Ahmedabad Emerges As The New Real Estate Hotspot

For all the real estate firms, Ahmedabad today has turned out as the goose which lays golden eggs

. Ahmedabad property prices have nearly doubled since the year 2010. While the Godrej Properties, that got a large lump of its revenue during the last quarter and that too just from one project in the city, is drawing the profits of being the 1st-mover amongst the real-estate kingpins, others such as the Hiranandanis, the Tatas, the Adanis and the Ajmeras too have now their bases established in Ahmedabad in the last few yrs.

Real-estate gurus believe that the inflow of various industries in and around the Sanand town (located about 40km from Ahmedabad) is one of the main reasons for the hike of property prices in Ahmedabad. There has been a 2 fold rise, almost, in the past 2 years in real estate Ahmedabad prices. To say it in other terms, if a flat that was only being sold at the price of 63 L rupees in the citys prime location is priced now at 1.2 Cr. Apart from the 2 townships that are being constructed currently, there are 16,000 apartments approximately that are being constructed in the state of Gujarat. In the past 3 yrs, nearly thirty thousand residential units and about 10 million sq ft of commercial units (retail included) have been constructed in Ahmedabad.

The domestic product of the state has been walloping a growth in double digits in the past few years. As per the data that was printed in the states socio-economic review, the state of Gujarat has seen a 211% growth in the 6 yrs between 2004 and 2005 and between 2009 and 2010 which is nearly at par with the other states like Andhra Pradesh, Maharashtra and Tamil Nadu.

The prices of residential projects in Ahmedabad in some suburbs in and around the city now stand even higher than the price of real estate residential projects in the suburban location of bigger cities like Hyderabad, Bengaluru, Pune and Chennai. For example, the price of apartments in Bengalurus suburban areas like Whitefield (at 3,250 rupees per sq. ft.) as well as along the Mysore Road (at 2,450 rupees per sq. ft.) are cheaper than the prices of flats in Ahmedabad on the Sardar Patel Ring Road, with prices touching as much as 3,500 rupees per sq. ft.

The experts say that the commissioning of huge automobile projects such as Peugeot, Maruti Suzuki and Ford in the years coming will further increase the prices. A 12% hike in the prices of real estate in Ahmedabad is predicted.

Increasing income levels, increased migration and better job opportunities are some of the reasons why this city has been standing strong and would continue to do so in the future. If you want or have been planning a real estate investment, then this is the time to take a step forward and make a property investment in the booming realty sector of this city.

To explore equally exciting options in other major cities in India, explore www.Indiahomes.com.

by: Saachi Singh

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