28.6.08

Ahmedabad Shining: HDFC Report

An internal report recently circulated by HDFC has profiled Ahmedabad as one of the fastest emerging and most costeffective megacities in India offering realty that is economical by 20-30% as compared to other tier-II cities.
“The city has witnessed impressive growth in real estate over the last 2-3 years with high quality infrastructure, pro-active government measures and business-friendly policies — all contributing to Ahmedabad emerging very fast with the highest rate of intra-state urbanisation. Despite the average price appreciation for new properties being in the range of 35-40% over the last year, real estate prices are economical.”
The report adds: “Ahmedabad today is a hot destination attracting a large number of pan-India developers who have either firmed up plans or are scouting for land to participate in the comparatively affordable real estate market by capitalising on its future metamorphosis.”
Thanks to lower cost of operations, the report also proj
ects Ahmedabad as a future IT/ITeS hub. Citing a recent survey conducted by retail consultant Technopak that ranked Ahmedabad as among top eight Indian cities that are slated to attract investments worth $15 billion in the next five years, the HDFC report states: “As the cost of IT/ITeS operations in Ahmedabad is lower by 40-50% as compared to tier-I cities in the country, substantial potential is envisaged for future IT/ITeS investment. Though in a nascent stage, over the next 2-3 years significant IT/ITeS supply is expected to come in.” Terming proposed mega-projects like the metro rail, bus rapid transit system, Sabarmati riverfront development, international airport and the Gujarat International Finance Tec-City as major price propellers for Ahmedabad’s realty, the report says Ahmedabad has undergone a steady transformation that is evident in its modern cityscape.
According to the report, SEZs were set to serve as engines of Ahmedabad’s growth and creators of jobs with nearly 18 of the total 64 SEZs proposed in Gujarat located within a 25-km radius of Ahmedabad.

Reasons for Ahmedabad dazzling:
1 Residential real estate prices economical by 20-30% over other tier-II cities
2 Cost of IT/ITeS operations lower by 40-50% as compared to tier-I cities
3 Over the next two years, 10 more malls are proposed in Ahmedabad adding 25 lakh sq ft space with a total investment of Rs 3,000-4,000 crore
4 A whopping 2.5-4 million sq ft of premium office space is expected to be added by 2008-end, mainly on SG Highway,CG Road, Ashram Road and Satellite Road
5 23 hotels of various categories are slated to add 1,945 hotel rooms over the next 2-3 years

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