Ahmedabad’s real estate market was already benefiting from pro-active reforms and infrastructural development. It is now witnessing rapid evolution.
2021 was a watershed year for the Ahmedabad realty market. The city saw home sales figures increasing by a handsome 37%. New housing launches increased by 99% for touching a 6-year record as per reports. The sales figures went up to 8,911 units for the year, with a handsome 3,096 units being sold between the October-December period itself. How did this recovery happen? The COVID-19 pandemic made home ownership a priority for many families, especially spurring them to upgrade their primary home. Working and studying from the comfort of home became a norm along with the need for more space. This led to skyrocketing demand for bigger units in Ahmedabad which is still the most affordable out of India’s top 8 cities. People invested in gated plot and bungalow communities along with bigger apartments.
Mega Realty Deals Create a Flutter in Ahmedabad Market
In recent times, a big-ticket deal was finalized, indicating that the housing market in Ahmedabad has shaken off the pandemic blues. A real estate developer has purchased a plot of 21,000 square yards in Gota. The size of the deal is estimated at Rs. 200 crore and a luxury residential project is anticipated for the near future. The transaction was finalized by Shilp Group. In April this year, a Bokdadev plot was bought for a whopping Rs. 250 crore, where a 30-storied residential project will be built.
The Gota plot lies in close proximity to the SG Road and there will be 3 BHK and 4 BHK luxury units on sale in the area. Shilp Group is already planning approximately 300 units in the project as the plot has 4.0 FSI (floor space index). The new flyovers and connectivity improvements throughout SG Road has made newer areas more accessible for residents and land prices have also gone up as a result.
Ahmedabad is also going to witness the development of the tallest tower in Gujarat, namely a 41-storied commercial venture in proximity to the Rajpath Club. SG Road has already witnessed massive infrastructural upgrades with new bridges and Ahmedabad to Gandhinagar can now be covered in a matter of minutes. The whole area is witnessing robust housing and commercial demand alike. Corporate firms have also set up shop along the entire stretch to Sarkhej from Vaishnodevi Circle.
This 41-storied building on SG Road will go up to 1.45 metres. Goyal and HN Safal developers are bucking the trend with this ambitious commercial project that will encompass four years of construction. The plot of 7,000 square yards was purchased sometime earlier by the developers for a record sum. The Gujarat State Government’s incentive for skyscraper development in Ahmedabad, Gandhinagar, Surat, Vadodara and Rajkot is already paying off. Buildings up to 70 storeys can now be built throughout the State with the new provisions of the authorities. Ahmedabad has already witnessed the development of 30-storied residential structures after such rule changes.
This one will be the tallest such commercial project in the city. The skyline of the city is in for a massive change if buyers prefer taller buildings. Yet, completion timelines and costs of construction will also be higher for taller structures. The GIFT City is already witnessing a residential tower being built, that will go up to 102 metres. This zone is already home to the GIFT One and GIFT Two Towers which are the tallest in the whole State at 122 metres currently. A commercial tower of 142 metres is already being built in proximity to the Sabarmati Ashram.
Several Ahmedabad realty projects are now being built and have heights up to 100-120 metres. Developers are now aiming for 130-145 metres and large skyscraper ventures. Two or three projects are already being built on posh areas along the SG Highway, the fastest-growing Ahmedabad hub for commercial projects. This will drastically shape the skyline of Ahmedabad, befitting its new-found real estate recovery and status as a major commercial cum residential hub of the country. Experts feel that progressive reforms and Government policies have made Ahmedabad a truly global city over the last few years. The city is today home to all major corporates and other big companies throughout the country and even global MNCs. Ahmedabad is also aspiring for the development of skyscrapers as a natural progression to its goals to host the 2036 Olympics as per reports.
The new skyscrapers will make sure that global standards are implemented in the Ahmedabad housing market. The design and construction quality will be enhanced considerably while there will be new infrastructure built for supporting these ventures as well. The growing population and size of the city also necessitate the development of skyscrapers in order to ensure optimum space and land utilization as per industry experts.
