Ahmedabad Property

I have given an ambiguous title to this article as the city of Ahmedabad is so vast with so much buying and selling in the city’s real estate sector that to give a precise overview of what’s happening in real estate in Ahmedabad. I had to be as open-ended as possible.

Let’s take a closer look at Nikol, a locality about 15 kilometers from Ahmedabad. If you are looking for property in Ahmedabad, you simply must consider Nikol as the location of your new home.  The prices of less than 2000 rupees per square foot for an apartment here might entice you.

Developments in Nikol which are among the new projects in Ahmedabad, offer the chance to own real estate in Ahmedabad for slightly more than 30 lakhs. The projects have 3 BHK flats with close to 1400 square feet of carpet area priced at 32 lakhs. What really makes these projects stand out is that they have appreciated by over 20% in the past 3 years.

If you have a budged of less than 20 lakhs and want to invest it in property in Ahmedabad; a development at Nikol offers the buyer a neat 2 BHK home for approximately 18 lakhs.  The size of the unit in question is 900 square feet and the development is less than 5 years old.

Just a few kilometers from Nikol, is the neighborhood of Nava Naroda. Like Nikol, Nava Naroda offers apartments in Ahmedabad at very affordable prices. Buying a home in these localities may not just make a good investment as a second home but also perhaps even a third home.  

A recently completed development at Nara Naroda has appreciated by nearly 24% over the past 3 years; which makes both these regions of the city great places to invest as prices here are still quite low, and will the recent home owner friendly measures by the RBI, are likely to rise further as demand for housing booms across the nation.

Despite my enthusiasm for these promising regions of Ahmedabad and the large number of new developments at Nikol, Nara Naroda; these locations are still not prime real estate destinations per say i.e. there are hardly any developments here by any of the top builders in Ahmedabad. There are however many good developments here which still warrant our attention as home buyers and overlooking these upcoming parts of Ahmedabad would be unjustified.

Most of the properties in these localities are less than 10 years old and the overwhelming majority may be less than 6 years old. Real estate developers in Ahmedabad who build here are competent and some such developers may one day launch projects as large as any in the country, few however are currently as well-known as Lodha, DLF or Godrej.

Property in Ahmedabad may still be in an incipient state when compared to larger cities like Mumbai, however this makes the localities mentioned above even more attractive to buyers as once the real estate market in Ahmedabad matures further bringing with it greater inflows of capital, prices are bound to rise all across the board.

Property in Ahmedabad

A colleague with whom I had reconnected after a gap of several years had often expressed a moderate dislike of our current Prime Minister, he felt that perhaps our country needed a gentler leader rather than an (as he saw it) a slightly authoritarian one. 

It turned out that my friend was a claustrophobic and could never bear to stand in an elevator no matter how short the trip. Eventually he bought a home in Satellite. I knew that there were more affordable homes in Ahmedabad than the upscale part of Satellite, I knew of real estate developers in Ahmedabad whose homes sold for only about a crore. Yet the property my friend had bought at Satellite cost well over 2 crore.

That’s when I realized that I had misjudged; my friend and I were most likely separated by more than 3 paygrades.

Imagine my surprise when upon our last meeting he could not stop gushing with praise for Mr. Modi, I asked him what had brought about this change. It turns out that he had been transferred by his consultancy firm and had been living in Ahmedabad for the past one and a half years. He remarked how wonderful it was, the seamless flow of traffic and the power supply which never failed. It would appear he was a changed man; living in a new city had transformed him from a staunch liberal into a moderate. But such stories are not out of the ordinary when the city in question is Ahmedabad.

My Colleague is now keen to keen to own a home in the Ahmedabad, so enamored is he with the city.

Property in Ahmedabad is among the most expensive in the state of Gujarat and the city is the financial hub of the prosperous state of Gujarat. Real Estate in Ahmedabad is relatively inexpensive as compared with other large areas such as the Mumbai Metropolitan Region and NCR. Even in the most upscale parts of the city rates for property in Ahmedabad can be below 6,200 Rupees per square foot.

Bodakdev, an affluent region of the city is witness to new projects in Ahmedabad by builders offering 4 BHK 4,500 square feet apartments for as low as 2 crore. One of the top builders in Ahmedabad such as the JP Iskon Group is among the developers building luxury apartments in this part of the city.

Several real estate developers in Ahmedabad have a large number of upcoming projects near the SG Highway which connects Ahmedabad to Gandhinagar. Among the top builders in Ahmedabad with upcoming projects on SG Highway are Arise Buildcon, Signature Group and Godrej Properties. These upcoming projects in Ahmedabad offer a great deal of diversity with an offering of flats ranging from 1 BHK up to 4 BHK.

One of the top builders in Ahmedabad, Nile Infrastructure Ahmedabad, has successfully constructed several affordable apartments in Ahmedabad in areas of the city such as Makarba. Most such new constructions cost less than 60 Lakhs making them homes to invest in; the size of most such properties varies from 1,300 to 1,800 square feet.

I was curious to ask my friend where he would invest his money; I knew that he was two or possibly three pay grades ahead of me and hence had could afford a larger home. I had guessed that he had been looking at luxury apartments in Ahmedabad yet was surprised to learn that eventually he settled on a house in the city.