Rajkot Real Estate – Scaling New Heights

Rajkot is a city in Indian state of Gujarat. As Rajkot gears up as the next potential destination for service sectors like IT and ITes, its strategic location and connectivity to other significant places are attracting investments. The city has been witnessing an increase in demand for real estate for the past few years. Let’s take a view at Rajkot property market:

Commercial Property in Rajkot

Today, there are large business houses, exclusive multistoried hotels, glitzy shopping malls, all of which together indicate towards a booming economy which is poised at the crossroads and serve as a centre of attraction for people across the country.

Large number of non-resident Gujaratis (NRGs), whether UK or USA based are looking forward to set foot in the state with large funds in Gujarat properties. Such an interest shown by NRGs in real estate back home has attracted many a builders, even in dusty Saurashtra towns of Rajkot to set up overseas marketing offices to woo the wealthy Diaspora.

Residential Property Market in Rajkot

Real estate in Rajkot is increasing tremendously on the back of large investments by top realty players. This is indeed encouraging big housing companies to invest in properties here. As a result, a number of housing projects are coming up thereby making residential property affordable in Rajkot.

Prices in prime residential locations such as University Road and Kalavad Road stand at Rs.1, 300 – Rs 1,400 today as compared to Rs 800- Rs 900 a year ago, indicating a 40%-60% jump in one year. Similarly, residential prices are expected to grow by 20%-40% in the coming year.

Retail Market in Rajkot

Rajkot no longer carries its conservative image and has undergone a mega lifestyle change. With the emergence of large exclusive malls, big food courts, and beverage chains, Rajkot retail market is going the metro way.

The city glimmers with the presence of retail majors like Pantaloon and Big Bazaar. The coffee culture is brewing well with Café Coffee Day and Senso, a coffee shop at Hotel Imperial Palace.

Other retail players who are preparing to make their mark in retail sector of Rajkot include Reliance and Tata. Also coming up in the future are two new multiplexes on Kalawad Road and 150-ft Ring Road in a year.

Rajkot is in the phase of evolution and people are craving for a high quality lifestyle. With a multitude of brands establishing their centers in the city, people don’t need to go to Ahmedabad or Mumbai to cater their shopping requirements.

The city is paving way for modern organized retailing. However, there prevails traditional retailing as well which enjoys several advantages – credit to customers, home delivery, and the culture of accepting returned goods.

Upcoming Real Estate Projects in Rajkot

IT Park: Parsvnath Developers Ltd. has plans to come up with various real estate projects including development of Townships, Group Housing, Commercial Complexes, and IT Parks at Rajkot, Vadodara, Jamnagar, and Ahmedabad. The company has also signed a Memorandum of understanding with the government of Gujarat for the project.

Properties in Rajkot: DLF is interested in making investments for port, airport, and other infrastructure projects in Gujarat. For the purpose, the company is eyeing to acquire land in major cities including Rajkot, Vadodara, Surat, and Ahmedabad.