Situated on the banks of river Sabarmati, Ahmadabad is the largest and the most important city of Gujarat. It is also the seventh-largest city of India. From 1960 to 1970, it was the capital of Gujarat and still considered the commercial capital of the state. The city is occupied by all major industries, such as textiles, petrochemicals, cement, and many others. Several renowned educational institutions, such as IIM, NIFT and NID, are located here. The city has a population of around 5.3 million and has strong connections to NRIs.
Real Estate Scenario Since the creation of Gujarat in 1960, Ahmedabad gained popularity as the political and commercial capital of the state. It is one of the fastest growing Tier II cities in the country today. In recent years, the city is witnessing some major construction projects. The real estate market here in Ahmedabad is mainly driven by construction of educational centers, information technology parks and scientific industries. Since 2000, the construction of skyscrapers, shopping malls and multiplexes has transformed the city skyline.
Here the prices of properties are very competitive and due to which it is a sound place for real estate investments. The organized workforce, significant contribution and investment from NRIs, the liberal policies of the state government on SEZs, and the enterprise of the local population are some of the factors that are responsible for the upward trends in the real estate.
The real estate scenario is very impressive in Ahmadabad and is likely to increase in near future. Though, the real estate market is at a very initiating stage, yet it is rising at a good pace. The real estate developers like Navratna, N.G Developers, Saumya Constructions, and BGP Builders are working on providing quality services. The realty builders are cashing on the deep pockets of the local population and laid out various commercial projects for the city. A number of retail malls and luxury hotels are in pipeline and likely to finish in two-three years.
The State Government is keen to develop Ahmadabad into a top-class city. It is to be done through major reforms and infrastructure development. Government has a mission to make the city clean, livable, productive and self sustaining. It resulted into the setting up of IT parks in and around the city.
Coming Up Projects
- One of the major construction companies, Niho is coming up with a mall on the main Ashram road. It will occupy 4.5 lakh sq. ft area and will need an investment of Rs.180 crore.
- A exhibition-cum-convention center is to be opened at Ahmadabad with the help of NRIs funds. It will require a cost of $9.2 million.
- DLF has finalized around 30 acres of lands for the city's IT park.
- K. Raheja Corp.has signed an agreement to develop an IT SEZ project at the road to Gandhinagar. The company will need Rs.8,000 million to complete the project.