With the state government taking initiatives, the real estate market of Gujarart has been riding on a high in the recent past with cities like Rjakot and Surat gaining prominence. The following post explores the real property market of Gujarat.
Realty Market of Gujarat—an Overview
Gujarat, the Dry State of India seems to be defying all its norms when it comes to infrastructural developments and of course presence of industries. Today, Gujarat is one of the most flourishing states within the Indian subcontinent. With cities like Ahmedabad, Gandhinagar and Surat gaining prominence within the Indian subcontinent, the state’s property market has scaled great heights in the last ten years. This is not all, even much smaller cities of Rajkot and Anand have started attracting investments in the real estate front. Interestingly, property market in Rajkot and Anand has recorded a boom especially in the residential real estate segment. Real estate developers like Adani Group and Tata Housing have invested large fortunes in these cities.
According to the apex body of industries, the Associated Chambers of Commerce and Industry of India (ASSOCHAM), at present the property market of Gujarat has the maximum share in terms of investments, amounting to nearly 40%. Experts from the real estate sector are of the opinion that, the state’s investments in the real estate segment has already increased to a lump sum of 40000 crores in the last five years. Such a figure is quite impressive if we intend to analyze the future of the real property market of Gujarat.
What is noteworthy in the real estate market of Gujarat is that, it continued to retain its position and not only so, but also attract more investors. While a majority of Indian states have recorded a dip in the recent past, Gujarat has grown considerably in terms of the property market and especially in terms of returns. According to March 2012 reports, investments had reached at a peak of INR 20000 that has now doubled. Something definitely noteworthy as amidst the real property market.
However, Gujarat is not the only state that has been experiencing this boom. The states of Kerala, Rajasthan and also several Tier II cities in Tamil Nadu has also been following suit. Property boom in the states of Uttarakhand and the above-mentioned states are definitely worth mentioning as they have started unfolding a new face of the real property market of India at large.
After the cities of Ahmedabad and Surat, now it is the turn for Rajkot that has been performing reasonably well in the residential real estate segment. In the last five years, the residential market has recorded at least 8-10 percent growth. Currently the city is also opening up to industries, especially the software industry. Emergence of the IT/ITeS companies in the city is expected to increase job opportunities, which in turn will have a positive impact in the residential real estate segment within the city. Rajkot has already started witnessing the construction of Business Parks and grand office complexes. Thus it implies that the residential realty market will also experience a high. The investments in affordable housing in major Gujarat cities are an example of the same.
The state government is not far behind when it comes to promoting the real property segment in the state. Four low-budget housing schemes have already been approved by the cabinet minister under the Mukhyamantri Aavas Samruddhi Yojana.
In a current market survey that was conducted, it was revealed that there is a huge demand for Middle-Income-Housings in Gujarat. This aspect has been capitalized by several builders and investors who are coming up with grand projects all across the state. So, if you are planning to invest in a property in Gujarat, this is the best time. Not only will you be able to buy an affordable property but also be sure about its returns.