5 Ahmedabad Localities That Can Multiply Your Money
If the patterns in recent reports and analyses are any indication, saturating real estate markets in top metro cities of India could be giving way to Tier-II cities and state capitals as lucrative investment destinations. With rapid industrialisation increasingly straining the infrastructure in top-rung cities, property investors now seem more open to choosing cities like Ahmedabad which are modern but less chaotic.
Data seem to back the fact that real estate demand in Ahmedabad, formerly the state capital of Gujarat, is rising. According to a recent PropTiger DataLabs report, Ahmedabad – apart from Kolkata and Hyderabad – was a city that saw an increase in new project launches in the October-December quarter of 2015-16 when compared with the same quarter of the previous year. The city also witnessed year-on-year price growth of 4.7 per cent, next only to Hyderabad's 5.6 per cent. The report also showed that 53 per cent of the investments in the city were in the range of Rs 25-50 lakh, indicating the affordable housing segment in the city is on the rise.
Given the growth prospects that they offer, PropGuide ranks five top-performing affordable localities in Ahmedabad:
Despite being located far from the city centre, Bopal is among the localities that have seen the highest price growth rates in recent past. According to the PropTiger DataLabs data, property prices in Bopal were in the range of Rs 3,050-3,200 per sq ft in the past year. The locality's growth and increase in popularity among investors could be attributed to its 'affordable' tag and the connectivity it provides – SP Ring Road connects Bopal to the rest of the city. The price of Bopal real estate remains much lower than the city's posh localities like Satellite and Prahlad Nagar.
Another Ahmedabad locality popular among middle-class buyers is Gota. Lying about 10 kilometres from the city centre, Gota is well-connected to the city by SG Highway and has a developed infrastructure in place. According to PropTiger DataLabs, property prices in Gota were in the range of Rs 3,100-3,250 per sq ft last year.
A fast-emerging real estate hotspot in Ahmedabad, Chadkheda is popular among the information technology employees of the city. Along with a railway station of the same name, Chadkheda also offers great road connectivity to its residents through SP Ring road. The price trend in the area was in the range of Rs 2,450-2,560 per sq ft last year, according to the DataLabs figures.
A locality that boasts a peaceful ambience – the Kakaria lake is close by – Narolgam is fast-developing as an industrial area. With all basic infrastructure in place, Narlogam is well-connected to the city centre through a bus network. According to PropTiger DataLabs, property prices in Narolgam remained in the range of Rs 1,650-1,800 per sq ft last year. An 'affordable' price tag makes the locality suitable for middle-class working professionals to invest in.
The unique selling point of Nava Naroda, an upcoming locality in eastern Ahmedabad, is the connectivity that it offers – the Ahmedabad airport is only 5 km away and SP Ring Road surrounds it. Still in a developing stage, a Nava Naroda property could in the future bring great returns on investment. Real estate prices in Nava Naroda ranged between Rs 1,650 and Rs 1,750 per sq ft last year – much lower than other top localities but highlighting an upside for prices in the time to come.
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