The development of the Coimbatore bypass and adjoining areas will make the city the gateway to Tamil Nadu, said Gugan Ilango, president of Confederation of Real Estate Developers Associations of India (CREDAI), Coimbatore, here on Friday.
Speaking at G Square Presents “Coimbatore Unlimited: Collaborate, Co-create, Celebrate,” powered by The Hindu, a panel discussion at Taj Vivanta on “Coimbatore Bypass: the Next Big Investment Destination,” he said cargo movement between Gujarat and Tamil Nadu by sea is picking up. The cargo comes by sea from Gujarat to Kochi and moves by road from there to Tamil Nadu. This is cost-effective. Development of the 28-km long Coimbatore bypass will make it a major connecting road to the rest of the State for cargo movement, he said.
It is not just investments from Coimbatore and Kerala, but also from other States, which are currently happening on the Coimbatore bypass road. “Coimbatore bypass is one of those areas that has a structured infrastructure development. It is becoming a planned hub,” added Eshwar. N, chief executive officer of G Square. Coimbatore is currently witnessing a radial development, with industries growing on the eastern and northern areas of the city, hospitality sector on the western areas and logistics on the southern areas, added Mr. Gugan. Jude Alex, founder of Synergy Realtors, said IT parks in Coimbatore are full and valve industries have expanded here.
Coimbatore bypass has the advantage of affordability compared to other areas at present, making businesses affordable. Additionally, large parcels are available for development on that stretch, said Mr. Eshwar. According to him, almost five million square feet of warehouses have come up on the Chettipalayam-Palladam road. The Coimbatore bypass has the potential to cater to their needs, he added.
The panelists further said in the last two years, with more people opting to work from home due to COVID-19, the need for residential units and housing plots have shot up.
With interest rates falling, loans have become affordable for those who want to buy houses, said Mr. Eshwar. The participants pointed out the need for faster approvals and for constituting a Coimbatore development authority to accelerate industrial development here.
News 18 Tamil Nadu is the television partner for the programme. Kanishka Arumugam, CEO of Ekki Pumps and Head of CII- FBN Next Gen, moderated the session.
