I have given an ambiguous title to this article as the city of Ahmedabad is so vast with so much buying and selling in the city’s real estate sector that to give a precise overview of what’s happening in real estate in Ahmedabad. I had to be as open-ended as possible.
Let’s take a closer look at Nikol, a locality about 15 kilometers from Ahmedabad. If you are looking for property in Ahmedabad, you simply must consider Nikol as the location of your new home. The prices of less than 2000 rupees per square foot for an apartment here might entice you.
Developments in Nikol which are among the new projects in Ahmedabad, offer the chance to own real estate in Ahmedabad for slightly more than 30 lakhs. The projects have 3 BHK flats with close to 1400 square feet of carpet area priced at 32 lakhs. What really makes these projects stand out is that they have appreciated by over 20% in the past 3 years.
If you have a budged of less than 20 lakhs and want to invest it in property in Ahmedabad; a development at Nikol offers the buyer a neat 2 BHK home for approximately 18 lakhs. The size of the unit in question is 900 square feet and the development is less than 5 years old.
Just a few kilometers from Nikol, is the neighborhood of Nava Naroda. Like Nikol, Nava Naroda offers apartments in Ahmedabad at very affordable prices. Buying a home in these localities may not just make a good investment as a second home but also perhaps even a third home.
A recently completed development at Nara Naroda has appreciated by nearly 24% over the past 3 years; which makes both these regions of the city great places to invest as prices here are still quite low, and will the recent home owner friendly measures by the RBI, are likely to rise further as demand for housing booms across the nation.
Despite my enthusiasm for these promising regions of Ahmedabad and the large number of new developments at Nikol, Nara Naroda; these locations are still not prime real estate destinations per say i.e. there are hardly any developments here by any of the top builders in Ahmedabad. There are however many good developments here which still warrant our attention as home buyers and overlooking these upcoming parts of Ahmedabad would be unjustified.
Most of the properties in these localities are less than 10 years old and the overwhelming majority may be less than 6 years old. Real estate developers in Ahmedabad who build here are competent and some such developers may one day launch projects as large as any in the country, few however are currently as well-known as Lodha, DLF or Godrej.
Property in Ahmedabad may still be in an incipient state when compared to larger cities like Mumbai, however this makes the localities mentioned above even more attractive to buyers as once the real estate market in Ahmedabad matures further bringing with it greater inflows of capital, prices are bound to rise all across the board.