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Real estate booming in Salem

Salem is becoming the investors’ choice, writes R. Ilangovan

In full swing: An apartment coming up in Salem. — Photo: P. Goutham

High rise buildings have started dotting the skyline of Salem majestically with realtors of repute and sundry catering lavishly to the increasing demand for apartments and independent villas in this Tier-II city.

Activities

Salem has been witnessing a flurry of development activities to the tune of Rs. 3,000 crore in the last four years.

With the works on the 165-acre IT-cum-Special Economy Zone (SEZ) are almost over and the massive expansion of Salem Steel Plant with an integrated Special Economy Zone (SEZ) exclusively for steel-based industries under progress, the city is on the fast track of development in all spheres.

After Mumbai, New Delhi, Kolkata, Chennai, Hyderabad, Bangalore and Coimbatore, Salem has emerged as a hub for the booming real estate today.

The land has become precious with various development projects on in full swing. Hence apartments have become the ‘in-thing.’

Officials point out that nearly 25 builders including the leaders in the field are engaged in constructing high-rise apartments that fetch premium prices from its buyers.

A vast stretch of land at the foothills of Yercaud and the sprawling complex of the leading movie house Modern Theatres have been converted into a massive housing complex.

Clearance

Even an acre of land in urban premises has been converted into a high-rise apartment. And many more await clearance from the local body.

These apartments are not mere boxes of sand and stone. They sport aesthetic look with landscaping, spas etc.

“People are ready to pay for what they want. Interior decoration has been the main demand,” says a leading promoter.

The construction industry is throbbing today.

Manpower

“The shortage of skilled manpower is the major factor that worries us. The cost factor jacks up the price,” he says.

Residential projects at prime localities in Salem city command rates ranging somewhere between Rs. 2,500 to Rs. 3,000 per sq ft depending on the location and quality of construction.

With just a three hour drive from Bangalore and Coimbatore, Salem is investors’ choice today.

Source: The Hindu

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