No Recession Here
Non- Resident Gujaratis’ interest in realty back home has delighted developers
The Indian economy may be feeling the jitters, but Gujarat continues to be at the forefront of economic development. The growth is reflected in the real- estate sector of Ahmedabad, the largest city of Gujarat with a population of 7.2 million. The real- estate business here seems to be on a high. The changing lifestyle aspirations, too, have made most real- estate developers take a keen interest in the luxury housing segment.
The unprecedented interest in realty back home shown by non- resident Gujaratis has left real- estate developers delighted.
The demand for super luxury homes ranging from Rs 2.5 crore to Rs 10 crore has increased by 30 to 40 per cent in the last three years. Most developers are thinking of new ideas and devising innovative plans to cash in on this spiralling demand for specialised, boutique homes.
Many successful first- generation professionals and businessmen now prefer to live in a gated community with all modern amenities and facilities, so that they get a sense of exclusive living. Today, splash pools, plunge pools, terrace gardens, state- of- the- art gymnasiums and jacuzzis define luxury in townships. This has given rise to a new trend, where condominiums are now the most sought after real estate investment in Ahmedabad.
Reports indicate that the luxury housing market has been growing at 28 per cent during 2011- 2013, with the demand led by corporate houses, the senior management class, non- resident Indian industrialists and other such high- networth individuals.
Ahmedabad’s Prahladnagar has turned out to be the city’s realty hotspot, with a number of upcoming high- end apartment schemes. In terms of the costliest flats in Ahmedabad, it is only second to Bodakdev, which boasts of apartments in the range of Rs 4.5 crore to Rs 6.5 crore.
In the Prahladnagar area, realestate prices range from Rs 5,500 to Rs 6,000 per sq ft in the high- end segment. The areas currently commanding the highest demand in residential space are Bodakdev, South Bopal and Vastrapur, though Sanand’s Kalhaar Blues and Greens Golf Villas and Bavla’s Kensville Golf and Country Club make a strong case for suburban areas, what with them being included within Ahmedabad Municipal Corporation. The capital city is poised to be India’s next big real- estate market