Indian Trends
The
second half of 2014 was full of positive surprises for India’s real estate
sector.
Important
events like banks lowering interest rates, RBI offering incentives for
infrastructure financing and creation of real estate investment trusts (Reits)
were one-of-its-kind initiatives that real estate developers cheered during
last year.
And,
the two most remarkable events was unveiling of ‘Make-in-India’ campaign and
relaxation of FDI norms in construction sector has also brought in a lot of
optimism into the sector, which is most of the times riddled with
controversies.
Now,
when we have ushered into 2015, real estate developers and experts believe
there could be even more interesting trends that would rule the real estate
sector.
Lets
scroll down to know what’s in store for the real estate sector in
2015.
Residential plots to rule the roost
South India will gain a lot of traction and here’s why
Heritage cities are a next big thing
Industrial corridors to boost infra growth in hinterland
Affordable Housing wil be the buzzword
Faridabad, an emerging hotspot in NCR
Regular versus luxurious amenities
Small is beautiful
‘Smart City’ tag to boost realty prospects
REITs: Game Changer for Commercial Realty
Investors back on realty Map
Bangalore & NCR: High Demand for Ready-to-Move-in properties
Resale Properties in abundance
Pune: Investors eyeing peripheral areas
MMR: Eastern Suburbs Gaining Prominence
Ahmedabad’s
real estate market is on an upswing because of to the huge growth of its
industrial sector and the overall high rate of development, both in commercial
and residential terms. It is the largest city of Gujarat, and also its
commercial capital. It is the hub of the textile, pharmaceutical and chemical
industries. Apart from being a well-established education centre (with national
institutes like IIM, NID and CEPT) Ahmedabad has also established itself as a
major IT/ITeS and retail destination. The combination of the favourable factors
naturally makes it a highly desirable residential destination. Ahmedabad’s real
estate market has grown tremendously over the past decade thanks to
ultra-progressive policies and intelligent development governance. The city is
providing extraordinary and unprecedented returns on the real estate front, and
is one of the most exciting investment destinations in India today. Developers
and investors from all over the country are beating a straight path to
Ahmedabad. Office space investments have shown amazing growth, with capital
values for commercial properties rising by as much as 20-30 per cent in areas
such as Prahladnagar, Sarkhej-Gandhinagar. Highway, Ashram Road and some parts
of East Ahmedabad. Residential property appreciation in the city has been to
the tune of 50 per cent over the last three years. The areas currently
commanding the highest demand for residential space are South Bopal, Bodakdev,
Vastrapur, Nicol, Nava Naroda and New Ranip. Flats, apartments, serviced apartments,
bungalows, penthouses and township properties are cropping up all over to meet
the demand. In the past, residential development in was predominantly in the
individual bungalow segment, and even today new bungalow schemes can be found
on the outskirts of Ahmedabad city, especially along the Sardar Patel Ring
Road. However, the scarcity of land and expensive real estate prices in the
city have brought in the trend of apartment houses in form of high-rise towers
in the city. The prime residential areas in the city are Shahibaug (in the
northern part of the city), Satellite, Bodakdev, Vastrapur, Prahladnagar,
Thaltej (in the western parts of the city), Maninagar and areas around Kankaria
and Chandola Lake in the southern eastern parts of the city. The growth
corridors for real estate development are the Sarkhej-Gandhinagar Road, Sardar
Patel Ring Road, Maninagar and on the north side of the Inner 132 ft Ring Road
in areas like Nirnaynagar and Ranip. S-G Road and Sardar Patel Ring Road in
particular have witnessed a lot of residential bungalow and farm house
developments in the recent years. There will be a consistent 10-15 per cent
growth in property rates across all sectors in Ahmedabad. The exact rate in
certain locations will depend on the incidence of market drivers there. Apart
from Ahmedabad, Surat and Vadodara also rank high in the state’s real estate
sweepstakes. As Gujarat’s second largest city, Surat is all set to become an
international diamond trading hub. It is located on the Golden Quadrilateral
highway and is well connected to Mumbai and Delhi. These are major market
drivers. Vesu, Piplod, Pal, Adajan and Varachha Road are the traditional
residential destinations, and suburban locations like Bamroli, Khajod, Palsana
and Puna Kumbharia Road are coming up. Vadodara is Gujarat’s third-largest city
and another preferred emerging investment destination. The prime residential
areas are Alkapuri, Race Course Road, Old Padra Road, Jetalpur, Akota and
Fatehganj.