Ahmedabad realty graph shows an upward trend
Ahmedabad – The largest city of Gujarat which has emerged as a residential hub from trading place, is now truly an example of continuous growth in the the year 2012.
As a property consultant, Prakash Jain observes the growth is mainly due to the developing retail and industrial sectors in the city. There is an increased amount of demand in the deals of resale and property registration which depicts the heavy demand and supply in the city. All such transactions in the past three quarters have witnessed an average value appreciation of 10-12 percent.
Property advisor at Tata Housing, Rahul Verma, completely gives credit to the satisfying investment policies and smart development governance. He added that in past two years there is more than 50 percent growth in the residential sector. Areas like South Bopal, Bodakdev, Vastrapur, Nicol and Nava Naroda may be in the top list in terms of demand and property value appreciation.
The latest JLL report states that over the past four years approximately 16 million sq ft of built-up residential space has been developed in Ahmedabad while 23 million sq ft is currently under construction. Further 30 million has been proposed in various parts of the city.
Due to low prices buyers and investors across western region are also showing interest in the upcoming residential projects and emerging corridors such as Delhi-Mumbai Industrial Corridor (DMIC), SG Highway and Sanand.
The price of apartments being launched in the city is between Rs 4,000-6,000 per sq ft while price in the peripheral areas varies between Rs 2,000 to 3,500 per sq ft.
Ongoing Vadodara-Mumbai Expressway and proposed infrastructure projects like high-speed rail connectivity between Ahmedabad, Mumbai and Pune will surely increase the linking.
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