Real Estate Trends in Madhya Pradesh

Madhya Pradesh – centrally located and rich in mineral and agricultural wealth, is on a growth trajectory that equals the pace set by other states which had started their industrialization process much earlier. With the advantage of having one of the best infrastructure services in the country, Madhya Pradesh is a preferred choice for foreign direct investment.

Eredene Capital of UK announced an investment of Rs. 570.5 million in Indore for a 19.52 acre site to develop an integrated retail, office, hotel and residential complex in October 2006. Similar investment from domestic players is also flowing in, encouraged by the MP Government’s commitment to economic development.

The State Government has identified readymade garments and textiles, agro industry, food processing, herbal, electronics and consumer electronics, medical and surgical appliances, automobiles, IT, biotechnology, pharmaceuticals, gems and Jewellery as its ‘focus sectors’. Though a late comer to the IT industry, it is pulling all stops to elevate it to a level achieved by frontrunner cities in India.

The MP Government accorded high priority to road development, and the state today supports a 10,000 km network. It also has the strongest Optical Fibre connectivity in every district.

Madhya Pradesh has set up a Facilitation Centre for Non Resident Indians who have shown keen interest in the investment opportunities in the state. Investments from NRIs in January 2007 amounted to almost Rs.400 billion. This included the Oberoi’s plans for a resort in Khajuraho and Lotus Niko’s hotel and convention centre in Sanchi, both world heritage sites.

The very heart of India is an exciting tourist venue, and Madhya Pradesh holds good opportunities for the hospitality sector to flourish. The tourism strategy outlines strengthenening of basic infrastructure at Orchha, Mandu, Panchmarhi, Kanha, Bandhavgarh, Panna, Satpura, Pench valley, Mandsaur, Mainpat, Tamia, Ujjain, Maheshwar, Omkareshwar, Chitrakoot, Amarkantak, and Rajim, apart from the other major cities in the state.

Real Estate Development in Madhya Pradesh

Map of Madhya Pradesh
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As in the rest of the country, real estate in Madhya Pradesh is growing proportionately with economic development. MP’s ambitious growth plans have seen India’s first “Greenfield” SEZ in Indore. The city also boasts of specialized infrastructure at the 21 acre Crystal IT Park and an Apparel SEZ. Already the IT hub of the state, the city is developing ultra-modern integrated townships that will have hypermarkets, shopping malls, multiplexes, residential apartments, banquet halls, health and educational facilities and an IT Park

Commercial property development in Madhya Pradesh has seen an Apparel Park come up in Jabalpur as well. Katni supports a Food Park, an Agri-Export Zones and a Stone Park.

Real estate developers like Satya, Prabhatam and Parsvnath have drawn up projects for Indore, Gwalior, Raipur, Jabalpur and Bhopal. DLF plans to invest Rs. 8000 crore over the next five years in Madhya Pradesh on real estate and infrastructure projects. Planned projects include housing, SEZs, IT Parks, hotels and convention centres in Bhopal, Gwalior, Indore and Jabalpur

As consumerism grows in these upcoming towns, retail malls are being developed – Prabhatam has a mega shopping extravaganza coming up over 10 lakh sq.ft in Indore, and a 4.5 lakh shopping mall in Jabalpur.
Bhopal, the state capital, will soon have an integrated commercial-cum-residential space covering 14.5 lakh sq. ft. DLF will be developing the Bhopal airport, as part of its investment strategy for Madhya Pradesh.
Gwalior is developing a City Mall on a grand scale befitting its royal status covering 2.25 lakh sq. ft. area and will play host to food parks, entertainment zones and anchor stores.

Madhya Pradesh’s industrialization plans received a boost when SEZs were notified in January 2007 by the Centre. These would be the Medicaps IT Park in Village Panda, and the M.P. Audoyogik Kendra Vikas Nigam, both located in Indore district.

With the inherent strengths that Madhya Pradesh possesses, of location, resources and an efficient and responsive government, the future spells good times for real estate.

Cities of Madhya Pradesh
Agar
Harda
Parasia
Anuppur
Hoshangabad
Pipariya
Ashoknagar
Pithampur
Balaghat
Itarsi
Raisen
Barwani
Jabalpur
Rajgarh
Betul
Jaora
Ratlam
Bhind
Jhabua
Rewa
Katni
Sagar
Burhanpur
Khajuraho
Satna
Chambal
Khandwa
Sehore
Chhatarpur
Khargone
Seoni
Chhindwara
Maihar
Shahdol
Chitrakoot
Mandideep
Shajapur
Dabra
Mandla
Sheopur
Damoh
Mandsaur
Shivpuri
Damua
Morena
Sidhi
Datia
Nagda
Singrauli
Dewas
Narsinghpur
Tekanpur
Dhar
Neemuch
Tikamgarh
Dindori
Nepanagar
Ujjain
Gadarwara
Nowgaon
Umaria
Guna
Panna
Vidisha
Gwalior