Gujarat’s realty has expanded exponentially in the recent years: In the 21st century, real estate in India is changing the skyline of even satellite towns. Besides the metro cities, smaller towns too have attracted construction activity from big developers. Shopping malls, skyscrapers and new infrastructures are rapidly shaping the destiny of new India. A similar growth story is being witnessed in Gujarat too. A stupendous growth pace witnessed in the industrial sector, coupled with a perceivable rise in population, has resulted in an increased demand for housing needs in Gujarat. From residential complexes that include flats, service apartments, penthouses and townships to commercial spaces that incorporate shopping malls and multiplexes, the realty scene in Gujarat – which is imperative for any industry to thrive – has been flourishing. Pioneering initiatives by builders, too, have ensured evolvement of varied formats of construction. Gujarat – on the growth corridor In the past 50 years, Gujarat, as a state, has been on the move. Back in the 1960′s, the economy of Gujarat used to be driven by textiles, while in contrast, Gujarat’s economy today is being driven by a wide array of industries including salt, diamonds, pharmaceuticals, chemicals, milk products and much more. Unlike earlier when all economic activities were restricted to Ahmedabad, today, the economic activity has moved on to the cities of Vadodara, Surat and Rajkot. The state of Gujarat now plays a vital role in India’s economy. The urban infrastructure of Gujarat is all set to be revamped at the cost of Rs 7,620 crore. Gujarat also boasts of having five of the top postgraduate institutes of the country and is poised to become a key educational hub. Educational investments are set to be raised to the tune of around Rs 510 crores which will transform Gujarat into a reputed educational hub of the country. Apart from these, much more is being tried at the policy level with investors and industry players providing unflinching support to these endeavours by the government. Moreover, Gujarat has displayed exemplary performance in several infrastructure and manufacturing sectors. All these activities clearly imply that Gujarat is in the process of undergoing a massive change. Nonetheless, these changes were not stray incidents but, there were legitimate reasons that propelled Gujarat on the fast track of change. Gujarat gets going “Gujarat is proving to be an ideal state for acquiring residential and commercial property due to excellent infrastructure that the state has and the kind of facility it offers. The state, endowed with all the features essential and ideal for growth, has seen some major developments take place. Key projects in the form of SEZs, hotels, integrated townships, gated communities as well as specialty townships such as financial products townships and IT corridors have come up in a big way. The state is well connected, internally as well as externally through its elaborate transit systems, adding to its commercial value,” says Vinay Shukla, an industry expert. The last decade has seen Gujarat transform into an urban modernity of international standards. The real estate scenario is very impressive in the State and is likely to increase even more in the near future. “A few factors which have contributed to this can be attributed to the expansion of the Gujarat Municipal Corporation limits, increasing connectivity, robust development of other basic infrastructural utilities and the growth of Gujarat as a notable commercial and industrial hub,” adds Shukla. Gujarat is witnessing an upsurge in housing demands, and to fulfill this, thousands of new projects are coming with affordable prices, in various cities of the State. Ahmedabad, one of the perfect strategic destinations with world-class educational centers, enjoys its advantage of proximity to Mumbai, thus enabling smooth business between the states of Maharashtra and Gujarat, as well with other parts of the country. The city is very well connected to other parts of the country through airways, roadways and railways. The city is moving at a rapid pace of development with the improved infrastructure of the city. The construction of new shopping malls and complexes, multiplexes and other entertainment centers has lured the investors from all over India, including NRI Gujaratis. An increasing class of people looking for houses has led to a great spurt in property over the last couple of years in Vadodara. New areas, the likes of Waghodia road, Sevasi, Gotri among many others have suddenly become prime investment destinations thanks to the rapid expansion the city is witnessing. Along with the boom in the residential property market, the markets of commercial property too have seen a great boom. Shopping complexes once dotting Alkapuri road look tiny now against the gigantic franchised malls that have sprung up on all the arterial roads of the city. With the municipal corporation waking up to the rapid urbanisation of what was once a student town, infrastructure needs are also being addressed. The VTCOS public transport bus service and its increased connectivity is one of the reasons behind the prolific rise in the rush to the fringe areas of the city as mentioned above. Surat, particularly, has grown in a commendable manner and has turned out to be the home for leading IT companies, corporate world, KPO, BPO and ITES firms to establish themselves in Gujarat. “Such a situation is very beneficial for the real estate sector in Surat, as the companies would require commercial and office spaces for establishing their offices. In addition, the increased number of jobs would lead to population inflow towards the city, and thus would pose the demand for residential segment,” says Prakash Sinha, a Suratbased builder. There has been increase in the number of new businesses in Ahmedabad and Surat, with increased investments from national and international companies, owing to bright future in business opportunities. “Both Ahmedabad and Surat are very clean cities with reduced levels of pollution, and this situation attracts more and more property buyers to own a property in these cities,” adds Sinha. This outstanding growth makes the realtors believe that Gujarat is now a viable alternative to any other state like Mumbai or Chennai or Bangalore. The Real Estate sector, which was far less developed before, has now turned tables. “The state is showing rapid advancements in all sectors, right from education, housing and commercial utilisation to entertainment and tourism. Besides this, the basic amenities like well-organised Municipal Corporation, better sanitary conditions, electricity and water supply as well as efficient transportation system have provided a suitable background for the realty sector in Gujarat,” says Rajesh Shah, a builder from Surat. Connected well When it comes to infrastructure, any other state wouldn’t come as close as Gujarat. The Government of Gujarat has invested huge capital to build up the road system in Gujarat. These well-maintained roads with flyovers and underbridges reflect the state’s degree of development. “In the present scenario, Gujarat is considered to be the best place to lay hands on. The realty sector is showing great promises due to favourable FDI policies, and now that the foreign realtor can deal directly, there is an additional benefit for the realty sector to expand. Looking from this perspective, this is the best time to materialise a property deal to get high returns on investments. Foreign investments in Gujarat are highly advisable. It will earn high return on investment, as the FDI policies in India are among the most liberal and attractive in emerging economies,” says Bhavin Patel, a Baroda-based real estate developer. The state also offers its citizens with a consistent power supply both for residential and commercial purposes. Similarly, commercial real estate rates are also very competitive as compared to other parts of India. Safe and secure Gujarat has been in news for its superior infrastructure and good quality of life. It has also been termed as a very safe state for women. “People are willing to set up their base here due to the friendly nature of the residents, the safety factor and the lifestyle which is modern with a bit of traditionality. People here live a very happy go lucky life unlike those in the metro cities where a person is always stressed out with work,” says Brijesh Brahmbhatt, a soft developer who moved to Ahmedabad from Delhi. All these developments have not only propelled Gujarat to emerge as a forerunner of progress and development but it has also drawn the spotlight towards scripting its success story in tune with that of other developed nations. The government of Gujarat has also adopted a pro-active approach and has initiated several positive activities to further the process of development. Source: Times Property, The Times of India, Mumbai
Posted on: Tue, 30 Jul 2013 20:41:27 +0000