Bhopal, the capital of Madhya Pradesh, is situated amidst the serene lakes and picturesque surroundings.
The major commercial areas of Bhopal take in TT Nagar, Bairagarh, MP Nagar, New Market, Vitthal Market, Center Point, Mantralaya and others. Since there has not been much development in IT and ITes sector in Bhopal, a number of commercial projects by leading property developers like DLF, Unitech, Ruchi Group, etc. are coming up in Bhopal.
The residential sector of Bhopal is divided into two parts:
(a) Congested old residential colonies in the main city and
(b) Planned development in newly developed areas.
Tulsi Nagar, Sonagiri, Shahpura, Shakti Nagar, Saket Nagar, Rachna Nagar, Shivaji Nagar, and Kasturba Nagar are some popular residential areas in Bhopal. Independent houses comprising of bungalows and duplexes make for almost 90% of residential segment. Housing projects by Kanchal Group, Sahara Housing, Maxworth, Ansals and many more have also been launched.
The retail sector of Bhopal is of high street type.Â You can get Land easily available for retailing in the ‘Lake City’ but realty developers are in the haste of occupying them before the rates spiral up. The trend of multiplex-cum-shopping centres, Fun City, development of multiplexes, shopping malls, star hotels and corporate offices has already entered the city with the growing consumerism. The shopping and entertainment sector is all set for the boom with the entry of private players like Aakriti Group, Zee Group, etc.
The second largest real estate developer of India Unitech is also investing Rs. 6000 crore to develop affordable housing across seven cities including Bhopal following DLF that has planned to invest rs 8000 cores in Madhya Pradesh real estate over the next five years.
Prices in major developmental areas have shot up significantly in wake of the growth of real estate in Bhopal. Residential sector has been witnessing developing of both luxury villas as well as low-cost or budget housing, diversifying the housing scenario.
Bhopal property market scenario is getting hot like never before as even leading national builders are taking interest in developing property in the city.