Future Projects16,201 views
The economy of Ahmedabad is exhilarating due to the huge growth in the industrial sector and of late the service sector. Real estate demand of housing, commercial and retail space is on the rise as builders in Ahmedabad work on major developments. All categories of property needs are being catered to.
Both the industry ‘entrepreneur fraternity’ and the State Government are joining forces to give Gujarat a stable economic background and present it as a model state. A general ‘feel-good’ mood can be felt in the market conditions in Ahmedabad too.
- The declaration of Ahmedabad as a mega city in the last Union Budget has also provided a fillip to the real estate activity, generating greater confidence among the developers. The Central Government had announced that it will invest Rs. 5,500 crores across seven mega cities in the country and liberalization in tax policies.
- The Gujarat Institute of Housing and Estate Developers has shown keen interest in promoting Ahmedabad as an investment destination.
- Among the nine special economic zones (SEZs) in the proposal that has been cleared is a Bio-pharma park on the outskirts of Ahmedabad.
- The influx of companies, retail chains and IT parks has necessitated construction of more buildings in the coming years and more real estate is being acquired by developers.
- The existing BPO industry needs to get bigger, according to some real estate analysts. Hence more initial capital investments of around US $10-15 million should be made and led well by strong management teams.
- The malls under construction can easily boast of a budget of approximately Rs 20-50 crores in investments. The total investment in malls over the next couple of years will be to the tune of Rs 700 crores.
- The Sabarmati River Front Development (SRFD) project will focus on improving environment, infrastructure development, public amenities and land development. The revenues will be used for paying debt through the sale of reclaimed land and real estate developed on the Sabarmati riverfront.
All of these developments augur well for real estate investing and selling, buying and leasing in Ahmedabad. Besides, a number of projects in the hospitality industry, sewerage system, educational institutes and others will give the city a facelift. Ahmedabad real estate scene also lends itself to new models including mixed use developments and service apartments. In the years to come, there will be a profusion of choices in real estate in the categories of residential, rental, office space and retail.