One often hears of ‘Vibrant Gujarat’ or Gujarat Shining’ and its real estate offering fantastic growth opportunities, but is the Gujarat growth story for real. Sapna Srivastava takes a closer look at the state’s real estate sector.
The state of Gujarat with an advantage of industrial legacy and people’s entrepreneurship spirit has got further growth impetus with the announcement of varied infrastructure initiatives, the prominent being Delhi-Mumbai Industrial Corridor (DMIC) and Gujarat International Finance Tec-City (GIFT). Moreover, setting up of SEZs, IT parks, specialized townships and retail & commercial hubs in major cities is driving the residential sector too. Earlier considered an affordable real estate market, the cities of Gujarat like Ahmedabad, Surat and Vadodra are seeing influx of luxury and ultra-luxury developments. Harith Parikh, Owner, RE/MAX Realty Solutions said, “The dynamics of the real estate have seen quite a change in the last decade or so in Gujarat owing to the economic growth, infrastructure development and technological advancements. The developers are changing their modus operandi and making their approach more customer-centric. Some of the reasons is the growing number of developers and the product options available to the customer today.”
Under the Smart Cities Mission, the cities of Ahmedabad, Surat, Vadodara, Rajkot, Bhavnagar, Junagadh and Dahod are getting retrofitted and undergoing urban renewal to make them sustainable and citizen friendly.
Infrastructure push& Realty sector
Ahmedabad, the commercial capital of Gujarat is witnessing significant infrastructure growth and transition in realty space. The main factors fuelling the growth of the city are its proximity to DMIC & GIFT City and coming up of Ahmedabad- Dholera Special Investment Region. In fact, the twin cities – Ahmedabad and Gandhinagar are set to form the largest urban agglomeration in Gujarat. Ahmedabad, the traditional manufacturing baseof textile, chemical, pharmaceutical and gems is also emerging as the automobile manufacturing hub. Gandhinagar on the other hand is attracting IT and ITeS companies.
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