5:59 PM
Ahmedabad's real estate market is booming because of to the huge growth of its industrial sector and overall high rate of development, both in commercial and residential terms. It is the largest city of Gujarat, and also its commercial capital. It is rich in textile, pharmaceutical and chemical industries. Apart from being a well-established education centre (with national institutes like IIM, NID and CEPT) Ahmedabad has also established itself as a major IT/ITeS and retail destination. The combination of the favorable factors naturally makes it a highly desirable residential destination. Flats, apartments, serviced apartments, bungalows, penthouses and township properties are cropping up all over to meet the demand. In the past, residential development in Ahmedabad was predominantly in the form of individual bungalows, and even today new bungalow schemes can be found on the outskirts of Ahmedabad city, especially along the Sardar Patel Ring Road coming under zones R2 and R3. However, the scarcity of land and expensive real estate prices in the city have brought in the trend of apartment houses in form of high rise towers in the city.
The prime residential areas in the city are Shahibaug (in the northern part of the city), Satellite, Bodakdev, Vastrapur, Prahladnagar, Thaltej (in the western parts of the city), Maninagar and areas around Kankaria and Chandola Lake in the southern eastern parts of the city.
The growth corridors for real estate development are the SG Road (Sarkhej-Gandhinagar Road), Sardar Patel Ring Road, Maninagar and on the north side of the Inner 132 ft Ring Road in areas like Nirnaynagar and Ranip. SG Road and Sardar Patel Ring Road in particular have witnessed a lot of residential bungalow/farm house type developments in the recent years.
