If you are searching for a luxury home in Ahmedabad, the city has a new stock of high-end properties to offer. While the city witnessed demand for luxury properties rendering high-end amenities, developers of the city responded to this demand by increasing the supply.
Areas such as Prahlad Nagar, Bopal and Satellite recorded high supply of properties worth Rs 1 crore and above. These locations are also the top preferred destinations in the city for rent and sale, as per PropIndex (Jul-Sep 2014), the India Apartment Index by Magicbricks.
“Majority of the demand is from the rich Gujrati business community who love to live in a premium villa or bungalow. Lot of NRI investment is also seen wherein the Gujrati kids living abroad invest in the high-end properties, especially if located close to their parents dwelling. Inspite of living abroad, they make the investment at present, just to have a luxury abode in Ahmedabad for whenever they come back,” says Hardik Senjaliya, consultant, Wright properties.
Apart from investments made by Gujratis, significant investments are also done by the business class, preferring to stay in the city owing to its well developed infrastructure, working environment and government policies.
Prahlad Nagar is famous for the various multi-national companies, KPOs and BPOs in the area. It is a self sufficient locality as it has well planned and developed facilities in close vicinity such as schools, malls, hospitals and banks. This is a prime factor which draws attention of the business or company owners, who prefer to live within the locality.
Property values in Prahlad Nagar range from Rs 3,800-5,500 per sq ft. The minimum value for a residential villa in the area starts from Rs 1.30 crore and can go up to over Rs 6 crore.
Bopal is one of the fast developing areas in the western suburbs of the city with a good supply of villas and spacious homes. “Bopal is known for its offerings to the middle class population with the available affordable residential units. Those buyers who are not able to buy in Prahlad Nagar, Satellite and Bodakdev owing to high values, prefer Bopal. However, of late, the area is witnessing demand for high-end properties which has resulted in an increase in the number of enquiries,” says Hemant Thakker, director, Palak Estate.
The capital values of a spacious luxury villa or bungalow in the area is Rs 80 lakh to over Rs 1 crore. Considerable housing, connectivity and social infrastructure development has taken place within the area, making it a preferred residential destination among buyers of all class.
Satellite is often referred as one of the well developed localities of Ahmedabad which continues to make it a favorite among luxury buyers. It is also a highly priced locality with strong social infrastructure. A half hour’s drive leads you to the nearest National Highway 8C, connecting the old Ahmedabad city with the new upcoming commercial and residential locations.
The capital value of villas and multi-storey apartments in this locality are Rs 1-10 crore. The presence of 5-star hotels, commercial buildings and malls collectively attracts the luxury property seekers to Satellite. Proximity to the commercial hub of Prahlad Nagar at a distance of 3 km also makes it a one stop destination for the business class to live here.
“Increased demand for luxury spaces in the area and a complementing supply from developers is a win-win situation for the high class segment,” adds Senjaliya.
Location of Satellite, Bopal and Prahlad Nagar is strategic, being close to Ahmedabad and commercial hubs and with new stock of luxury spaces coming up in these localities, the scope of capital appreciation seems to be strong.
Author – Pushpa Rawat, Magicbricks.com Bureau
Pushpa Rawat is a real estate market research enthusiast with a penchant for reporting on emerging real estate and infrastructure trends. She currently works with Magicbricks editorial team.