AHMEDABAD: The growth of Gujarat’s as well as Ahmedabad’s property market is very impressive and the segment is likely to prosper even in the near future. Many new areas are being developed in the city and the earlier ones are given new shape. Particularly, if you want to see how a neglected industrial area can be transformed into a property paradise, then visit Naroda, a suburban town in Bapunagar, north east of Ahmedabad. It initially flourished with the establishment of the Naroda Industrial area in the 1980s and then it was incorporated into Ahmedabad in 1996. Being few kilometres away from Ahmedabad International Airport and located on the SP Ring road, Naroda is situated on the emerging Gandhinagar-Ahmedabad-Vadodara (GAV) Corridor.
Naroda is three miles from Ahmedabad, near the intersection of National Highway (NH) 8 and NH 59. It is near Bapunagar, which has a diamond market and another strategic centre of Ahmedabad, Kalupur, is at a distance of 5 km.
Naroda has two parts: Juna Naroda (Old Naroda) and Nava Naroda (New Naroda). At the centre of Naroda (called Naroda Gam or Naroda Bazaar) are an old fountain and a newly developed park. Naroda features some beautiful temples and Swami Narayan temple is also a famous landmark over here.
Naroda is strategically located with close proximity to both the airport and the railway station, and hence, emerging as a property hotspot. As a matter of fact, Naroda is the starting border of Ahmedabad and is also famous for its fruit market called Memco Fruit Market and good clothes.
Over the last two years, Naroda has transformed from a neglected industrial area to a desirable location for homes. It has a cosmopolitan population with people coming from across India, but it is predominantly a Hindu population, with a minority of Sindhis who have been residing here for the last two decades.
The Naroda GIDC Industrial Park is home to many national and multinational corporations. The area is exporting productions of sheet metal components, chemicals and textiles, pharmacy products and snacks.
Revati Kasture, CGM and head-Research and Grading with CARE Ratings, says, “The major reason for growth in Naroda real estate market is that it is strategically located for both Ahmedabad and Gandhinagar. Naroda is still evolving as an ideal urban centre. NH 59 in Gujarat passes through Naroda GIDC which is an industrial park having national and multinational corporations in the field of petrochemicals, FMCG, textiles and engineering.”
She adds, “Due to the large industrial base in Naroda, New Naroda is being developed along the NH 59, where numerous residential real estate projects have already been announced by various real estate developers. Also, the Bus Rapid Transport System (BRTS) route stretching up to Naroda is expected to further improve the connectivity to this region and increase the demand. Several major township projects are being developed along the Ahmedabad-Vadodara Expressway with Naroda being at the center of the development. In the recent Vibrant Gujarat Summit, 24 projects worth more than Rs 1,000 crore were slated to be developed in this part of city and along the Ahmedabad-Vadodara Expressway. Projects include hospitals, clubs, educational institutions, NRI residential colonies, a business park and a 120-room hotel,” says Kasture.
Manan Choksi, regional director, RE/MAX MGM, avers, “Naroda links Expressway and Ring road of Ahmedabad, hence, it’s potential for growth is good. As far as Naroda being only an industrial town or having shaped up as an ideal urban centre is concerned, I feel it is a sub-urban centre. It is not treated any more as an industrial town only. A number of prominent developers have huge residential schemes there. Similarly, a large number of commercial centers are being planned here. So, a number of factors like connectivity, cheap land and government’s priority are the key factors behind Naroda’s growth.”
Though, Naroda has truly emerged from just being a neglected industrial zone to the sought-after residential location, the property rates have been relatively very modest with apartments still available in a price range of Rs 1200-2400 per sq ft. That kind of location within this price range is not available in other developed locations of the city. So, Naroda realty market definitely has bright prospects.