Growth in Ahmedabad and beyond

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.

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Ahmedabad real estate: Steady march towards growth

Ahmedabad's real estate market is on an upswing because of to the huge growth of its industrial sector and the 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 the hub of the textile, pharmaceutical and chemical industries. Apart from being a well-established education center (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.Ahmedabad’s real estate market has grown tremendously over the past decade thanks to ultra-progressive policies and intelligent development governance. The city is providing extraordinary and unprecedented returns on the real estate front, and is one of the most exciting investment destinations in India today. Developers and investors from all over the country are beating a straight path to Ahmedabad. Office space investments have shown amazing growth, with capital values for commercial properties rising by as much as 20-30 per cent in areas such as Prahladnagar, Sarkhej-Gandhinagar. Highway, Ashram Road and some parts of East Ahmedabad. Residential property appreciation in the city has been to the tune of 50 per cent over the last three years. The areas currently commanding the highest demand for residential space are South Bopal, Bodakdev, Vastrapur, Nicol, Nava Naroda and New Ranip. Flats, apartments, serviced apartments, bungalows, penthouses and township properties are cropping up all over to meet the demand. In the past, residential development in was predominantly in the individual bungalow segment, and even today new bungalow schemes can be found on the outskirts of Ahmedabad city, especially along the Sardar Patel Ring Road. 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 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. S-G Road and Sardar Patel Ring Road in particular have witnessed a lot of residential bungalow and farm house developments in the recent years.

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South Bopal Sees High Demand for Apartments

Affordable property values and corporate offices within a distance of 5-6 km is driving demand in South Bopal in West Ahmedabad. Availability ofproperty at 30-40 per cent cheaper price in comparison to the neighboring developed areas such as Satellite, Vastrapur, Prahlad Nagar and Bodakdev has also attracted investors and end-users to South Bopal.

Since the inclusion of the locality within the municipal limits by AUDA (Ahmedabad Urban Development Authority), the area has witnessed an influx of small and large scale development. “Expansion of the city limits has given significant boost to its social and physical infrastructure facilities”.

The area has mainly evolved as a residential hub with small retail developments. Close to 80-85 percent of supply in the residential category is for multi-storey apartments with a small supply for villas and plots.

Real estate developers in Bopal are mainly offering 2, 3 and 4BHK apartments with basic facilities such as reserved parking space, kids play area and garden. However, premium projects, offering high-end apartments with an area of 3000 sq ft and above, are offering additional facilities such as swimming pool and gym

Demand for residential apartments in South Bopal is mainly coming from working professionals and service class employed in corporate offices in Prahlad Nagar and the nearby office areas. Majority of buyers are looking for 2BHK apartments in sizes ranging between 850 and 1250 sq ft in the budget of Rs 30-40 lakh.

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Longing for booking gets longer for Ahmedabad developers

The strategy was: To cut down new project launches, first try to sell unsold inventory and check prices from further collapsing in the floppy market. However, despite a healthy footfall at the three-day Gujarat Institute of Housing & Estate Developers (GIHED) property show the plan has worked little for the city developers. The GIHED property show, an annual affair for city developers, concluded last 14th October.

Unlike earlier years, this time realtors spent less in adding attraction to the show and went for plain business. The advertisement and branding campaigns for the property show tried to convey Amdavadis that the ‘right time to buy property has come’. But the few bookings during the show suggest that most Amdavadis want to wait for a little while to buy their dream home or invest in a property.

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Ahmedabad Real Estate

The State of Gujarat has been making tremendous progress with respect to the real estate industry.  Year by year ultra modern infrastructure facilities have boosted the real estate industry all over Gujarat. The scenario of Ahmedabad is no different. Real estate prices have shot up significantly over the years. The upward trend in property prices has attracted large number of prospective buyers to invest in Ahmedabad real estate. Residential and commercial spaces are in heavy demand in Ahmedabad.

