Expressways Help Gujarat’s Real Estate Growth
Highways are often considered the growth corridors of any city’s real estate. They are also the lifeline of any urban centre. They connect the city to other important cities as well as growth destinations in the country. They also make peripheral and satellite cities more sustainable for the middle class who find it difficult to afford a property in the main city.
Here is how expressways in Gujarat are helping the state’s realty sector and boosting its economy.
Expressways in Gujarat as growth catalysts
Gujarat has four important cities that have emerged as growth corridors. They are Ahmedabad, Surat, Vadodara and Rajkot. There are several expressways passing through the cities, the most important ones being National Highways 8, 8A, 8B, 8C, all part of the Delhi Mumbai Industrial Corridor (DMIC). Apart from these national highways, there are several key state highways that pass through these cities. These highways have paved the way for SMEs to flourish along these highways.
One such expressway is the Ahmedabad Vadodara Expressway that connects the two vibrant economies in Gujarat: Ahmedabad and Vadodara. No other expressway in Gujarat is as strategically positioned as this highway. The expressway has reduced the travel time between Ahmedabad and Vadodara as well as all the important cities of Gujarat. This has facilitated the movement of goods and trade. These have led to the flourishing of big ticket corporate houses along this stretch contributing to the region’s growth.
Effects on real estate
When it comes to real estate, Ahmedabad and Vadodara cover almost two thirds of Gujarat’s property market. This means that the expressway has not only resulted in the growth of corporates on the stretch, but has also given real estate a boost along this stretch. The industrial development along the stretch has given rise to floating population along the expressway, which has in turn given boost to demand for real estate.
An example of the boost in real estate is the price appreciation along the stretch. The property values have gone up by almost 50 per cent in the last three years along the stretch, at a time when the market sentiment is low across the country. The stretch is also expected to become one of the key investment areas and lead the property market to a new high. Developers from Mumbai and Pune too are exploring the possibility of acquiring land in the region.
The Ahmedabad Vadodara Expressway has not yet provided the best of opportunities as opportunities currently offered are limited. Experts believe that with proper planning, the stretch can be a gold mine. And, this is only one of the several expressways that have become growth corridors and have untapped potential. This only shows that these expressways are set to pave the way for new investments in the state.
