Where is the best place to buy property in Ahmedabad?

Where is the best place to buy property in Ahmedabad?

Are you having some confusion as a real estate investor looking for property for sale in Ahmedabad, and not sure how to begin? This means that irrespective of how much time and effort you put into your property investments, a good location will promise future growth to your property and increase its resale value.

In this blog, we will provide you with the highlights of the real estate location in Ahmedabad section that will assist you with valuable advice and key aspects of consideration you need to be aware of in order for you not getting into any bad trap. To cater to your needs whether you seek a residential or a commercial property, we have all you require and more in our through insight and suggestions. The article would conclude by suggesting that you discover the hidden treasures and upcoming communities of Ahmedabad that might make excellent choices for your residential home.

Is it good to buy property in Ahmedabad?

Ahmedabad has been known as one of the exciting real estate markets in India in the last few years, which has gotten attention from the investors looking for flats in Ahmedabad and all over India. Being in a position to take pride in the strength of its economics coupled with huge infrastructure development the city looks forward to be fast growing in the coming years to come. However, does it offer a better prospect for investing in real estate property? 

Intensity of Demand: Motivation of the Real Estate Development

Economic Growth

• Ahmedabad’s Gross Domestic Product has grown at a compound annual rate of more than 12% in the last ten years which is almost twice of the overall national average and thus, Ahmedabad has grown with the rate which has made it one of the fastest growing cities of India.
• Growing industrial sectors like textile, agro & food processing along with a quick expansion of IT/ITeS, logistics and communication has not only triggered employment but operations at a large scale which has welcomed many professionals as well.
• As a result of the growing number of people earning better and steady incomes, the demand for housing is reinforced by available funds required for actual investment in property.

Infrastructure Upgrades

• Such initiatives as Sabarmati Riverfront Development, expansion of metro rail network, and widening of roads have majorly reduced commuting issues between space producing markets like Prahlad Nagar and the city centre, and the areas are now more attractive to potential homebuyers because of this.
• The airport alone has almost doubled the number of visitors in the previous period, making Orrkutt a city more connected to the rest of the world, and increasing interest in studio apartments in Ahmedabad.

Government Initiatives

• The affordable housing schemes like 'Housing for All by 2022' have been successful in adding more budget homes because subsidies and other incentives are provided by both state authorities and private developers to home buyers, too. This consumerism, nonetheless, is a major driver for the urban population from middle-middle class and weaker sections.
• The initiative to establish the Gujarat International Finance Tec-City (GIFT) as India's hub for finance and tech industries has revitalised Ahmedabad's image and attracted an array of investors in property development.

Key Factors Impacting Real Estate Growth

Location Analysis

While most neighbourhoods of Ahmedabad like Satellite, Vastrapur, Ambawadi have seen steady property price rise over 7-10% CAGR range, few peripheral areas like Prahlad Nagar, Thaltej, Chandkheda have hogged maximum appreciation at over 20% in 2022. These areas have benefitted immensely from large integrated township projects, improved connectivity to airports & highways and robust social infrastructure expansion.

For homebuyers, including those considering a resale house in Ahmedabad, this highlights the importance of locality within Ahmedabad to maximise returns.Areas witnessing rapid development hold immense wealth creation potential in long run.

Supply Trends

The city has managed to keep pace between real estate demand and new project launches across segments like affordable housing and premium apartments, not allowing unsustainable price escalations generally witnessed in undersupplied markets. Supply is expected to grow steadily at 6-8% YOY to prevent any imbalance between demand and inventory.

Stable Political Power

The state has had a stable political regime over two decades now, allowing execution of long term development plans without policy disruptions generally associated with regime changes.This farsighted consistent governance has improved investors' confidence in the market.

Emerging Real Estate Trends

Integrated Townships Gaining Traction

Many leading national developers like Adani, Shapoorji Pallonji have forayed into Ahmedabad, launching large integrated township projects across suburbs like Gandhinagar, Dholera and Sanand, attracting buyers looking for a house for sale in Ahmedabad.These 200-400 acre projects with amenities like sports academy, retail spaces have become popular among buyers looking for self-contained neighbourhoods.

