Coimbatore or popularly known as Kovai is a major and happening city of Tamil Nadu.
It is the second largest city after Chennai and is known for its mills. The city is known as the ‘Manchester of South India’ for its abundant cotton production and the ample textile industries.
The city is surrounded by the Western Ghats and has a pleasant climate for most of the time in during the year.
The climatic condition is one of the most popular factors that make people choose the city for investing in a property. It is considered to be one of the safest cities for women and also has some of the prestigious institutions under its wings. Gone are the days when retired people only chose to settle In Coimbatore, the development of It sector has brought the Tidel park to Kovai and has made even the newcomers to fall in love with the place!
Now I too chose to purchase a flat in Coimbatore and these are the factors that I considered before
selecting the project. I first calculated my budget, the type of apartment I was looking for, (2/3 BHK), locality and then finally the projects in that area and of course the reputation of the builder.
1. Choosing the locality:
When I wanted to invest in a property I naturally looked for the areas that were developing rapidly and that had the land rate increasing. The top areas that are preferred for the investment in flats are namely,
Vadavalli is the most happening part of the city where most of the expansion is taking place and
there are a number of flats being put up. The land appreciation in Vadavalli has said to be increased by a good 30% here. The area is located near the famous Marudhamalai Murugan temple and has a good ground water source. It is well connected to the airport (19 km), railway station (9 km) and the main Gandhipuram bus stand (14 km). The property value as on date is 4000 rupees per square feet here and is said to be increasing in the coming years.
Thudiyalur is located in the northern part of the city. The area houses one of the busiest bus stands, the famous Thudiyalur bus stand is a famous landmark. The recent boom in the flat promotions in this part of the city has made it a hot destination among the people as this locality can provide both a serene environment and also the amenities that people will prefer to have near their house. It is connected to the airport ( 18 km), railway station (11. 4 km) and the main bus stand ( 9.9 km). The property rate here as on date is Rupees 3530 per square feet.
Saravanampatti is one of the areas that has been in the spotlight in the recent years, thanks to
the IT invasion and the presence of Tidel park. A lot of companies from the information technology sector have made this a prospective area for investment as the land value is rapidly increasing.
Areas around this locality like Kalapatti, Keerantham, Vilankuruchi and Peelamedu has also seen a considerable increase in the land value and people moving in. It has become the educational and financial hub of the city, also the malls, international outlets, and gated communities have catapulted this locality to great heights. It is also well connected to the parts of the city, Gandhipuram bus stand( 8.3 km), railway station( 11.3 km) and airport(9.9 km). The property rate as on date is Rupees 3600 per square feet.
Saibaba colony Is one of the calm and peaceful neighborhood in Coimbatore.
It is an amalgamation of all the amenities that are a must for a residential locality. It is well
connected to the rest of the city and also houses the Saibaba colony bus stand that is a major
landmark. Located just 4 km from gandhipuram bus stand, 5.2 km from railway station and 13.5 km from the airport this has been one of the favorite destinations for the buyers. The property rate as on date here is 5000 rupees per square feet.
RS Puram is considered to be the posh area of Coimbatore. It houses the famous and top entertainment centers and is known to be the best hub for shopping. This has an equal share of both prime residences and other commercial amenities. It is just 12 km from the airport, 3 km from the Coimbatore railway station and 3.2 km from the Gandhipuram bus stand. The property rate is 6600 rupees per square feet.
Ganapathy is one of the most densely populated areas in Coimbatore. It can be called as both
commercial and residential neighborhood. It is just 2kms away from the heart of the city, Gandhipuram which makes it a top priority for buyers. It is well connected to all parts of the city and also to outskirts. It has a lot of prominent schools and colleges under its reach. Also, the BPO’s of IT sector mostly operate from Ganapathy. Property rate as on date is 4038 per square feet and is said to increase in the coming years.
Peelamedu is the eastern part of the city. It has been one of the oldest residential localities which have seen an enormous growth in the last decade, again because of the IT sector. This area houses the major prestigious institutions like PSG group of colleges, Aravind eye hospital, Kovai medical center, Coimbatore tide park and the CODISSIA trade fair complex. Its connectivity to other parts has made it an important hub for trade activities. It is 8 km from gandhipuram, 2.6 km from the airport and 8.5 km from railway junction. Property rate as on date is 4760 per square feet.
2. Property documents
Since there is a recent boom in the flats, villas and other projects buyers should be more careful
in reading the documents. The documents should be as per the norms of the panchayat or the municipal corporation under which the property comes. The buyers should ask for the approval document of the project from the local planning authorities. Also, the building should not deviate from the original plans. This should be mentioned in the purchase agreement.
3. Reputation of the builder
There are a number of builders those who have developed a quite a lot of flats in around the
city. A lot of new builders have begun doing projects like independent villas, flats, and other
independent projects. When choosing the project, it is better to check the reputation of the builder in order to make sure that the project is handed over in the said date and all the amenities and the built-up area is as per the specified terms and conditions.
4. Should stick to the originally approved plan
The buyers should also make sure that the project is built as per the original plan and there are
no deviations in the units. Some promoters build additional units without getting proper permission from the local planning authority. This might lead to serious legal issues and the builder will not be able to deliver the project on time. Documents like mother document/sale deed, no objection certificate, land record, approved planning, the master plan of the building/project, are all very important documents and needs through inspection before accepting the terms and conditions. It is also best to consult a legal adviser to cross verify the documents.
The budget should be within the limits and should not be burning a hole in the pocket. Selecting
projects that can suit our demands is very much preferred. Also, banks provide loans and they usually have tie-ups with some prominent builders which can ease out the whole loan approval process. All the cost that will be incurred for the construction should be mentioned in the document and it is best to clarify if there are any hidden charges.
6. Common area/ UDS
Generally, people do not bother to check about this common area or the undivided share of
land (UDS). It is also important as this will also be registered under the name of the buyer. You must ensure your share of the UDS land before buying the flat. UDS is calculated by – Built-up area of individual flat / Sum of all flats’ built-up area X Total land area.
7. Amenities provided
The builder/promoter will be mentioning about certain civic/basic amenities that will be
provided. Those things like backup generators for lifts, fire alarms, intercoms, marked/designated parking area, garbage disposal, and maintenance fee should all be checked. So, this is what I checked before purchasing my flat in Coimbatore..
Happy Purchasing Folks!!
”My name is Kruthiga Shankar, a homemaker and proud mom of two little kids also a freelance content writer looking to carve a space for myself in writing. i’m a big foodie who loves to cook and eat as well:) loves listening to music and a bookworm too!! loves to spend some alone time with coffee and book instead of watching a film! that’s in short about me. ”