Bhopal, the capital of Madhya Pradesh, is popularly known as the ‘City of Lakes’. This is because it is situated amidst the serene lakes and picturesque surroundings. It is one of the greenest cities in India and is famous for its landscape and scenic beauty. Bhopal is widely known for its silver jewelry, fashioned beadwork, embroidered and sequined velvet fashioned purses and cushions.
In recent times, Bhopal has emerged as a potential real estate destination after Indore, the capital city, in Madhya Pradesh. It offers various investment opportunities for both property developers and property investors. The economy of Bhopal mainly comprises of electrical major BHEL, services and administration sectors. The development of property in Bhopal seems to be following a wholesome approach as all the sectors, be it residential, commercial or retail, are growing rapidly.
The strategic location of Bhopal has been instrumental in attracting investments from various government and semi government organizations. The major commercial areas of Bhopal include TT Nagar, Bairagarh, MP Nagar, New Market, Vitthal Market, Center Point, Mantralaya and others. Since there has not been much growth in IT and ITes sector in Bhopal, the absorption rate of commercial developments has been limited to 30-40%. Several commercial projects by leading property developers like DLF, Unitech, Ruchi Group, etc. are coming up in Bhopal.
The residential sector of Bhopal is broadly categorized into two parts:
(a)Congested old residential colonies in the main city and
(b)Planned development in newly developed areas.
Popular residential areas in Bhopal include Tulsi Nagar, Sonagiri, Shahpura, Shakti Nagar, Saket Nagar, Rachna Nagar, Shivaji Nagar, Area Colony and Kasturba Nagar. Independent houses comprising of bungalows and duplexes make for almost 90% of residential segment. The concept of ‘triplex’ is shaping up rapidly with a high absorption rate of more than 70%. Housing projects by Kanchal Group, Sahara Housing, Maxworth, Ansals and many more have also been launched.
The retail sector of Bhopal is of high street type but its development potential has not been fully exploited yet. Land for retailing is easily available in the ‘Lake City’ but realty developers are in the haste of occupying them before the rates spiral up. The shopping and entertainment sector is all set for the boom with the entry of private players like Aakriti Group, Zee Group, etc. The trend of multiplex-cum-shopping centres, Fun City, development of multiplexes, shopping malls, star hotels and corporate offices has already entered the city with the growing consumerism.
Parsvnath, DLF and Unitech have grand plans of investing huge amounts of money in developing Bhopal and even Madhya Pradesh real estate on the whole.
DLF plans to invest Rs. 8000 crores in Madhya Pradesh real estate over the next five years. This will include developing of housing, integrated commercial-cum-residential spaces, SEZs, IT Parks, hotels and convention centres in Bhopal.
Unitech, the second largest real estate developer of India is also investing Rs. 6000 crores to develop affordable housing across seven cities, Bhopal being one of them.
Increasing development across all sectors of realty has resulted in a considerable hike in property rates. Prices in major developmental areas or prime locations have shot up significantly in wake of the growth of real estate in Bhopal. Residential sector has been witnessing developing of both luxury villas as well as low-cost or budget housing, diversifying the housing scenario.
Bhopal property market scenario is getting hot like never before as even leading national builders are taking interest in developing property in the city. It is considered a ‘virgin land’ known for its ‘nawabi’ culture like Hyderabad and Lucknow and has been going through a dynamic phase of realty development.