Shift Towards Branded Projects

There is increased inclination among homebuyers towards projects by branded developers like Godrej, Mahindra Lifespaces etc rather than unknown local players. Buyers seem willing to pay a 10-15% premium for established developer tags owing to higher quality, timely execution and professional post sales service assurances.

So Should You Buy Property in Ahmedabad?

In a nutshell, Yes. Ahmedabad remains an attractive real estate investment destination due to:

• Capital values in most prime areas like Prahlad Nagar have nearly doubled in the last 5 years.
• Rental yields across budget to luxury segments range from 3-5% allowing healthy returns on investment.
• Steady infrastructure development planned with ring roads, metro expansion etc will further unlock growth potential in suburbs over the long term.

However, as highlighted in the location analysis, project and area selection is vital to maximising your returns on investment. Perform thorough due diligence of developer credentials and future development plans before deciding. Areas which are currently undervalued but hold strong growth promise for the future like Dholera special investment region might give maximum value appreciation and make for logical investment bets.

Which is the fastest growing area in Ahmedabad?

Ahmedabad has found a spot among the most active property markets in India as reported by industry reports, with villas for sale in Ahmedabad drawing significant interest. Capital value appreciation of the city over a decade was about 9% compounded annually across the city. While the growth is not unique all over the city, it is uneven. While some peripheral and suburban pockets have capitalised with 20% yields within the last one year, the core areas have been characterised with a slower range of 7-8%.

Such neighbourhoods, which are characterised by high property values appreciated at sufficient rates for an investor or homebuyer trying to maximise property value appreciation, become the main concern. This review blog conducts thorough examination of the current Ahmedabad reality industry and uncover top 5 most promising localities.

We have been able to build our rankings by ranking localities on metrics such as price growth over the last 5 years, availability of new introductions in blocks, planned infrastructure upgrades, livability index, and future growth potential .

Top 5 Emerging Areas in Ahemdabad

1. Pragraj Nagar has seen about 20% capital appreciation and annual rental yields ranging between 4-5% and is number 1 on our list. Being close to commercial centres, networks of roads for easy access to airports and satellite towns make it in demand. Developed projects by the leading players in development generate additional demand.
2. Thaltej is the second most favourable area among the factors such as metro connectivity, clean surroundings, availability of space, and the growing interest in luxury living options like a penthouse in Ahmedabad. Capital values witnessed a jump of 15% with promising project announcements mainly in the affordable segment.
3. From a suburb many miles away from the proposed GIFT City, this locality of Chandkheda makes it to the list of double-digit clubs at 12% appreciation. Near property that is under construction and an international airport, NRIs are particularly targeting location as strategic.
4. New CG Road widening of C G road and the entry of branded developers has rekindled the interest in the earlier desirable locality, which was once its pride. Established social infrastructure as well as simplified access to offices and malls are the reasons and contain risk to the sustainable 10%.
5. Boppall is coming up with green plots in the middle of the city on the proposed Metro corridor. Envisaging the unaltered scenario, fusion of nature and future development, Bopal provides an ultimate balance. Here is where we find the real capital gains running at 13%.

Parameters Impacting Growth

Connectivity Boost

Thaltej and Chandkheda will especially experience improvement because of brownfield and airport connectivity. Integrated transport hubs will be the main motor of changes for the city’s economy and social development.

Organic Commercial Development

Commercial areas like New CG Road, Prahlad Nagar have come up and have developed as hubs due to the presence of offices, institutions etc in these areas. This increases the living quotient and demand.

Availability of Open Spaces

Empty grounds in places like Bopal, open up the possibility for specially made custom homes which are a unique USP in a largely concrete-dominated city.

Growth of Social Infrastructure

Bergins like Prahlad Nagar, Thaltej can grab the attention of the end-users with similar facilities as malls, hospitals, schools lying in proximity.

