BRTS Boosts Ahmedabad Realty
Ahmedabad realty is probably considered the next biggest real estate market after the Tier I cities. The key reasons for this include rapid industrialisation in Gujarat as well as Ahmedabad and the improvement in infrastructure. One of the key contributors to the infrastructure is the Bus Rapid Transit System (BRTS), which has improved the overall connectivity in Ahmedabad, in turn boosting the real estate market.
BRTS in Ahmedabad
Ahmedabad BRTS is one of the first BRTS to be implemented in India and is considered one of the best rapid transit systems in India. It is operated by the Ahmedabad Janmarg Ltd, the subsidiary of Ahmedabad Municipal Corporation (AMC). The BRTS was planned to facilitate a major mobility need for the people in the city. The Bengaluru BRTS as well as Chennai BRTS have followed Ahmedabad BRTS.
The Ahmedabad BRTS is being constructed in three phases. There are nine lines in Phase 1, five lines in Phase 2 and six lines in Phase 3. Currently, a total of 13 lines are operational with 126 BRTS stations. The BRTS corridors span across the length and breadth of Ahmedabad. Some of the important operational BRTS corridors include RTO Circle to Maninagar, Vasna to Naroda, RTO Circle to Naroda, Bopal to Maninagar via Iskcon, Soni Ni Chali to SP Ring Road via Odhav, Chandkheda to Maninagar via Visat Junction, Vasna to Ahmedabad Central Railway Station, and RTO Circle to Nehrunagar, Kalupur and back to RTO Circle. There are other corridors planned and under construction.
BRTS boosts realty
One can see that the Ahmedabad BRTS corridors have significantly improved the connectivity across various important localities as well as industrial parks in Ahmedabad such as Maninagar, Naroda industrial area, Bopal, SP Ring Road, Nehrunagar, Chandkheda and Odhav industrial area. As such, the real estate sector in most of these localities have witnessed an upward trend, due to growing demand for housing in these areas.
For example, the average property value in Bopal increased from about Rs 1,500 per sq. ft. in 2009 to Rs 4,600 per sq. ft. in the first quarter of 2014. Similarly, the average property value in Maninagar went up from Rs 3,400 per sq. ft. in early 2012 to Rs 4,000 per sq. ft. in early 2014. The average property value in Chandkheda went up from Rs 2,900 per sq. ft. in late 2012 to Rs 3,300 per sq. ft. in early 2014.
With more BRTS corridors still under construction, several other areas are expected to benefit in terms of infrastructure and connectivity, leading to growth in real estate.
