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CITY SCOPE

INDORE Pallavi Samadani

Madhya Pradesh (M.P.) lies in the centre of India and is rightly called “the heart of India”. M.P.
spans an area of 308,000 Sq Km covering 9.5% of the
country's area and a population of 6,03,85,118 (Census
2001). The state is located within easy distance of all the
major cities and lies in close proximity to most markets.
The state houses 1800 companies and 19 industrial
growth centers (located across 7250 Hects.) that are close
to major cities to make good social infrastructure
accessible to industrial units. The state has about 70,000
Kms of roads, over 6000 Kms of railway lines, 4 Airports
and 25 Airstrips.

As Madhya Pradesh geographically represents the heart of


India, Indore is in all senses the heart of Madhya
Pradesh. Indore, the commercial capital of MP is a well Indore Rajwada Chowk- A famous
burgeoning town with most of state’s industries located in historical monument
and around the city. Indore derives its name from the 18th
century Indreshwar temple.

The Rajwada or the Old Palace (a major centre of attraction), Lalbagh palace, (another
architectural wonder), Kanch Mandir (a marvellous Jain temple), Chattri Bagh (the memorial with
some canopies) and the Bada Ganapati (the largest Ganapati statue in the world) are some of the
attractions in Indore. Moreover, Indore is famous as a shopper's paradise. The Khajuri/Sarafa
Bazaar offers unique shopping options of gold and silver work, cloth, leather work and traditional
garments. Moreover, there is the Sarafa Market that specialises in snacks and jewellery and the
Kasera Bazaar that specialises in metalwork where you can indulge in the variety displayed for
selling. The Chanderi and Maheshwari silks of Indore are the other famous attractions of this city

In recent years as the state has advanced, the city of Indore has grown many folds and has more
business potential to offer than any other city of similar stature in the country. Major investments
from corporate and business houses including foreign investors have already been made in
concurrent projects going on in and around Indore.

A cosmopolitan city Indore is playing a pivotal role in the business and commerce of Madhya
Pradesh. Foot marks of the royal dynasty meet the pace of the business in Indore. The city after
traversing centuries, is poised to become a software and industrial hub, and suitable for inclusion
in the coveted category of software city.

Indore is well known for its industrial developments:

1. Pithampur, referred to as Detroit of India due to heavy concentration of vehicle


industry, is close (25 km) to Indore. It has plants of Kinetic Honda, Force Motors,
Bridgestone, Eicher Motors, Hindustan Motors, Larson & Tubro, etc. It has also steel
plants of Kusam, Prestige and Chirag Ingots. Electronic consumer goods plants of
Crompton Greaves, Kores India etc. are also located here.
2. Dewas, another industrial town is also close (35 km) to Indore. Among the notable
industries here are Tata Exports, Gajra Group, Steel Tubes, Kesari Steel, S.Kumars,
Prestige Soya, Ruchi Soya, Ranbaxy Laboratories. Dewas also has Bank Note Press of
the Govt. of India. Dewas is declared as city of export excellence.
3. The cantonment town of Mhow (Military Headquarters Of War)
established during world war as a base for British troops in Central India, is also close (22
km) to the city. The latter has a thriving ready made garment industry as well as shoe and
metal cottage industry. Smocking (a type of design) dresses and leather horses of Mhow
are quite famous
Scheme No-54
and 78

Reliance Bought
Land (4LacSq.ft)
RAJWADA
To Ujjain

To AGRA – MUMBAI ROAD AGRA – MUMBAI ROAD To


MHOW/MU DEWAS/AGRA
MBAI
M.G ROAD

MR-10 Bombay Hospital

RING ROAD RING ROAD


Bengali
Cirlcle
MR-10
Sahara Town Omaxe-II
UK Mall

BYPASS BYPASS

Parsvanath Colony TI Mall Omaxe-I Parsvanath

MR-10

PROPOSED BYPASS-II

Distance Between AB Road and Ring Road is one and half km and between Ring Road and Bypass is 3Km.
GOVERNMENT INITIATIVE

Though the city has developed on its own without much help from the state or Central governments,
things are changing now and the government has drawn ambitious plans, including the master plan, to
develop the city at par with the metros.

Under the Jawahar Punaruddhar Mission, the Central government will grant Rs350Crore to Indore
Municipal Corporation and the IDA for improvement of infrastructure and other amenities in the
city. This will be utilized to improve roads by linking different parts of the city to the Bypass and the
circular Ring Road at a cost of Rs20cCrore, to renovate them under the second phase of Bond Scheme
at a cost of Rs50Crore, to construct new flyovers and renovate bridges (Rs100 Crore), and to change old
sewage lines and rehabilitate slum dwellers by providing houses to them. The airport has already been
declared as an international airport and the procedure for its upgradation and expansion is under way. A
Super Corridor will facilitate commuting from the airport to the city.

The Government proposes to improve the connectivity within the city by connecting MR-10 to
Bypass(3.1Km), MR-10 to Airport (8.2Km), Airport to Ujjain Road (3.8Km) and Dhar Road to Airport
(1.9Km). Initiatives are also underway for improvement of existing bridges and roads for faster movement
within the city.

REAL ESTATE DEVELOPMENTS IN THE CITY


Though traditionally Indore has been a hub for automobile, alloy steel industry and textiles with home to
major companies like Hindustan Motors, Eicher Motors, Bajaj, Nicholas Piramal and a hub for soyabean
cultivation and processing, it is fast becoming the place to be for education and for work for the smaller
towns in MP.

