Ahmedabad is one city that has witnessed a mega transformation over the last decade towards becoming a major hub for real estate. The city has developed infrastructurally and in a planned manner, sparking widespread realty growth in several areas.
Ahmedabad achieved the feat of being ranked as India’s third-best city to live as per the Ease of Living Index in 2020. It is also one of the 100 cities to transform into future Smart Cities as part of the Smart Cities Mission of the Indian Government. In fact, a slew of infrastructural projects including the development of new roads, flyovers, commercial centres, and the Ahmedabad Metro have fast-tracked real estate growth over the years. Just in recent times, AUDA (Ahmedabad Urban Development Authority) has already submitted its upcoming and ongoing list of projects valued at more than Rs. 1,900 crore.
AUDA is emphasizing drainage, water and storm water lines for several areas such as Bareja, Sanand, Sanathal, Godhavi, Manipur, Aslali, Mehmedabad, Telav and Jetalpur. It will be completing its project to ensure piped water supply to 45 villages on the periphery of Ahmedabad. Expect a new wave of development to transform these areas soon as per experts. AUDA is also trying to solve potable water access to various localities including Ghuma and Bopal among others. And the infrastructural and civic push is paying off!
In fact, sometime earlier, Union Home Minister Amit Shah also inaugurated multiple development projects for the city that are worth Rs. 112 crore. The city has an advanced BRTS system while also ensuring lower traffic congestion with its concentric road network with five rings and seventeen radials.
Home Sales Rise in Ahmedabad
A Times of India report clearly highlights soaring home buyer demand and positive sentiments in Ahmedabad, leading to a jump in home sales figures by 37% for CY 2021. New housing unit launches also went up by 99% to touch a six-year record figure. Sales of housing units went up to touch 8,911 units as compared to 6,506 units sold in 2020. The residential market in the city was strong in H2 2021 and 3,096 units were sold in the last quarter of the calendar year alone! Annual sales volumes are still lower in comparison to sales figures of 16,713 units retailed in 2019.
Launches of new properties went up to 14,648 units by end-2021 in comparison to 7,372 units launched in 2020. New launches went up by a whopping 77% on the half yearly basis, standing at 8,422 units in total between July and December, 2021. This period saw 4,745 units in launches in 2020. The biggest residential markets were West and North Ahmedabad, contributing 30% and 38% to the sales tally. The Eastern part of the city accounted for just 3% of total sales figures in H2 2021.
Experts feel that the coronavirus pandemic has clearly spurred many families to upgrade their main residences, owing to educational and work requirements. At the same time, Ahmedabad is one of the most affordable cities to purchase real estate as compared to other top Indian cities and this is another factor that is spurring huge demand. Buyers are also choosing plotted projects or bungalows within gated communities.
Some Upcoming Areas
Iscon Ambli Road is clearly turning into a major real estate hub in recent times, home to commercial and residential structures along with corporate firms. The whole stretch between the Ring Road connecting Hebatpur and Makarba and SG Road is a coveted area now in Western Ahmedabad. The area is sub-divided into the R2 and R3 Zones and the latter cannot have high-rises or commercial buildings though they are allowed in the former. AUDA has ensured good sanitation throughout the area along with other civic and physical infrastructure. Buyers are choosing this area for its connectivity to the SG Highway and also reputed educational institutions.
It is a rapidly developing area with several colleges, schools, pharmacies, banks, shopping malls, and hospitals. It is steadily turning into a preferred residential destination for mid and senior level employees at leading corporates. The BRTS Route on the 45 meter-wide road linking Kalupur and Ambli is another real estate market driver in this locality.
Bopal is another fast-growing residential locality in Ahmedabad, offering comparatively affordable housing options along with several mid-range buying choices too. The area is located near employment hubs like Sanand and Prahlad Nagar while being located near major hospitals, shopping malls, educational institutions and more. There is ready availability of apartments here at comparatively lower prices. The strategic location of the area along the well-connected Sardar Patel Ring Road makes it ideal for mid-range and affordable home buyers.
Demand has also grown for residential real estate owing to the area’s connectivity to major industrial zones and employment hubs. There are numerous educational institutions, shopping malls and hospitals that residents can access here, including the Gulmohar Park Mall, Iscon Mega Mall, DPS Bopal, Shalby Hospital and the Shanti Asiatic School. The Ambli Road and SG Highway also offer great connectivity for residents along with a robust local railway network.
These are only two of the upcoming success stories in Ahmedabad’s real estate market, which has grown tremendously over the last few years. It is poised to become one of the biggest contributors to the Indian real estate industry over the next decade.
