Ahmedabad’s real estate market is booming because of 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 established itself as a major IT/ITeS and retail destination. The combination of the favourable factors naturally makes it a highly desirable residential real estate 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.
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 property areas in Ahmedabad 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 in Ahmedabad 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.
There will be a consistent 10-15% growth in property rates across all sectors in Ahmedabad. The exact rate in certain locations will depend on the incidence of market drivers there.
Apart from Ahmedabad, Surat and Vadodara also rank high in the State’s real estate sweepstakes. As Gujarat’s second largest city, Surat is all set to become an international diamond trading hub. It is located on the Golden Quadrilateral highway and is well connected to Mumbai and Delhi. These are major market drivers.
Vesu, Piplod, Pal, Adajan and Varachha Road are the traditional destinations for residential real estate in Surat, and suburban locations like Bamroli, Khajod, Palsana and Puna Kumbharia Road are coming up. Vadodara is Gujarat’s third-largest city and is another preferred emerging property investment destination. The prime residential areas are Alkapuri, Race Course Road, Old Padra Road, Jetalpur, Akota and Fatehganj.