IT Park:-

A Software Technology Park having world class facilities is proposed to be set up at Indore. Land
measuring 21 acres has been selected. It is situated near Bhanwarkuan Chouraha on Khandwa Road,
right in front of the Devi Ahilya University.

More employment opportunity are in the offing with the government declaring a budget of Rs5,000Crore
(Rs50 Bn) for building Asia's largest auto testing track at Pithampur for ground breaking research and
development.

The Madhya Pradesh government has earmarked 2,000 acres of land for an IT SEZ near the proposed
International Airport. The airport itself will be a catalyst for future real estate development in neighbouring
locations.

Retail & Commercial Front:-

Indore has a large population of entrepreneurs with high purchasing power. The city has a number
of strongly entrenched local brands along with national and international retailers. Traditional unorganized
markets are slowly giving way to new organized retail markets with the arrival of new malls and shopping
centers. The developments in the city triggered with coming up of Bombay Hospital on Ring Road.
Currently Radisson Group is coming up with a Five Star Hotel on this road.

Entertainment World Developers Private Limited (EWDPL)'s Treasure Island (0.6Mn Sq Ft), located on
MG Road, was the first move of the city towards organized retail format.
A noteworthy development is the Crystal IT Park on 24 acres of land at Khandwa Road. Prospective
growth of the IT sector has fuelled the growth of residential real estate in the city.

The major retail growth can be seen in the central part


of the city close to the high-end residential locations of
Malls at Indore
Palasia, Race Course, Saket and Gulmohar and also in Treasure Island
upcoming locations like Vijaynagar and MR 10. Mangal City Mall
Pakiza retail store
Mumbai-based K Raheja developers are coming up with Vishal Mega Mart
a hypermarket on 11 acres of land around the bypass. Westside and Globus
Besides this, there is news that a number of national- Salasar Retail Store
level multiplex operators have also announced their entry.
Multiplexes like INOX, PVR, ADLABS
On the Commercial front; Race Course Road, M G Road and Agra Mumbai Road (A.B.Road
) are the three commercial hubs in Indore where impressive shopping and office complexes crowd the
skyline. However, M.G Road, A.B. Road, Palasia, Race Course Road, R.N.T Marg are the Central
Business District (CBD) areas of the city.

Residential Scenario:-

Recent years have seen a growth in demand for


apartments, partly because of rising aspirations of the
populace and also due to a 47 per cent increase in
population in a decade.

Shalimar Township (23 acres) along the AB Road was the


first township concept successfully implemented in
Indore by the Mirchandani Group. Today, according to an
estimate, there are about 18-20 integrated townships in the
pipeline.

Entertainment World Developers Private Limited is Indore -Growing at an unprecedented


doing two projects with Eredene Capital of rate
Mauritius. EWDPL is doing a Rs350Crore (Rs 3.5
billion) Market City on 19.5 acres of land near the junction of Indore bypass and Major Route 10 (MR 10),
which will entail a 1Mn Sq Ft mall, a five-star hotel, 4.4Lakh Sq Ft of office space and a total of 8Lakh Sq
Ft of residential development over 7 towers. These towers could be over 20 floors. Their other township
will be at Bijalpur, off the main Agra-Bombay National Highway on a total of 100 acres.

Omaxe City spread over 89 acres, will be at Mayakhari on NH-3, Agra-Bombay bypass and will house
duplex villas, ground + 2 independent floors along with a swimming pool, sauna, steam, jacuzzi, shopping
complex, food court and a banquet hall. Omaxe Phase-I is a sold out project. Omaxe plans another city
close to the Phase-I.

Sahara India Infrastructure and Housing has planned Sahara City Homes on the bypass at Bicholi
Mardana on 89 acres of land. Suncity is also doing a township spread over 150 acres on the Agra-
Bombay bypass. It will include a commercial centre, a star hotel and a shopping complex.
Parsvanath has planned “Parvanath City” spanning an area of 200acres including an SEZ of 78acres on
the Agra-Mumbai Bypass Road. An investor can avail space here for Rs.625per Sq.Ft. Ansal too has
planned Ansal Town in the city in an area of 70acres with a club, school and a shopping convenience.
This city is sandwiched between A.B Road and the much talked about Bypass Road.

A joint venture between the Fire Capital Private Limited, a real estate private equity fund and the K M
Jhaveri group has been signed to undertake a Rs750crore integrated township project on Bypass road.
This township has been christened as “Silver Spring”. The township will have different types of housing
models which will include residential row houses, multi-storey apartments, mid-rise apartments, terrace
cottages and independent villas. Besides it will also have a shopping mall, world class offices, park, hotel,
health-care facilities, school, religious places, etc.

PRICES:

The developments in the city have led to an upward movement of prices. However this appreciation is
more positive in land as against developed property. The prime CBD areas command a price that ranges
between Rs.3000-7000per Sq.Ft. Ring Road and Bypass are ranging between Rs.1000-2500per Sq.Ft
and Rs. 600-1000per Sq.Ft respectively.

Thus, Indore as a real estate destination is gaining momentum with concentration on AB Road
Bypass coupled with the perennial demand witnessed in the CBD areas. The demand will further
spurt with the city being recognized as one of the few IT destinations in India backed with a strong
manufacturing industry.
Disclaimer
The information and views presented in this report are prepared by Karvy Realty & Services (India) Ltd. The
information contained herein is based on our analysis and up on sources that we consider reliable. We, however,
do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not
responsible for any loss incurred based upon it.

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