Scarcity of residential units pushes property prices up in Indore’s Pithampur ...

    Scarcity of residential units pushes property prices up in Indore’s Pithampur

    Owing to rapid industrialisation in Pithampur, the state’s largest industrial hub, and flood of people, residential property in the region are selling like hot cakes.
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    Scarcity of residences

    Scarcity of residences and fewer options have pushed property prices in the industrial belt. In Pithampur property prices have jumped by about 50 per cent from Rs 900 to Rs 1100 per sq ft in a year, according to developers.

    According to a rough industry estimate, about 15,000 to 20,000 houses are required in Pithampur in the affordable segment.

    Audyogik Kendra Vikas Nigam (AKVN) managing director Kumar Purushottam said, “Lack of houses in Pithampur has resulted in development of slums and encroachments on industrial lands. Well planned residential houses are very much required to cater to the needs of working class in Pithampur.”

    According to industry experts, demand for affordable houses in the range of Rs 10 lakh to Rs 20 lakh is high. Pithampur Audhyogik Sangathan president Gautam Kothari said, “Private colonies are developing in the region but still there are proper hosing board colonies in Pithampur. Workers are forced to live in unhygienic condition due to lack of accommodation.”

    According to the sangathan, about 1 lakh employees working in different industries travel daily from Indore, Rau and Mhow to Pithampur.

    Industry experts said that about 70,000 people are employed in Pithampur and workforce is growing at a rate of 7 per cent per year. Most of the workforce employed in industries of Pithampur spends about 2 -2.5 hours in travelling every day.

    CREDAI member Sunil Agrawal said, “Housing requirement in Pithampur is likely to rise further. Prices of land have increased and will continue to do so by at least 10 per cent in coming years looking at a high influx of workforce.”

    Info- https://realty.economictimes

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