 A survey on investor behavior has revealed that areas which assure promising returns are sought after by potential buyers. Certain period in the real estate history of Ahmedabad see prices soaring. The current scenario is such a phase in the real estate history of Ahmedabad. Understanding the present trends investors analyze the benefits of investing in booming areas. Also the availability amenities like connected roadways, highways, schools, banks, hospitals and recreational centres play a major role in the investment behavior of the buyer. Areas like Satellite, Bodakdev, Prahaladnagar, S.G.Road do offer good investments returns. Thereby these areas have become the new real estate investments hubs in Ahmedabad.

Prime locations invite more buyers since basic infrastructure in these areas are of good quality. Similarly the availability of essential amenities also is a determining factor for real estate investment. Price per sq.ft starts increasing when there is demand for property in these prime locations. Apart from this other artificial factors also influence the property prices in key locations.

Ahmedabad real estate prices are also exhibiting a similar trend. Real estate prices in Ahmedabad have seen a considerable hike as compared to the previous years. The reason is attributed to the continuous development of roadways, railways and other civic infrastructure of Ahmedabad

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Is it the right time to invest in Ahmedabad market

Propelled by economic and infrastructure growth, Ahmedabad real estate market continues to be a high yielding market for buyers and investors. while properties in the city have yielded 2.8- 4.0 per cent on investment over the past one year capital values have also appreciated in the range of 9-13 per cent in the past one year.
With the capital appreciation of over 10 per cent, localities like Vejalpur, Bopal, Vastra Pur and Bodakdev remain the favourite among the investors, buyers and end-users.
Even investors, who want quick returns by selling over a short-duration, have made profits, as the city has yielded 2-6 per cent consistently over the corresponding quarters.
The Ahmedabad real estate market offers something to each category of buyers. Comprising of affordable and luxury properties, it offers a number of options in the multi-storeyed apartments’ space in the price range that starts from Rs 22 lakh and goes as high as Rs 3 crore.
demand for properties is maximum for properties in the range of Rs 30 to Rs 60 lakh.
Looking at the appreciation potential, several local as well as national-level real estate developers have entered the Ahmedabad market and announced housing and commercial projects.
Some other projects offer plots and villas too. Delivery should not be a concern for buyers,
The city is witnessing good supply of multi-storey apartment projects that would cater to the ever increasing housing demand emanating from the increasing workforce of the city.
Apart from SG Highway, which offers both residential as well as commercial properties, areas such as Thaltej, Satellite, Bopal, Thol-Kadi Road are some other prominent areas witnessing primarily residential developments. Prahlad Nagar, Bodakdev and Vastrapur are some other areas having good appreciation potential.

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Migrant workforce pushing housing demand in Ahmedabad

With Ahmedabad gradually developing into an economic hub in the west of India, professionals migrating to the city prefer to buy property here instead of buying in their home cities or taking an accommodation on rent. The workforce that is primarily between the age group of 28 to 35 is now pushing the housing demand in the area, according to experts.

“Almost 40 per cent of the working population in Ahmedabad is migrant, coming from some or the other city within the state or country. Most of them have stable jobs and do not mind buying a house rather than spending money on rent,”

However, as these buyers are mostly young with limited salaries, demand is mostly seen for properties up to Rs 30 lakh. of the total demand for properties across budgets, city witnessed 16 per cent demand for properties up to Rs 30 lakh. In comparison to this demand, the supply for properties up to Rs 30 lakh stood at 13 per cent during the same quarter.

While Rs 30 lakh budget remains a constraint for most they also prefer localities based on the time of commute and proximity to commercial centres. For instance, new apartment projects of South Ahmedabad have become a favourite among these buyers, as apartments come within Rs 30 lakh budget.

Good connectivity to Corporate Road and Prahalad Nagar, key commercial hubs of Ahmedabad add value on their investments. Localities in and around Prahalad Nagar, such as Vasna, Bopal and Vejalpur are in great demand and offer properties in the range of Rs 20 to 30 lakh. “South Ahmedabad has plenty of options. Vasna for instance has seen few projects by developer who are targeting these younger professionals and bringing out projects at a price range that would suit their pockets,”

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