Ahmedabad's Real Estate Market Experiences Unprecedented Growth
Ahmedabad's real estate sector has witnessed remarkable expansion in the last two years. Property prices in the city have surged at a faster pace than even major metropolitan areas like Delhi and Mumbai, attracting a significant influx of investors eager to capitalize on this burgeoning market.
One such investor, A. Mukhopadhyay, an NRI with roots in Kolkata, is actively seeking to purchase a house in Ahmedabad. Despite his familial ties to Kolkata, Mukhopadhyay has chosen to focus his investment strategy on Ahmedabad's real estate market.
"Buying a property in Kolkata will not give return like investing in a property in Ahmedabad," Mukhopadhyay explained, highlighting perceived discrepancies in potential returns between these two cities.
Gujarat's Capital Witnesses Rapid Growth in Property Prices
Ahmedabad, the capital of Gujarat, is currently experiencing a period of substantial economic and real estate growth. Land prices have more than doubled over the past couple of years, a clear indication of the intense interest in the city's real estate sector, as evidenced by the high attendance at the first-ever summit of housing and real estate developers.
The influx of new companies setting up operations in Ahmedabad over the past two years has significantly influenced the city’s housing market. This has consequently led to a surge in demand for residential properties, directly impacting property prices. For instance, the cost of a two-bedroom flat in a prime location has nearly doubled from Rs 12 lakh last year to approximately Rs 25 lakh today.
Town Planning and Investor Confidence Drive Growth
Rushabh Patel, Secretary of GIHED (Gujarat Institute of Housing and Estate Developers), attributes the remarkable doubling of property prices in Ahmedabad over the last year to effective town planning initiatives. He elucidated upon how beneficial urban development plans play a role in investors’ confidence and property acquisition patterns. "The way property prices got doubled in last one year in Ahmedabad, thanks the town planning, people are buying more and more properties as these houses are bringing in not only faster return on investment but steadily,” Patel said.
Ahmedabad's Transformation into a Residential Hotspot
A city previously recognized primarily for its industrial landscape, Ahmedabad is now undergoing a transformative phase, characterized by a booming residential real estate market. The increase observed in property prices here over the past year has outpaced that of even established real estate markets such as Delhi and Mumbai.
The director of Kunj Properties emphasized the growing demand for land in less central locations, noting, “they are looking for lands in remote places as customers are ready to buy there also, mostly NRIs and people coming from outside”. This trend underscores the expanding reach of Ahmedabad's real estate appeal, encompassing not only the core city areas but also its peripheral regions.