Ahmedabad’s real estate sector, over the years, has become the centre of attraction for investors and homebuyers alike. While the city is yet to tap its full potential as far as real estate is concerned, some important upcoming and under-construction infrastructure projects are likely to boost the growth prospects of the city in the times to come.
The commercial capital of Gujarat, Ahmedabad enjoys seamless connectivity to the rest of the State via a strong network of roadways, railways, and airways. While the city has already been earmarked for development under the Government’s Smart Cities Mission, it is further set to witness a massive boost in infrastructure and amenities in the next couple of years. As a matter of fact, the city is on the cusp of robust growth, led by a consistent push in the realm of infrastructure. Some important underlying projects that are expected to revolutionise Ahmedabad’s real estate are:
Mumbai-Ahmedabad High-Speed Rail Corridor
Mumbai-Ahmedabad High-Speed Rail Corridor is an under-construction railway project that aims to connect Ahmedabad in Gujarat with Mumbai in Maharashtra. Touted to be the first high-speed rail line of India, the Bullet train would have 12 stoppages, namely Mumbai, Thane, Virar, Boisar, Vapi, Bilimora, Surat, Bharuch, Vadodara, Anand, Ahmedabad, and Sabarmati. The entire project is scheduled for completion by August 15, 2022, which is the 75th Independence Day of the Nation. Post the inauguration of the project, the regions across the proposed corridor are likely to emerge as the new hotspots for real estate investment and garner the attention of developers and financers for expansion along the stretch. Subsequently, the cities will witness an increase in the demand for housing, along with a surge in the property prices.
Six-laning of Sarkhej-Gandhinagar (SG) Highway
With the intent to provide a seamless travelling experience to commuters going in and out of the city, also towards North of Gujarat and Saurashtra, the State has provided its consent for six-laning of the Sarkhej-Gandhinagar (SG) Highway between Sanand Circle and Chiloda. The project, which is already underway, involves the construction of seven flyovers and railway overbridges, including a 4.5 km elevated corridor. Junctions such as Ujala Circle, Sanand Chokdi, Pakvan Crossroads, Vaishno Devi Circle, Unvarsad-Adalaj junction, Sargasan Crossroad, and Infocity Circle will have six-lane flyovers soon. Moreover, an elevated flyover has been planned from Sola Bhagvat junction to Zydus Cross Roads. Additionally, the existing four-lane bridge at Sola-Science city will be widened. The entire work along the 45 km-long section of NH-147 is expected to cost around Rs 846 crore.
Ahmedabad Metro Rail
Ahmedabad metro is currently operational only on the stretch between Vastral and Apparel Park. However, the foundation stone for the second phase, connecting Motera in Ahmedabad to Mahatma Mandir in Gandhinagar, has already been laid. The construction work on the said corridor is likely to begin from June 2020, onwards and the stretch is likely to be completed by March 2024. The projected cost of this Phase is Rs 5,523 crore. The 28.5 km stretch having 20 stations in total, will connect important educational institutes and prominent areas such as Gujarat National Law University, Pandit Deendayal Petroleum University, Infocity, and Akshardham. Once the entire network is operational, the impact would not only be seen in these areas, but also in the real estate markets of Ranip, Sabarmati, Rajiv Nagar, Thaltej, Shahpur, Amrawadi, and Vastral.
As opined by Jinesh Shah, Owner, Swastik Property Solutions, Ahmedabad, “The upcoming metro route will majorly impact the housing demand within 200 m radius of the Thaltej-University and Jivraj Park-Ashram Road corridors in Western Ahmedabad. These areas are currently allowed an FSI of four, and the construction is already going on in full swing. Once the metro becomes operational, the demand in these areas is further expected to escalate by 20-25 percent.”
Sports Complex at NID
With the intent to transform Ahmedabad into a sports hub, the Ahmedabad Municipal Corporation (AMC) is planning to develop several sports complexes across the city. The largest of all these is expected to come up on the Western side of the Sabarmati Riverfront, i.e. behind NID. Sprawled across 45,000 sq m, the upcoming sports complex will have a dedicated open area for various sports, including four cricket pitches, five tennis courts, and skating rings. The Corporation has already released a work order for the said project, which is likely to be inaugurated in 2020 and is projected to cost about Rs 15 crore. A similar but slightly smaller facility is being planned for the Eastern side of the Riverfront as well.
In a scenario where the residential demand across the city has been witnessing noteworthy improvement every quarter, the above-mentioned infrastructure projects are expected to further benefit the industry at large.