by Mr. Kripal Singh, JLL India
Ahmedabad's real estate market is booming because of to the huge growth
of its industrial sector & overall high rate of development, both in
commercial and residential terms. It is the largest city of Gujarat, and also
its commercial capital.
3It is rich in textile, pharmaceutical and chemical industries. Apart
from being a well-established education centre (with national institutes such
as IIM, NID & CEPT) Ahmedabad has also established itself as a major IT /
ITeS and retail destination. The combination of the favourable factors
naturally makes it a highly desirable residential destination.
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| Kripal Singh, JLL India |
Flats, apartments, serviced apartments, bungalows, penthouses &
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 & 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.
Inner 132 feet Ring Road..
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 & 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 feet Ring Road in areas
such as Nirnaynagar and Ranip. SG Road and Sardar Patel Ring Road in
particular have witnessed a lot of residential bungalow / or farm house type
developments in the recent years.
Consistent 15 % growth in property rates
There will be a consistent 10 % to 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 &
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
residential destinations, and suburban locations such as Bamroli, Khajod,
Palsana and Puna Kumbharia Road are coming up.
Vadodara is Gujarat’s third-largest city and is another preferred
emerging investment destination. The prime residential areas are Alkapuri, Race
Course Road, Old Padra Road, Jetalpur, Akota and Fatehganj.
About the author..
Mr. Kripal Singh
is Associate Director (Strategic
Consulting) at Jones Lang LaSalle India (JLL India)
For Media Contact
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Jones Lang LaSalle India , Level 6, Amar Avinash Corporate Plaza
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