Low prices pushing demand in new Ranip at Ahmedabad
Dec 04, 2013
Source : The Times of India

 

AHMEDABAD: Ahmedabad is the financial capital of Gujarat. It is developing fast and it has already proved its worth in fields of business and economic activities. The city houses a large number of small, medium and large scale industries. Many MNCs and major Indian companies have set up their manufacturing units as well as corporate offices in the city. In addition, the fast growing IT industry has also created good number of job opportunities and as a result, there is huge influx of people in the city. Hence, the real estate market is on a boom and there is a huge demand for all kind of residential property in Ahmedabad.

Several acknowledged builders have launched good number of housing projects in multiple locations so as to offer high quality residence. The builders and developers in the city are continuously exploring new areas and coming up with residential projects of plots, 1-BHK, 2-BHK, 3-BHK, 4-BHK, 5-BHK apartments / flats, duplex, penthouse and row house. Nearly all the upcoming real estate residential projects are equipped with several modern amenities to give the home seekers the taste of comfort at affordable prices

One such location which is developing fast is new Ranip. Due to new developments, this area has witnessed large demand in residential property. New Ranip is a township carved out of the region that starts after GST Crossing adjacent to old Ranip. While Ranip has only resale properties to offer, new Ranip is a new area with all new construction. This gives the property in new Ranip an edge over the older locality.

Sharif Menon, Partner, Deep Group of Companies, says, “Due to its proximity to Mehsana, Deesa, Palanpur, Kadi, Kalol and other adjoining areas, and to SG Highway and other parts of the city, the demand for residential property is increasing in new Ranip. Hence, many new projects are coming up in the area. The presence of basic amenities like good water supply, street lights, electricity also influence the growth of residential property in this area. Further transportation facilities are also good if not the best due to the presence of AMTS buses. Realising this potential of new Ranip real estate market, nearly 30 housing projects are running in the area. This area mainly offers budgeted flats. Hence, many people are considering new Ranip for buying residential property.”

Majority of the projects in the new Ranip area consist of 1- and 2-BHK apartments plus some 3-BHK units. Deep Patel, Director, Sun Builders Group, avers “The 1 BHK flats fall under the price range of 15-17 lakhs and 2-BHK cost around 25-30 lakhs. Hence, low prices is pushing demand in new Ranip. Further, there are few other things like good road network, drainage system etc which is attracting house hunters to this region. Also in next 6-8 months, AUDA will initiate more developments in the region. Further, due to its proximity to developed areas like old Ranip, other infrastructures like schools, hospitals etc is not far.”

He adds further, “Since, last two years, new Ranip has seen a lot many projects coming up. Before two years, when we started our project in the area, there was absolutely nothing but now, the infrastructure is fast developing and within next 6-8 months, the area will have everything to make it a major hot spot for residential realty market.”

Not only the house hunters are attracted towards new Ranip but investors are also considering it as a good option. Shayon Chakraborty, a localite who has just bought a 2 BHK apartment of 110 sq yards for nearly 22 lakhs in new Ranip area says, “I have bought the house mainly for an investment purpose. Keeping in mind, the fact that RTO circle, SGVP school, AUDA garden, Vaishno devi temple is near and metro rail project will be coming in future, new Ranip is slated to develop very fast. Hence, I found it best to buy an apartment in this area.”

Overall, residential real estate market in Ahmedabad is growing fast. There are areas offering property at reasonable prices. Especially, those looking for new modern houses at cheaper rates and backed by upgraded infrastructure, then new Ranip can serve as a good option for them.

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