Real estate market booms in Ahmedabad
Joydeep Ray
Sunday, February 17, 2008 (Ahmedabad)
Email |Print |Blog|Comments: Read (0) Post |Rate the story The real estate development in Ahmedabad has seen tremendous growth over the past two years. The property prices have shot up faster than even Delhi or Mumbai and investors are making beeline to buy them.
Arunesh Mukhopadhyay, an NRI is looking to buy a house in Ahmedabad. Mukhopadhyay has his roots in Kolkata but he is not interested on investing in property there.
According to him buying a property in Kolkata will not bring in a return like investing in a property in Ahmedabad.
This city is moving much faster and so the cash. The land prices have more than doubled in the last two years, which explains the rush at the first ever summit of housing and real estate developers.
In the last two years many companies have opened up in the city. Consequently, the demand for houses has gone up so has the price. A year ago, a two-bedroom flat at a prominent location used to cost Rs 12 lakh but today it is just under Rs 25 lakh.
"The way property prices got doubled in last one year in Ahmedabad, thanks the town planning, people are buying more and more properties as these houses are bringing in not only faster return on investment but steadily," said Rushabh Patel, Secretary, GIHED.
A city that was earlier considered suitable for industries is now seeing a real estate boom for residential purposes as well. Over the past year the property prices have shot up faster than even Delhi or Mumbai.
"We are looking for lands in far away places as customers are ready to buy there also, mostly NRIs and people coming from outside," said Haresh Patel, Director, Kunj Properties.
The people of Gujarat have always seen the stock market as an investment option, which definitely pays but has risks as well. So many are now investing money earned from stocks in property as it is relatively less risky and assures them better and faster returns.
