Ahmedabad is moving at a rapid pace of development with the improved infrastructure of the city. Gujarat in general, and Ahmedabad in particular, is seen as a good investment destination, in terms of realty as the Return on Investment (ROI) is very good as compared to other markets like Delhi, Mumbai, Bangalore etc., where huge investments are involved but ROI may not be very good.
As a result, Ahmedabad real estate is currently seeing dramatic changes due to the development of residential townships, malls, office spaces, etc. All this is altering Ahmedabad’s cityscape. This is luring many Non Resident Gujaratis to the city. Among them is Anand Patel. After having spent eight years in a foreign land, Anand Patel wishes to settle in Ahmedabad and start his own business. He is advised by the property analysts to buy an apartment in Vastrapur, which is one of the very well-developed as well as posh localities of Ahmedabad.
Vastrapur is located beside the Sarkhej-Gandhinagar Highway, which is a rapidly developing area seeing an array of new commercial and residential projects. This location in Ahmedabad, is mainly known for the Indian Institute of Management, Ahmedabad from a professional standpoint. In addition, NIIT and Gujarat University close to the locality also provides good educational options. For nature lovers, this area is famous for the Vastrapur lake. Among other destinations, Sunrise Park, Prakash Higher Secondary School, LJ College, Himalaya Arcade and Swami Narayan Mandir are in the vicinity.
This area also houses various shopping malls, lakes, gardens, hospitals and bungalows. Many rich people including top government officers prefer to stay in this area. It is seen as one of the fastest growing areas in the city. The futuristic electric cremation house is also located in this area. Other landmarks of this area are the gurudwara and the Nehru Foundation Centre for environment education.
Neighborhood localities include Bodakdev, Sarkhej, Premchand Nagar and Mahavir Nagar, among others.Bodakdev, an area adjoining Vastrapur, is turning out to be a posh area with a high real estate market value. It also houses the elite High Court Judges Bungalow of Gujarat state. The best part about the area is that despite of being one of the most upscale locations of Ahmedabad, some reasonable properties within modest budgets are still available in this micro-market. It is seen as an upscale market which still has modest property options available for the buyers.
Sharif Menon, partner, Deep Group of Companies, avers, “In Western part of Ahmedabad, areas like Vastrapur and Bodakdev are mainly preferred by the mid-income group as well as upper middle-class. All the premium housing schemes in these areas come with all the modern amenities like fully equipped gym, swimming pool, security system, etc. Further, since some of the schemes in Vastrapur are very old, chances of redevelopment are also many in this area. Thus, the area will see good realty growth in the future as well.“
Analysts believe that in the last few years, this micromarket has seen the prices first softening up and then stabilising. Since most of the demand is coming from end users, chances of speculation are very less in the market.