The Gujarat growth story is the cynosure of all countries' interest. The present global slowdown and dwindling national policies has not had much impact on the state's real estate growth. "There is a cargo airport coming up in the state; Ahmedabad is one of the ten busiest airports in India and the city development and infrastructure is very good. A metro rail is being planned in the city. Known primarily as an automobile hub, the growth in the residential and commercial sector is also inevitable," reveals Suresh Patel, Vice President, Credai-Gujarat.
The recent inauguration of the tallest building in Gujarat International Finance Tech-City (GIFT city) has garnered a lot of attention. "A lot of NRIs have been investing in the state in the last few years. Post 'Vibrant Gujarat', we are expecting a boost in the economy and real estate growth. These investments in infrastructure and real estate development will help accommodate the recent influx of migrants in the state," avers Patel.
Ahmedabad, Vadodara, Gandhinagar, Surat and Rajkot are some of the upcoming cities. The stretch between Jamnagar and Jam-Khambhaliya is also attracting prominent property developers to the state.
Upcoming residential projects
In the past five years, property rates in Gujarat have been competitive and comparatively lower, making it an economical residential destination of India. However, this has also led to a shortage of commercial and residential properties across the state. "There has been a shortfall in the Ahmedabad residential market alone by 1.40 lakh units," agrees Patel. However, the following upcoming residential projects are expected to meet this growing demand in the state. Vaishnodevi Lifestyle: This residential complex by the Vaishnodevi Group offers 3BHK apartments with amenities such as garden, swimming pool, play area, 24 hour back-up, security, intercom, tennis and badminton court, gymnasium, indoor games and basketball court.
Sanganth Gateway: Located on the Prime Airport-Gandhinagar Highway and in the vicinity of proposed IT Corridor of Gujarat and upcoming GIFT city, this project by Manpasand Builders offers 3BHK apartments with landscaped garden, play area, gymnasium, community hall, 24 hour security, etc.
Prathna Greens: Prathna Buildcon is developing this residential property at Gandhinagar and Ahmedabad. It offers 2/3BHK apartments along with landscaped gardens, 24 hour security and jogging track.
Upcoming commercial projects
Despite the lack of activity in Ahmedabad, 'The real estate market is slated to grow to Rs 18,000 crore, states Patel. "The commercial market and infrastructure in smaller cities like Vadodara and Bhavnagar is improving but slowly. This could be due to differences in the corporations and city development firms," says Jignesh Pathak, Marketing-Head, Mangala Greens, a small real estate firm based in Vadodara. However, some of the new projects launched are likely to boost the commercial market in the state. These include:
Titanium City Centre: This commercial property by Safal Realty is being developed in Prahladnagar, Ahmedabad. It offers spacious shops and small offices on 50,000 sq ft with the unit size being 400 sq ft onwards. The project will offer facilities such as fully air-conditioned offices with back-up facility and free parking spaces.
Gold Plaza: This is a commercial project by Aayan Infrastructure coming up in two cities: Gandhinagar and Ahmedabad. It will include 200-300 sq ft for offices and shops.
Signature 2: To be developed by Signature Developers in Sarkej, Ahmedabad, this commercial property will include space for showrooms and offices ranging from 575 to 2 lakh sq ft. It also includes gymnasium, cafeteria, provision for 400 car parking on base and first level, wi-fi equipped conference rooms and full power back-up.