Traditional entrepreneur instincts, suitable infrastructure and growth-oriented policies of government make the real estate market of Ahmedabadthe capital city of Gujarat, a sought-after investment destination in western India.
The city has earned prominence as the textile hub of India across the globe and even referred as Manchester of India, owing to the vibrancy of its textile markets.
Not only are its local entrepreneurs contributing in the economic development, the policy-level support has been boosting the confidence of investors, in a splendid way.
Perhaps the fact that Gujarat attracts largest volume of imitation silk foreign investments in India, acts as testimony.
Infrastructure and Real Estate Ahmedabad
Expansion of infrastructure leads to development in real estate. And if you believe in it, you must keep an eye on property markets of Ahmedabad.
Initiatives like development of Knowledge Corridor, Ahmedabad-Gandhinagar Metro Rail, Sabarmati River Front Development, and Bus Rapid Transportation System (BRTS) have formed a strong base for developmental activities, here.
On the other end, as many as six Special Economic Zones (SEZs) have already been approved, for the city slated to be the megacity of the future.
Now what is more astonishing is the ample availability and reasonable prices of land here. Of late, the city is the subject of all around construction activities, quite visible over its length and breadth.
Perhaps, the time has ripe if you were looking for buying property in Ahmedabad, at this juncture.
Residential properties shine
As evident from the flourishing local economies, the housing segment in Ahmedabad is set on a boom time. Capital values of apartments in Central Zone locations have witnessed 15-20 per cent appreciation in the past couple of years.
Similar are the trends at suburban locations of Vejalpur, Vasna, Paldi and Prahlad Nagar. Capital prices of flats here have reached the levels of Rs 1,300-Rs 1,700 psft, from Rs 1,000-Rs 1,450 psft, as quoted some 18-30 months earlier.
In line with the uptrends in capital prices of residential houses, the home rent in Ahmedabad have been upbeat all the way.
The demand for Ahmedabad property however has remained quite stable due to interest of corporates and Non Resident Indians (NRIs).
In fact, rising demand for low-rise buildings has been witnessed after the devastating earthquake that occurred here in 2001. This is by far the primary reason for surging buying activities in the independent house segments of bungalows, villas and condominiums in Ahmedabad.