Demand for mid-income housing stock remained buoyant in Ahmedabad during Jan-Mar 2017, with maximum enquiries and site visits, reveals 99acres Insite report.
Worst hit at the hands of Note Bandi* in Oct-Dec 2016, Ahmedabad’s realty market succeeded to combat the slowdown and reported a revival in Jan-Mar 2017. As the mid-income housing segment ruled the roost in the city, the Central government’s announcement to drop lending rates on home loans up to nine lakh and 12 lakh kept the market upbeat.
While the housing demand across all segments witnessed an upswing, the mid-income segment remained the most popular category in the aforementioned time period. As per 99acres Insite report, housing stock in the budget range of Rs 30-60 lakh witnessed maximum enquiries and site visits with majority of the developments recorded towards the city outskirts, primarily along the SG Highway.99acres.com takes a look at the top-pocket-friendly markets in Ahmedabad:
Chandlodiya registered a five percent capital growth in the first quarter of 2017. Situated towards the north, the area has emerged as one of the popular residential pockets on account of its affordability and strategic location. One of the developing nodes of the city, it encapsulates several malls, super markets, shopping centers, educational hubs, banks and health care centers. The area also enjoys strong connectivity to railway station and offers multiple housing opportunities to investors and end-users, varying from under-construction ventures to ready-to-move stock.
The locality holds immense growth potential as North-South metro line planned across the city will pass through Sabarmati Ashram at 6 km. Presently, capital values range between Rs 2800 and Rs 3200 per sq ft, however, with proposed infrastructure on the cards, property rates are likely to witness an upswing.
For those scouting for low-budget residential opportunities in the west along SG Highway and surroundings, Ghuma is one market worth considering. Despite a five percent hike in the average capital values QoQ, ticket sizes here vary from Rs 2500 to Rs 3800 per sq ft. Earlier touted as a city suburb, the area has become sustainable over the years and allows smooth connectivity to different areas of the city through Bus Rapid Transit System (BRTS) such as Prahalad Nagar, Vastrapur, Satellite and Thaletj.
According to P. Suryakant, broker, Ahmedabad, “On investment front, Ghuma offers a plethora of residential options to mid-income homebuyers, varying between Rs 30 and Rs 50 lakh. While the present infrastructure mechanism attracted several investors, several other developments in anticipation, such as malls (Grand Monarch Mall and Ahmedabad Central) educational set-ups (St Ann’s School and Public School) and health care centers (Mamta Hospital and Adarsh Hospital), are further expected to trigger investment potential and capital values by 10-15 percent in next five years.”
Another popular locality along the SG Highway that has garnered traction is Jagatpura. Registering three percent growth in the average capital values in the aforementioned period, the area is likely to witness all-round development in forthcoming years on account of its strategic location. Juxtaposed at a distance of 30 minutes from airport and 15 minutes from railway station, the area offers best transportation options to rovers.
Presently, the area is an investor-driven market owing to increased demand from tenant community, majorly the working professionals employed in the micro-markets of Thaltej and Satellite. Most of the investors are based out of the city, principally Rajkot and Surat. End-users also prefer this residential pocket, however, the traction is relatively lower. Average property rates in the city differ from Rs 3200 to Rs 3700 per sq ft.