The property market of Gujarat

Gujarat, one of the rapidly growing states in India, is known for its rich culture and a population mix of a professional and business. It is a shelter to many known cities including Ahmedabad, Rajkot, Bhavangar, Champaner, Mandvi, Jamnagar, Surat, Gandhinagar, etc. Although, the state witnesses a lot of tourist attraction every year, it is still to open its account on tourism circuit. Gujarat has made rapid progress in real estate and financial services. The state boasts of a lot of who’s who in the Indian glitterati and its potential is now being recognized by several brands across the world and organizations as being a large market to address.
Gujarat has emerged as one of the most sought after lucrative investment destinations for property with commercial, residential, and retail realty making rapid strides. The state has undergone a paradigm shift and there has been a considerable increase in number of buyers for Gujarat properties.
The development of the state has been slow yet steady and anyone visiting Gujarat will definitely admire large, glitzy buildings and malls which have been replaced by old back housing and office infrastructure. One cannot deny the fact that due to its location and people, the state has excellent development prospects. It is growing by leaps and bounds on the real estate front but will need to demonstrate over several years that it can maintain pace.
Promising real estate destinations in the state
Jamnagar is a popular place in Gujarat and is witnessing a considerable real estate boom, driven by a huge investment over Rs 45,000 crore being made in refineries and in development of Special economic zones (SEZs). The stretch Jamnagar and Jam-Khambhaliya has attracted lot of interest from many major property developers. As far as construction activity is concerned, it is high in the stretch of Sikka till Moti Khavdi and beyond at Vadinar.
Developers such as Parsvnath, DLF and Rahejas are eyeing land in Jamnagar for real estate development.
Parsvnath Developers Ltd has recently signed a pact with the Government of Gujarat for development of real estate projects in Bhavnagar, Rajkot, Vadodara, Ahmedabad, Surat, Jamnagar and other districts of Gujarat. These upcoming projects involve a total investment of Rs 1600 crore and the construction is scheduled to complete over a period of 2-3 years. The developer will come up with projects like townships, group housing, commercial complexes, and IT Parks.
The state has witnessed tremendous rise in rental values due to increase in employee recruitment since the last few years. Rentals at prime locations like Ahmedabad or Jamnagar range from Rs.8,000 to Rs.15, 000 per month for 2/3 bed-room units and buyers’ prices for the same range between Rs.16 to 25 lakhs.
In Jam Khambhaliya, rents range from Rs 4,000 to Rs 8,000 per month for a 2/3 bed-room property, while buying prices range from Rs.8 - 15 lakh for the same.
Other development which the people of Gujarat are waiting for are sky scrappers. These buildings are to be developed in localities such as Park Colony, Saru Section, Patel Colony and Khodiyaar Colony. Besides this, some premium luxurious projects are coming up in the east and south of the city in the Rajkot and Lalpur Road. With such developments in the state, it seems that Gujarat real estate boom assumes a distinct aspect owing to the subjective needs of its population and their lifestyles.
Foray of major realty players into Gandhinagar has lift up its land rates. Some of the most awaited projects include an IT SEZ by DLF, IT facilities and hotels as well as research institutions. These projects are being developed on Ahmedabad - Gandhinagar Road.

Of late, Gujarat has also attracted a lot of NRI investments. It is gaining quite a lot from the latest trend of investing back home among NRIs. Staying in those lines, the state has witnessed whopping investments from non resident Gujaratis (NRG), who are eagerly looking to buy a property in the homeland. This trend has brought great opportunities for realty agents in Gujarat who are traditional favorite for NRG investments.

NRIs invest in Indian properties as it is the simplest option to gain high returns within a short span. Among the most promising cities in Gujarat, Ahmedabad is attracting major investments not only because it is a developing metro but also because the city boasts of cheaper availability of land. Other sought after option is Gandhinagar, which is mainly preferred by both developers as well as investors. There are a number of well-known developers who have lined up their Gandhinagar real estate projects and there are other projects which are in a developing stage.

Sukhpreet Kaur writes on behalf of 99acres.com ,which is an internet portal dedicated to meet every aspect of the consumers needs in the real estate industry.It is a forum where buyers, sellers and brokers can exchange information. At 99 acres, you can advertise a property, search for a property, browse through Gujarat Real Estate and Properties.