Prahlad Nagar Realty on Rise in Ahmedabad
Prahlad Nagar is situated in the south west corner of Ahmedabad. The area is a good residential as well as commercial real estate hub. The area is the second fastest growing locality in Ahmedabad after Ashram Road. As such, the area is seeing increasing residential real estate activity.
Location and connectivity
Prahlad Nagar lies adjacent to Sarkhej-Gandhinagar Highway, an important highway in Ahmedabad. The locality also lies close to Sardar Patel Ring Road and 132 ft. Ring Road. The Sarkhej-Gandhinagar Highway connects the area to various other areas and highways within Ahmedabad. The area is also close to the Bhat GIDC. One can reach the industrial estate under 40 minutes.
There are several AMTS buses running between Prahlad Nagar and other localities. The Vastrapur railway station is very close to the locality. The area is about 18 km away from the Ahmedabad International Airport.
Infrastructure and amenities
Prahlad Nagar has good civic infrastructure. The area is very well-planned and formed by consolidating four town-planning schemes. A large part of the area is utilized to build roads, provide basic infrastructure and social amenities as per norms. Also as per norms, it provides proper road hierarchy and street pattern as well as distribution of public space. The area has a good mix of commercial centres as well as residential properties.
The area has schools such as Lots School, URADICS and Narayana Business School. There are hospitals such as Shalby Hospitals near the area. The area has several eateries, restaurants, coffee shops and parks within its vicinity.
Real Estate rates and trends
Due to proper planning, the area has developed very well in the last few years. Moreover, the capital value range for residential properties has attracted many people to invest here. Moreover, home owners can also expect good rental income in the area. Some of the prominent builders in the area include Shree Sham Builders, Sambhav Infrastructure, PSP Projects Private Limited and Safal Realty Private Limited.
The most commonly offered configuration of units are 2/3/4-BHK apartments. The covered area of a 2-BHK apartment is about 1,215 sq. ft. while that of a 3-BHK apartment is about 1,750 sq. ft. The area of a 4-BHK apartment is about 3,050-3,850 sq. ft. A 2-BHK apartment usually costs about Rs. 45-70 lakhs while a 3-BHK apartment costs about Rs. 1.2 crore. A 4-BHK apartment may cost about Rs. 1.2 crore and above.
There are very few 1-BHK apartments available for renting. The most common rental accommodations are 2 and 3-BHK apartments. A 2-BHK apartment can fetch a monthly rent of Rs. 12,000-24,000 while a 3-BHK apartment can fetch about Rs. 15,000-35,000 per month.
The property prices have continuously been on the rise for the past two years. The average property price during the first quarter of 2011 was about Rs. 4,950 per sq. ft. while it was about Rs. 5,800 per sq. ft. during the last quarter of 2014, a growth of 17% in property prices. This indicates a steady growth in demand for residential properties.
In a nutshell, the Prahlad Nagar real estate residential market has gained momentum with several big commercial establishments and corporate brands setting up their offices in the locality. As such, there is a positive sentiment for real estate investments in the area. Hence, Prahlad Nagar presents excellent growth prospects.
