#99acresInsite: Popular affordable localities in Ahmedabad

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Ahmedabad

Backed by affordability and connectivity, Chandkheda, South Bopal and Naroda emerged as popular micro-markets in Ahmedabad, observing maximum homebuyer traction: 99acres Insite report for Jan-Mar 2019.

Once an industrial hub, India’s ‘Manchester of the East’ is now attracting huge investments in the real estate sector. Primarily known for its affordability, the city is witnessing rapid development in both residential and commercial segments. Of late, the construction of the eight-lane highway, metro railway, development of new Special Economic Zone (SEZ) and other important projects have led to an improvement in the real estate prospects of the region. According to 99acres.com Insite report for Jan-Mar 2019, localities such as Jodhpur, Chandkheda and South Bopal have been high on the popularity charts of homebuyers. Here are the key factors that have led to traction in these micro-markets:

Jodhpur

Situated in the Western part of Ahmedabad, Jodhpur clocked a three percent growth in average capital values in Jan-March 2019 vis-à-vis Oct-Dec 2018. Strategically placed along the ring road, the locality offers its residents a range of amenities including schools, hospitals, banks and leisure zones. According to Mahendra Akhani, Founder, Akhani Real Estate, “Despite majority of constructions being old in this part of Ahmedabad, demand for resale property is high. In addition, a few new projects are also coming up in this region.” As of date, average capital values in the locality are faring around Rs 5,900 per sq ft.

According to the data available with 99acres.com, over 60 percent of the total residential supply in Jodhpur is configured as 3 BHK units, followed by 2 BHK (35 percent) units, which also makes them the two most popular unit configurations in the region. A 2 BHK apartment measuring around 770 sq ft in the locality costs approximately Rs 40-50 lakh, while a 3 BHK unit measuring up to 1300 sq ft comes at a price of about Rs 60-70 lakh.

Satellite

One of the most prominent areas in Ahmedabad, Satellite is an upmarket residential township known for offering a good mix of residential and commercial properties. The locality is surrounded by several developed localities such as Vejalpur, Vastrapur, Jodhpur, Bodakdev and Prahlad Nagar and has a flourishing real estate market on the back of established civic infrastructure and well-connected network of railways and roadways via Sarkhej-Gandhinagar (SG) Highway. Despite the share of new launches being a measly 10 percent of the total supply, the locality continues to gain traction predominantly due to the presence of mid-priced inventory.

A ready to move-in 2 BHK unit in this micro-market is priced around Rs 40-45 lakh, while a 3 BHK measuring up to 1500 sq ft is priced at Rs 80 lakh.

 

Locality

Average property price

(per sq ft)

Major real estate developers in the market

Jodhpur

Rs 5,900

Nishant Construction Pvt Ltd.

Satellite

Rs 5,900

Sambhav Infrastructure Private Limited

Chandkheda

Rs 3,500

Sreenath Developers, Lotus Developers and Mahavir Group

South Bopal

Rs 3,550

Siddhi Developers

Naroda

Rs 2,350

Parshwanath Group


Chandkheda

Located in Northwestern part of Ahmedabad, Chandkheda recorded one percent growth in average capital values in Jan-Mar 2019, QoQ. Backed by well-established civic infrastructure and robust connectivity, the locality is home to renowned PSU’s including Oil and Natural Gas Corporation Limited, Indian Oil Corporation and Gujarat Housing Board. Besides, proximity to an IT hub and several flourishing industries magnetises low to middle-income segment buyers to this region. From affordable homes in gated communities to high-end villas, the locality has something to offer under every price bucket. Currently, the capital values in Chandkheda hover around Rs 3,500 per sq ft.

Ready-to-move-in inventory accounts for nearly 80 percent of the total supply while the remaining constitutes under-construction and new launch projects with a majority of them slated for possession in 2019 and 2020.

South Bopal

With average property prices faring around Rs 3,550 per sq ft, South Bopal offers its residents a range of residential options including villas and penthouses to choose from. The locality has undergone a massive transformation in terms of civic infrastructure ever since it was declared a municipality. The suburb benefits from its affordability and strategic location in West Ahmedabad which houses several commercial establishments and multinational companies (MNCs). Besides, the locality is well-connected to other parts of the city through Sardar Patel Ring Road and SG Highway.

According to the data available with 99acres.com, close to 70 percent of the total residential supply in South Bopal is configured as 3 BHK units, followed by almost 25 percent as 2 BHK units and 10 percent as 4 BHK units. Moreover, in line with the trend, close to 75 percent of the new supply in South Bopal is of 3 BHK units.

South Bopal

Naroda

Situated along Naroda-Dehgam Road, Naroda is one of the fastest growing areas in Ahmedabad. Real estate activities in the region witnessed an uptick ever since the setting up of the Naroda Industrial Area in the 1980s. Affordability is one of the key growth stimulators for this locality as potential homebuyers can opt for a wide range of properties including apartments and independent builder floors at an average capital value of Rs 2,350 per sq ft. Besides, proximity to Vadodara-Ahmedabad-Gandhi Nagar Highway and SP Ring Road acts as a catalyst for the region.

Majority of projects in the locality are ready-to-move-in with new supply in the pipeline. Ready inventory accounts for almost 70 percent of the total inventory, whereas the remaining 30 percent constitutes new launches and under construction projects (Source: 99acres.com). A 750 sq ft 2 BHK apartment is available at a cost of nearly Rs 20-25 lakh, while a 3 BHK apartment measuring up to 1400 sq ft is available at a price tag of around Rs 30-35 lakh.

At a time when property prices are sky-rocketing in India’s top metro cities, these micro-markets in Ahmedabad offers its residents a range of property options within their budget. Interestingly, most of these micro-markets are already established, despite which they continue garner traction from end-users. 


Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. 99acres does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.


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