Ahmedabad – A rising star

Source – HT Estates , Hindustan Times

Quality infrastructure, competitive costs, a robust law and order system and relatively lower cost of living make it one of India’s most promising realty destinations

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Ahmedabad’s real estate market has witnessed a rapid pace of development compared to other cities of India and this is mostly driven by the high rate of industrial growth, states a report by Jones Lang LaSalle, a professional services and investment management firm. Quality infrastructure, highly competitive real estate costs along with a robust law and order system makes Ahmedabad a desirable residential and business destination.

The residential real estate market in Ahmedabad is diverse. Residential units in the affordable category are available alongside houses and apartments (worth around R50 million ) in the ultraluxury category. The advanced retail landscape of the city also attributes the residential real estate worth.The Gujarat International Finance Tech City (GIFT) that is proposed to be developed as a smart city is also giving a fillip to the real estate value of the city.

Ahmedabad has quality public transport by way of the Bus Rapid Transit System (BRTS). Incidentally, the BRT here is the most successful in the country. The BRT has given a facelift to the outskirts of the city. There is also a plan to increase FSI and have a transit-oriented development along the BRTS corridor. These will further boost economic activity in Ahmedabad. The city also has the Sabarmati Riverfront project, which plans to provide large open spaces for public use. In addition, there is a proposal to connect Gandhinagar with Ahmedabad, using the metro system. This is expected to increase real estate prices along certain sections of the metro corridor between Ahmedabad and Gandhinagar. Apart from the proactive development approach of the government and local authorities, Ahmedabad also has another advantage – the cost of living is relatively lower compared to the other large cities of India.

In Bengaluru cor porate expansion was consolidated when projects like The Address, Prestige Excelsior and Prestige Technopolis were completed. The scarcity of space is likely to increase rental rates. Some of the new launches in Bengaluru include Golden Gate Presidential Towers in Yeshwanthpur, Pride Enchanta on Mysore Road, Spectra Palm Woods in Whitefield, Nitesh Chelsea on Hosur Road, The Tree on Tumkur Road.

In Chennai, residential suppply was impacted by lukewarm demand and slow approval processes. Capital values and rents remained stagnant in the face of high inventory costs.

In Delhi NCR the demand remained healthy with relocation and consolidation along with fresh expansion activity being visible in the office markets. In the retail space, demand continued to be slow. Most real estate activity was concentrated in the under-construction malls. Retailers were considering commercial properties only at the prime malls and were willing to reduce store size as well. In the residential space, despite prevalent price discounts and attractive payment plans, few purchases happened. Residential launches in Delhi NCR have reduced during the past month.

In Hyderabad, leasing activity continued to remain stable in the month of October. The limited supply in key submarkets continued to push rents upwards. Residential demand in Kolkata was stable. However, absorption levels remained low despite the availability of a large inventory base. Mumbai, on the other hand, witnessed a marginal fall in terms of demand last month (in comparison to the previous month) mostly because developers were concentrating on dispensing unsold inventories. In Pune the demand was mostly concentrated on fresh projects. Under-construction projects witnessed subdued demand.

Source – HT Estates , Hindustan Times

 

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