No Re­ces­sion Here

Non- Res­i­dent Gu­jaratis’ in­ter­est in realty back home has de­lighted de­vel­op­ers

India Today - - REAL ESTATE - by De­vika Chaturvedi

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

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