Ahmedabad is the largest city and the commercial capital of Gujarat. It is a well-established educational hub with globally renowned educational institutes. Though the major economy drivers are textile, chemical and pharmaceutical industries, it has also established itself as a major IT/ITeS and retail destination in recent times. All of these favourable economy drivers together make it a preferred residential destination. Over the past few years, the city residential market has grown multi-fold, thanks to the smart development governance and policies, which support the overall growth of the city and makes it one of the most favoured real estate investment destination in the country. The prime residential market is located towards central and south zone of Ahmedabad which has limited potential due to scarcity of land. Location like Sabarmati, New Wadaj, Chandkheda and Motera in northern areas have gained prominence due to close proximity of the IT and commercial corridor of Gandhinagar. The planned metro development and connectivity to the GIFT City has also gave boost to residential development. Properties in this zone are in the range of INR 2,500 – 4,200 per sq. ft. The eastern and western part which is a key industrial and business hub of the city has also developed as prominent residential destination among NRIs across the globe. Real estate developers in these locations are offering various schemes for the NRIs belonging to Gujarat and other Indian States. Asking rates in this region are in affordable range of INR 1,800 to INR 2,500 per sq ft. Locations like New Bopal, Bopal and Shilaj are the fastest emerging residential corridors where ample land for development is available; and close proximity to the SG Highway makes these areas more accessible and feasible for residential development. Few high-demand areas like Vastrapur, Thaltej, Bokadev and Prahladnagar are also part of this corridor. Especially in the last 5 years Ahmedabad has started realizing its real estate potential. The entry of large corporates into the city will boost the employment scenario and hence pull the investment in real estate sector. Increasing footprint of global companies is expected to fuel demand and quality of real estate in the city. The expansion of Ahmedabad municipal corporation limits, increasing connectivity, and infrastructure development are expected to further lead growth of real estate.
About the author
Sachin Sharma, Manager, Research, has more than 5 years of experience in the real estate sector, with proficiencies in market research and analysis, spanning all major real estate sectors, i.e commercial, residential, retail, industrial and land.