Ahmedabad bucked the Trend of Falling Prices
National Housing Bank (NHB) has taken 2007 realty as a benchmark of the Residex pegged at 100. The figures show how Ahmedabad along with five others cities – Mumbai , Delhi, Chennai, Lucknow and Pune – have bucked the trend of falling prices.
Residex (residential index) figures for city areas reveal that the road expansion of the Vastral-Vinzol road linking the expressway has caused a dramatic rise of 67.82 % in prices in areas like Gomtipurgam , Old Viratnagar and Jhulta Minara in the last one year. The eastern zone has recorded the highest rise in the city.
Ahmedabad has seen an overall 46.01 per cent rise in realty prices between January-March 2010 and the same period in 2011, according to figures released by NHB, a wing of the Reserve Bank of India. Areas like Saijpur-Bhoga , Sardarnagar and Vishnunagar saw 30.67 % rise – the lowest in the city. Pankaj Kotak, K Raheja Corp head for Gujarat, business development, says, “Overall infrastructure development has kept the prices firm in the city.”
West zone areas like Bodakdev , Ambli, Bopal, Jodhpur , Thaltej, Shilaj and Ambawadi remain the most expensive. Prices have seen a rise of 53.24 per cent over in the last one year. This is partly because of the policy to encourage low-rise housing. The area is getting a massive push because of GIFT city, Nano plant, Metro rail etc. Plans to create two special investment regions in the Sanand-Viramgam-Changodar-Dholera belt have also fuelled prices.
Bhadra, Dudheshwar and-Gaikwad Haveli saw a 36.61 per cent rise in prices. Areas like Ahmedabad dairy, Gordhanvadi , Ramvadi, Vatva and Vishalnagar have benefitted from the SP ring road, BRTS and two new railway overbridges that have come up recently . Prices have registered a 32.94% rise here.
Nirav Kothary, regional director (Gujarat), Jones Lang LaSalle India, says, “Price corrections have not happened here as property owners and investors in Ahmedabad have deep pockets and can hold on to the price lines.”
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