The commercial and residential segments in Ahmedabad have witnessed a rapid growth, with the introduction of a number of projects across Ahmedabad. The article discusses the latest real estate trends evident in the city.
The realty segment of Ahmedabad has displayed a remarkable growth in both commercial as well as residential sectors. There has been a continuous demand for the office spaces as well as shopping complexes. An appreciation in 20-25% has been evident in the past six months. Localities like Prahlad Nagar, S.G. Highway, Ashram Road and some parts of East Ahmedabad have witnessed higher demand and the appreciation in the capital values. Seeing the huge demand for the properties in these areas, a number of real estate developers have introduced new projects and counted millions. The reason for introduction of newer projects in these areas is the strategic location and connectivity with other parts of the city.
The Ahmedabad real estate developers have come up with innovative and advanced structures, which have occupied the commercial locations of the city. Some of the reputed builders and developers like Devnandan Builders Pvt. Ltd., Adani Group, Godrej Properties, Siddhi Developers, Vishwanath Group, etc., have launched a number of projects, which have benefitted both commercial, and real estate segment of Ahmedabad. The continuous economic development of the city has been one of the determining factors for the growth of real estate in Ahmedabad.
The history of construction of high-rise commercial buildings is not too old. The improved infrastructure and real estate has certainly enhanced the look of the city, thus expanding scopes for more and more investments from the corporate giants, while attracting the investments from the NRIs.
The innovative constructions have been designed to offer luxuries to the businesses. Equipped with all types of facilities and amenities, the commercial segment of Ahmedabad fulfills all the business requirements for modern business establishments. There are different segments for the commercial properties, based on their ownership, and include properties for sale or lease. Many of these commercial spaces are also available for short-term rents.
The commercial spaces are available in prime commercial areas such as Satellite, Thaltej, Maninagar, etc. The investors who are willing to invest their hard-earned money can go for these localities, which have certainly have given better returns on investments on the commercial property in Ahmedabad.
The prices of office spaces in the localities like Prahlad Nagar and SG Highway lie in the range of Rs 3,500-7,000 per sq. ft. The upcoming Delhi-Mumbai Industrial Corridor Project, which is State-Sponsored Industrial Development Project of the Government of India for developing an Industrial Zone across six states, one of which is Gujarat. The DMIC project would certainly boost the realty segment.
Residential property segment in Ahmedabad
Over the period of 3 years, the prices of residential property in Ahmedabad have touched new heights with an appreciation of more than 50%. The residential areas, which have experienced highest demand in terms of residential space, are Jodhpur, Vastrapur, Vejalpur, Bodakdeo, New Ranip, to name a few. It is surprising to know that around 16 million sq. ft. of the built-up residential area is built in the last four years, while more than 23 million sq. ft. area is under construction. Areas spread over 30 million sq. ft. are proposed for construction across Ahmedabad.
Mostly the private real estate developers and builders dominate residential real estate segment in the city, making it easy to own a luxurious as well as affordable house in Ahmedabad. It is worth mentioning that the market is largely driven by an active investor base, mostly NRIs, who are the active participants that ensure flow of capital into the real estate markets.
Shipra Sinha writes for 99acres.com, India’s top ranking and most reliable real estate website. Find luxurious and affordable Apartment in Ahmedabad and 4 bhk flat in Bodakdevon 99acres.com, the online portal dedicated to cater to the needs of property investors in India.
Categories: Real Estate
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