West Ahmedabad too Pricy Over the Eastern Part

April 1, 2008	(Be the first to rate this story!)  Loading ...
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Ahmedabad’s real estate market has been growing at a dizzying pace for the past two years. The growth, some in the industry say, is partly driven by big projects like Sabarmati riverfront and Gujarat Information Financial Tec-City (GIFT).

The flip side of commercial development is that prices of residential properties, especially in western parts of the city, have skyrocketed.

Residences, which are both comfortable and reasonably priced, are few and far between. People are now increasingly heading to eastern Ahmedabad, where availability of affordable space is not a constraint. In fact, properties — commercial and residential — in eastern parts of the city are half the price than that in western areas. “Eastern region can be considered as new the horizon for affordable housing,” director of Real Estate Studies and Management Academy, N.K. Patel said.

“The property prices in the eastern region are nearly 50% less than those in western area.” The improved connectivity with western region because of 200 ft ring road has also made east an attractive region.

According to Patel, the region appeals to many because town planning (TP) schemes have been proposed in Vastral, Nikol, Binzol and Naroda. Some 14 TP schemes have been proposed in eastern parts of the city. Also, five malls, couple of hotels and service apartments have been proposed in the region. Much of all this has been planned because of the industrial development in the region.

“Four major areas — Naroda, Khatwada, Odhav and Vatva — are connect with the eastern region,” managing director of Galaxy group, Uday Bhatt, said. “Export and import oriented units are also gradually increasing. There is a scope for hotels and service apartments.” The group is building service apartments and is developing around 2 lakh sq ft of commercial space. Many people have expressed interest in renting offices after work on GIFT project begins.

Meanwhile, people living eastern parts of the city have comparatively more disposal income at hand and are among the city’s biggest spenders. Takshashila Realties Ltd is planning to open ‘nano format malls’, each of 1 lakh sq ft in eastern parts of Ahmedabad. The company is also coming up with a mall-cum-hotel-cum-residence project.

“We carried out a study in the east and we found that people want facilities like malls, multiplexes and hotels,” managing director of the company, Pratik Banker, said. “They don’t want to go to western parts of the city for all this.”

News Published Under:   Real Estate India |

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