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Ahmedabad witnessing surge in residential development

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Real estate sector in Ahmedabad has benefited from being close to Mumbai. A robust economic growth, urbanization and rising levels of income are the other factors that have positioned this Tier II city as one of the major realty destinations.

According to Bharat Shah from Shah Properties, “Localities such as Bodakdev, Vastrapur, Naranpura and Prahlad Nagar have witnessed a hike of about 50% in property prices in the past couple of years. These localities are the upmarket locations of Ahmedabad.” The upward price trend has been evident in these localities of Ahmedabad for quite some time now, he added.

According to local realtor Samakh Modi of SV Properties said, “Apartments are the most favourable transacted housing category in the city. Capital values of apartments across Ahmedabad have noted a 15-20% appreciation in the past quarter.”

Ahmedabad is seeing numerous upcoming integrated townships projects across the city and suburban areas. Residential markets have become favourable for investing in realty, especially for NRIs apart from end-users. Promising collaborations have also taken place in the city to assure a better quality lifestyle as well as lucrative yield in terms of profit from the investments, says Modi.

According to Prakash Jain, property advisor at Sterling Group, “the capital value of residential properties in the city is relatively affordable compared to other tier-II cities of the country. The strategic location, superior infrastructural facilities along with potential for development of privately promoted ports serve as a contributor for Ahmedabad’s development and this drives investors towards real property.”

The upcoming projects are available in both the affordable and premium segment and are located in the prime areas as well as in the suburbs of the city. Flats, serviced apartments, bungalows and penthouses are being constructed with rapidity all over the city. Localities such as Sola Road, Vadaj, Ghatlodia and SG Highway are the emerging hotspots for residential properties.

Ahmedabad’s residential market is expected to witness significant growth in the near future driven by the expanding job market and growing interest in this investment friendly city from both national as well as international players. Good roads, better infrastructure, proximity to transport links and upcoming real estate projects make Ahmedabad a popular realty destination.