Madurai Housing Market Driven by End-Users Amid Price Rise: Vishal Promoters MD

SAMUEL JOSHUA

Property prices in Madurai have risen over the past year, but the market continues to depend on local buyers seeking homes within their budgets. With demand centred on end-users rather than investors, developers are focusing on affordable apartments in the city and individual villas in suburban areas.

“Madurai is particularly an end-user market, not an investor’s market. The average property price is around ₹6,000 per sq ft, up by ₹500 from last year. Affordable homes are the ones that will sell,” said Ilankovan, Managing Director of Vishal Promoters Private Limited.

He added that, unlike in investment-led markets, where buyers may purchase properties to earn rental income or benefit from price appreciation, Madurai’s residential demand is largely driven by people looking for homes for their own use.

Residents form the primary buyer base, making affordability an important consideration for developers planning projects in the city, as buyers are more likely to prioritise their budgets and everyday housing needs.

Demand also varies by location and property type. Ilankovan noted that apartments remain the preferred choice within the city, while individual villas attract buyers in suburban areas. Chokkikulam, KK Nagar and Anna Nagar are among the locations witnessing residential demand.

Ilankovan said Madurai’s property market offers scope for further growth, with developers exploring new opportunities to expand their presence in the city.

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Villas & Hotel On Cards

Vishal Promoters has completed two small projects this year, while another large project is currently under execution. The company expects to complete around 200 apartments by the end of the year and is planning further developments for the coming year, according to Ilankovan.

“We are planning 200 villas, a hotel with 280 rooms and 196 apartments for elderly living in the coming year,” he added.

The planned developments will broaden the company’s presence beyond conventional housing. While the villas will cater to buyers seeking independent homes, the elderly-living apartments will target a specialised residential segment. The proposed hotel will add hospitality to its development plans.

Looking ahead, Ilankovan noted, “Madurai’s growth will be good compared with last year, but it will not be greater than Chennai.”

For developers, the key will be to offer homes that local buyers can afford while identifying new opportunities in Madurai’s property market. How well they balance buyers’ budgets with changing housing needs could shape the market’s growth in the coming years.

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