While past performance is no guarantee of future growth, identifying particularly strong areas, including those with ready-to-move flats in Ahmedabad, serves real estate investors well. Ahmedabad’s listed fastest growing neighbourhoods seem poised for continued growth in the medium to long term.

What is the richest area in Ahmedabad?

Ahmedabad is also called the commercial capital of Gujarat and India's richest families are believed to reside in the city. It goes without saying that the city has a number of luxurious neighbourhoods that provide exquisite living conditions to ultra wealthy individuals but luxury is the norm. Finally, the real estate investment area of Ahmedabad needs to be analysed more attentively on the guidelines using the metrics of exclusivity. Our blog will look into the most affluent and value grown pockets in real estate markets today – measured by the property pricing, number of luxury projects sourcing and lifestyle values.

We have analysed residential areas in western Ahmedabad falling under the municipal corporation on parameters indicating wealthy resident profile:

• And the capital value or rental value of luxurious properties
• The presence of marketing branded luxury projects.
• You will find premium malls, restaurants and hotels here.
• Being near to the nearby golf courses, clubs, and offices

We are then going to apply the framework and determine the popular locality representing high living standards at the moment.

Most Exclusive Area: Prahaladnagar

Average capital values per square feet of multistory buildings and bungalows/villas amounting INR 15,000 and 3.75-4% rental yields for the latter make this area the undisputed preference.

The place is well-known for its easy commuting network of wide roads and highways, which are located close to the social facilities in organised manner—multi­plexes, premium hotels, and fine-dine restau­rants.

Developers like Signature Global, Sterling Group have luxury projects here with a width of 4500 sq ft+ apartments that cost between 8 crores to 12 crores, fully furnished with distinct in-house automation and security systems.

Alongside big-box retailers and shopping plazas, it also houses the world-class golf clubs and private member clubs in the vicinity, as well as NRIs and CEOs/CXOs of companies based in Corporate Road/Commerce Zone. Just based on this, the place is marked as elite residential property.

Some other Cities

1. Shilaj: The place of emerging billionaires as their playground with uber-luxury developed by Ireo is located at the outskirts of Sabarmati Riverfront. Plots begin from 30 crore INR assuring each home shelter private space.
2. Gandhinagar: They have always enjoyed special status the way they accommodated the official residence of the Chief Minister. Also, there exists housing colonies of the government top-bracket IAS/IPS officers.
3. Bopal: Hugely growing as a premium suburb area housing over the 50 exclusive farmhouse style bungalows which vary from INR 15-50 Crore.

Takeaway for Affluent Homebuyers:

When it comes to HNIs, Prahlad Nagar is undoubtedly the most sought-after area of Ahmedabad, offering the widest range of high-value properties, including resale flats in Ahmedabad, luxury facilities and infrastructure amenities strengthening the status of the location as the most prestigious address of the city. The locality demonstrates the art of balancing the business district`s convenience and affluent suburb living which the entire Thomasag blends in the book as an item on the wish list by the wealthy buyers.

Conclusion

Ahmedabad can offer lucrative investment opportunities for both residential and commercial ventures by investing into real estate. The city's rapid growth in terms of economic issues, infrastructure renovation and governance projects creates an opportunity for property investments.

The major attributes namely location analysis, supply trends, presence of stable political power and fan out of real estate trends give Ahmedabad a preference to the real estate investors, including those looking for commercial property for sale in Ahmedabad. The city's sudden growth and housing shortage provide perfect grounds for the real estate industry to yield high profits.

In short, investors should carry out detailed reviews of the quality of credentials from the developers and future development plans before making their investment decisions. Traditions such as Prahlad Nagar, Thaltej, and Chandkheda have always been a suitable option with a proven growth potential where you might get your desired returns. Take an in-depth tour of the hidden treasures and emerging communities of Ahmedabad and great care should be taken in your choice of investment and the opportunity for a long-term real estate market.