Otherwise known as The Manchester Of The South – Coimbatore has grown on the back of the textile industry which took root as early as the late 19th century. The textile mills needed skilled labour and people from all over India flocked to this city which borders Kerala’s Palakkad district on one side and has the Western Ghats and reserve forests on the other. Looking at the towering buildings which house both commercial and residential space, it is hard to believe that Coimbatore was once a small town prone to drought and earthquakes. So what is making Coimbatore real estate tick now?
- Vibrant manufacturing sector
- Service sector set to boom
- Health care on the rise
- Retail sector on the rise
- Pleasant climate
Textiles- the primary growth factor: The growth of real estate and the various suburbs of Coimbatore can be directly linked to the growth of the textile industry in the city. The city is home to a number of textiles mills, in categories which range from small, medium and large. The entire Coimbatore belt is known for the quality of its cotton and dyes. Most of the produce is exported. The growth of textile manufacturing machinery has been a natural fallout of the growth of the textile industry. Some of the best known global brands in textile machinery and component manufacture are based in Coimbatore. However, textile is not the only industry which Coimbatore boasts of. Coimbatore today is a centre for engineering, hosiery, poultry and Information Technology. The city has some of the oldest flour mills in the country.
Technology: Coimbatore real estate has also benefitted from the city’s new status as the second largest producer of software in Tamil Nadu; second only to Chennai. The city ranks 17 among the global outsourcing cities. The growth of Information Technology (IT) and business process outsourcing (BPO) got fresh impetus with the launch of Tidel Park and other IT parks. IT majors such as TCS, Cognizant and IBM have operations in this city.
Gold adds to real estate demand: The city is one of the major hubs for the manufacture of gold jewellery. The units in Coimbatore specialize in cast jewellery and machine made jewellery. The city is also a centre for diamond cutting. Coimbatore has more than 3000 jewellery manufacturers and over 40,000 goldsmiths. Healthcare boosts real estate: Coimbatore is a centre for health care and has a large number of specialty hospitals which cater to orthopedics, cardiac, kidney and others. A large number of people visit Coimbatore from the neigbhouring districts for healthcare. Coimbatore real estate has boomed as a result of the growth of these industries. One of the off shoots of a pleasant climate and good healthcare facilities has been a large number of retirement homes. This is a big business in the city. Retail adds spice to realty: Coimbatore has always a vibrant retail sector specializing in gold and textiles. The city attracts shoppers from the towns close by and also from Kerala. Today, the Coimbatore-Tirupur-Erode industrial corridor is an added boost for the real estate market.
So what’s not to like about the city? It seems like the perfect place to watch your money grow.