene, has chosen his home-town to launch his Rs 40 crore, 120-villa project.

Key realty players like ETA, Heritage, Akshaya Homes and India Bulls too have evinced interest to tap the potential of Madurai, considered to be south’s gateway.

Land availability is an issue in prime locations such as the Race Course, K K Nagar, Anna Nagar and Nattham Road. Prices hover around Rs 3,000 per sq ft for apartments and in some areas range between Rs 5,000-7,000 per sq ft. Land prices are ruling at Rs 4,000 per sq ft.