Vibrant Gujarat: Cities that will make a Difference in 2015

Gujarat, located in north-west India, has transformed into an urban landscape with high international standards over the last decade. More so, the real estate sector has come in the spotlight over the last one to two years and is likely to continue moving northwards in the near future. Various factors have contributed to this growth. These include the expansion of the Gujarat Municipal Corporation limits, increased connectivity, robust infrastructure development and the growth of Gujarat as a notable commercial and industrial hub.

What is largely driving Gujarat’s realty market is the fact that the state policies offer conducive environment for industries to conduct business. Add to this, the land values for properties in the state are any time affordable than many other tier-II cities in the country. Further, the superior infrastructural facilities and the government’s initiative to boost it further are also driving investors towards the real estate market here. The state is well connected both internally as well as externally via its elaborate transit systems which largely adds to its commercial value. Key projects namely SEZs, hotels, integrated townships, gated communities as well as specialty townships such as financial products townships and IT corridors have come up in a big way. Lastly, the government’s favourable policies for both national and international companies to set up their base here has paved way for future growth.

Thus, a stupendous growth in the industrial sector coupled with other favourable factors, mentioned above, has resulted in an increased demand for housing in Gujarat.

“As part of ‘Real Insights’ into real estate, CommonFloor.com has come up with a detailed report on Gujarat and the cities to look for in 2015 with in-depth analysis based on CommonFloor data.

For detailed report“

Ahmedabad

Connected by NH-147, Ahmedabad and Gandhinagar, located 30 kms apart, are being considered in this report as the twin cities of Gujarat because development in both the cities have a huge influence on each other. With consistent infrastructure development coupled with several infra upgrades, the areas between these two cities are also witnessing robust development, which is most likely to result in the union of both the cities in a short span of time. Real estate market in Ahmedabad has witnessed decent growth over the last decade, when the city started creating blue collar jobs.

Residential Snapshot

As per data, there was ample ready-to-occupy inventory in Ahmedabad in 2014. In few localities, developers had to cut down prices by almost 25 % during the same year. Flats, apartments, serviced apartments, bungalows, penthouses and township properties are cropping up all over to meet the demand.

Surat:

Surat, the second largest city in Gujarat, has a population of approximately 5 million, as per Census 2011. It is considered as the ‘diamond capital’ of India. According to City Mayors Foundation in 2011, Surat ranked fourth in the global study of fastest developing cities in the world.

Residential Snapshot

As per CommonFloor data, key areas for plots based on resale are Olpad, Surat Dumas Road, Kamrej, Maroli-Ubrat Road and Udhna. Simultaneously, areas that witnessed maximum new launches in this property-type in 2014 included Navsari and Pal.

Vadodara:

Vadodara, today as we know it is Gujarat’s third-largest city, which has various growth drivers at play. With several chemical industries setting up base here, the city became popular with the epithet of Chemical Industries Capital of the State. Further, the inception of various PSUs made it the first cosmopolitan city of Gujarat in the nineties. Today, it is home to several large scale industries and public sector units (PSUs) such as Indian Petrochemicals Corporation Ltd (IPCL), ONGC, Gujarat Alkalies and Chemical Ltd (GACL), and Gas Authority of India Ltd (GAIL).

Residential Snapshot

According to CommonFloor Seekers data, maximum demand for apartments is seen in areas such as Manjalpur, Vasana-Bhayli Road, Vasna Road, Karelibaug and Gotri.  While Vasana-Bhayli Road, Karelibaug and Gotri offer properties at affordable rate in the range of Rs 2,300-3,200 per sq. ft., Manjalpur and Vasna Road has properties in the range of Rs 2,750-3,500 per sq. ft.