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Current status of real estate market in gujarat.

                  REALTY today in Gujarat’s Markets. 

 

One frequently hears of ‘Vibrant Gujarat’ or Gujarat Shining’ and its real estate offering excellent growth opportunities but is the Gujarat growth story for real. Sapna Srivastava takes a closer look at the state’s real estate sector.  

The state of Gujarat beside an advantage of industrial legacy and people’s entrepreneurship spirit has got further growth force with the announcement of varied infrastructure initiatives, the prominent being the Delhi-Mumbai Industrial Corridor (DMIC) and Gujarat International Finance Tec-City (GIFT). Further, setting up of SEZs, IT parks, specialized townships, and retail & commercial hubs in important cities are driving the residential sector too. Earlier viewed an affordable real estate market, the cities of Gujarat like Ahmedabad, Surat, and Vadodara are seeing an influx of extravagance and ultra-luxury developments. The dynamics of the real estate industry have seen quite a change in the past decade or so in Gujarat owing to economic growth, infrastructure development and technological advancements. The developers are adapting their modus operandi and making their approach more customer-centric. Some of the reasons is the increasing number of developers are aware of the product options available to the customer today.  

Under the likes of Smart Cities Mission, the cities of Ahmedabad, Surat, Vadodara, Rajkot, Bhavnagar, Junagadh, and Dahod are getting retrofitted and undergoing urban renewal to make them sustainable and citizen-friendly.  

Infrastructure push& Realty sector  

Ahmedabad, the financial capital of Gujarat is witnessing significant foundation growth and transition in the realty space. The main factors fueling the growth of the city are its vicinity to DMIC & GIFT City and the coming up of Ahmedabad- Dholera Special Investment Region. The twin cities – Ahmedabad and Gandhinagar are set to form the largest urban agglomeration in Gujarat. Ahmedabad, the traditional manufacturing center of textile, chemical, pharmaceutical, and gems is also emerging as the automobile manufacturing hub. Gandhinagar on the other hand is attracting IT and ITeS companies.  

In terms of the residential market, a blended township is a new trend and national level developers are now building properties in this segment in Ahmedabad and Gandhinagar. Overall, the residential property demand remains subdued commencing to restraint new launches. The office space market in Ahmedabad is showing a marginal increase in vacancy levels but the retail market is observing high vacancy levels in malls. However, with numerous infrastructure improvements in the pipeline, the residential section especially the micro-markets along the Ahmedabad-Gandhinagar corridor hold great potential for real estate development. On the other hand, The IT/ITeS and BFSI sectors are expected to push up the office market in Ahmedabad.  

Surat, the diamond capital of India is also the most active in utilizing technology for infrastructure improvement and city administration. Several-governance solutions developed by Microsoft India have already been executed in the city. The city is one of the 16 locations chosen by IBM to produce its smarty city program. This rapidly modernizing city is engraved with a variety of malls and multiplexes.  

While the diamond industry remains its economic driver, the textile sector especially denim manufacturing is coming up in a big way in the city. BFSI is the prime driver of the new corporate space in Surat. Diamond Research and Mercantile City (DREAM City) coming up in Surat, will kindle the residential development of micro-markets in its vicinity.  

Vadodara is considered the cultural capital of Gujarat and it will also reap the benefits of DMIC passing through its borders. One of the most industrialized districts of the state, it is now developing into a knowledge center with companies like L&T and Microsoft opening their knowledge city and digital experience center respectively in Vadodara.  

Unlike Ahmedabad and Surat, where new residential developments are considerably restricted to select areas, new residential launches are spread out in all directions in Vadodara, most of which are coming up near industrial estates. Being an industrialized state, the corporate market is not so well developed but central business district (CBD) sectors continue to be the hub of office space development. 

We at Shree Balaji Group are accustomed to providing nothing but the best to our customers. Luxury, Location & Convenience at your doorstep. If you belong to those who have a luxury niche, the life that will suit you, you can check out the premium luxury apartments in Vadodara|Mehsana|Ahmedabad by the one and only Shree Balaji Group.  

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