Future
Outlook - Ahmedabad
The economy of Ahmedabad is exhilarating due to the huge growth
in the industrial sector and of late the service sector. Real
estate demand of housing, commercial and retail space is on
the rise as builders in Ahmedabad work on major developments.
All categories of property needs are being catered to.
Both the industry 'entrepreneur fraternity' and the State
Government are joining forces to give Gujarat a stable economic
background and present it as a model state. A general 'feel-good'
mood can be felt in the market conditions in Ahmedabad too.
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The declaration of Ahmedabad as a mega
city in the last Union Budget has also provided a fillip
to the real estate activity, generating greater confidence
among the developers. The Central Government had announced
that it will invest Rs. 5,500 crores across seven mega
cities in the country and liberalization in tax policies.
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The Gujarat Institute of Housing and Estate Developers
has shown keen interest in promoting Ahmedabad as an investment
destination. |
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Among the nine special economic zones (SEZs) in the
proposal that has been cleared is a Bio-pharma park on
the outskirts of Ahmedabad. |
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The influx of companies, retail chains and IT parks
has necessitated construction of more buildings in the
coming years and more real estate is being acquired by
developers. |
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The existing BPO industry needs to get bigger, according
to some real estate analysts. Hence more initial capital
investments of around US $10-15 million should be made
and led well by strong management teams. |
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The malls under construction can easily boast of a budget
of approximately Rs 20-50 crores in investments. The total
investment in malls over the next couple of years will
be to the tune of Rs 700 crores. |
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The Sabarmati River Front Development (SRFD) project
will focus on improving environment, infrastructure development,
public amenities and land development. The revenues will
be used for paying debt through the sale of reclaimed
land and real estate developed on the Sabarmati riverfront.
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All of these developments augur well for real estate investing and selling, buying and leasing in Ahmedabad. Besides, a number
of projects in the hospitality industry, sewerage system,
educational institutes and others will give the city a facelift.
Ahmedabad real estate scene also lends itself to new models
including mixed use developments and service apartments. In
the years to come, there will be a profusion of choices in
real estate in the categories of residential, rental, office
space and retail.
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