Gujarat has always basked in the glory of being known to house some of the best entrepreneurial talents in the country and in doing so, has carved its own niche and ensured a significant position for itself in the industrial map of India. What’s more, after wading through the recessionary tide that had the country in grips, it seems to be gearing up for a breakthrough shift by introducing world class real estate infrastructure.
Indeed, the new real estate infrastructural projects that the state has come up with and plans on expanding will make for ideal living and organising profitable businesses in the near future. And therefore it is not surprising to notice a massive surge in the demand for both residential and commercial complexes all over the state. Pirojsha Godrej, Executive Director, Godrej Properties Ltd, says “The Gujarat real estate market is strong. Gujarat has been the fastest growing state in India for over a decade, which has resulted in strong macroeconomic and demographic fundamentals. The real estate industry has been one of the key sectors to have benefited from this growth.”
Upcoming residential developments
The state is witnessing steady growth and property developers in the state are offering high end flats and bungalows to locals as well as non residents. Ahmedabad with its fast paced growth and thriving urban life seems to top the list of the most sought after locations for residential purposes. Godrej adds, “While both residential and commercial markets have improved, the residential market is particularly strong. And Ahmedabad, like many other cities in India, is moving towards mid-rise and high-rise apartment accommodations as opposed to bungalows.”
Some of the upcoming residential projects in the state include:
1. Iscon Group is developing 250 luxurious villas with amenities such as club house, swimming pools, gym, badminton court, etc. The project is slated to reach completion in December 2010.
2. Godrej Properties is developing Godrej Garden City, a 40 millions sq ft, 300 acre township project in Ahmedabad. It will have 22,000 apartments and house more than 1 lakh people.
Upcoming commercial projects
Commercial realty and office properties in major cities like Ahmedabad, Gandhinagar, Vadodara, and Rajkot are also witnessing growth. Reasonable land prices, skilled workforce and supporting infrastructure are the main reasons for this. The state has been a witness to the development of numerous 5 star hotels likes the Royal Orchid, Cambay Grand, St Laurn, etc in recent times.
1. Rainbow Papers Ltd is planning to set up 30 MW captive power plant at Ahmedabad. The project is expected to take 2 years to complete.
2. Keventer Agro plans to set up a food processing unit at Sanand for processing of mushrooms, sesame seeds and oil, peanuts among others. The project will complete in 2011.
3. K Raheja Corp plans to set up Mindspace - an IT SEZ over 67 acre on the Gandhinagar Airport Road. The project will include a 10 acre fully developed landscape and internal roads.