Luxury housing spreads its wings in Gujarat
Apr 01, 2014
Source : The Times of India


AHMEDABAD: Luxury housing is spreading its wings across the cities of Gujarat and the state that was earlier recognised as a cost-conscious market, has suddenly started to show changes. The high-end luxury projects seem to be the in-thing across the state in general and Ahmedabad and Vadodara in particular.

So, are Ahmedabad and Vadodara shaping up as India’s next luxury destinations? It may be very early to say so, but what cannot be denied is the fact that while it took years for luxury projects to make inroads in to some other locations, in Gujarat the luxury landscape has emerged in a very short span of time. What makes the story of Gujarat even more interesting is the fact that the luxury projects have strengthened their positioning in the state amidst overall economic slowdown. It would be better to say that luxury residential projects have stormed into this part of the world despite the slowdown.

Till 2005, the housing market of Gujarat was by-and-large mid-segment driven with most of the demand coming from the local buyers. After that, multiple demand drivers of property markets emerged in the state and this heterogeneous demand increasingly changed the lifestyle, taste and the aspirational levels of the buyers in Gujarat’s property market.

The developers who were earlier playing it safe with affordable and mid-segment housing, suddenly woke up to the reality that luxury projects not only give better profit margins but are also slow down proof as this segment of buyers were not affected by the recession.

Many feel it is not just the luxury housing that shows the way forward; rather the upcoming projects, across the verticals of asset classes that reflects that the lifestyle driven property has now spread its wings. Apart from the supreme luxurious projects coming up in the prime locations of the state, even the peripheral locations, with future potential are attracting the developers. As a result, the trends of second home is also gaining a lot of prominence in the city which has been the reason for the luxurious second home projects to emerge in the distant location of Ahmedabad like Vastrapur.

Dhaval Ajmera, director, Ajmera Realty & Infra, says, “The infrastructural growth in Ahmedabad and other cities of Gujarat, is absolutely encouraging. If compared to other cities like Pune or Mumbai, the property prices are still truncated. With all the preliminary amenities and facilities provided by the state government, there is an enormous scope of real estate growth in Ahmedabad and Vadodara. Further, the state is showing substantial inclination towards luxury projects.”

This also raises a fundamental question as to whether the luxury market in Gujarat has any unique trend or is it spreading like other luxury markets like Mumbai and Gurgaon. Analysts believe that these are early days for the luxury housing market in the state and most of the developers are going through the learning curve. In order to understand the shape of the luxury housing market in Gujarat, one will have to wait for another few years. However, what can be vouchsafed as of now is the fact that luxury housing market is definitely spreading its wings across the state.

Manan Choksi, regional owner, RE/MAX India, Gujarat, avers, “Ahmedabad’s luxury market is very different th



Latest Realty News

SMC crosses Rs 500 crore mark in property tax collection
Mar 29, 2014
SURAT: For the first time in its history Surat Municipal Corporation (SMC) will collect Rs 500 crore and more from property tax this year ending 2013-14. Against the demand of 607.54 crore, it has already recovered Rs 504.68 crore as property tax till date and is likely to touch the figure of Rs 525 crore by 31 March, 2014.
Builder's office burgled in Chandlodia
Mar 29, 2014
AHMEDABAD: A real estate developer's office in Chandlodia was burgled on Thursday. Police have started questioning the office staff to get clues.
Rajkot Municipal Corporation seals two bank ATMs
Mar 26, 2014
RAJKOT: Rajkot Municipal Corporation (RMC) has intensified its tax recovery drives across the city to meet its financial year target of Rs 170 crore before the March 31.
Rajkot Municipal Corporation seals 318 properties of tax defaulters in city
Mar 24, 2014
RAJKOT: Rajkot Municipal Corporation (RMC) has intensified its tax recovery drive across the city to meet the financial year target of Rs 170 crore before the March 31.
Global efforts to standardize local realty business
Mar 14, 2014
AHMEDABAD: A section of analysts believe that micro-market businesses must adopt global best practices uniformly, to give a facelift to the sector and make the business more transparent. One such recent attempt has been made to standardise property measurement globally and the premise has been that the major demand drivers, like international investors and global occupiers, make it necessary to adopt uniform global norms. How far is this feasible?
RMC intensifies tax recovery drive
Mar 13, 2014
RAJKOT: Intensifying its tax recovery drive across the city to meet its financial year target of Rs 170 crore, Rajkot Municipal Corporation (RMC) is using various means from beating of drums to warn defaulters to disconnecting water supply. The local civic body disconnected water supply of five defaulters on Tuesday.
Surat Municipal Corporation recovers Rs 480 crore property tax
Mar 13, 2014
SURAT: Against the current demand of Rs 607 crore for year 2013-14, recovery department of Surat Municipal Corporation (SMC) has recovered property tax of Rs 480 crore by the end of February, 2014.
Buying house? Pay upfront and get up to 25% discount
Mar 13, 2014
AHMEDABAD: An HR executive working with a multinational struck gold in Prahaladnagar — a three BHK flat in a premium housing colony for Rs 50 lakh. “The developer had quoted the same amount for a 2 BHK unit two-three years ago in the same scheme. It seems this is a good time to buy,” says the 40-year-old professional who returned to her native after three years.
Hospitality: A lucrative zone for realty growth in Gujarat
Mar 12, 2014
AHMEDABAD: Statistics show that Gujarat witnessed 6 per cent growth in property prices in last one year and the property price index in the state remained volatile. However, what the statistics does not reveal is the fact that during the same period, many of the cities that National Housing Bank’s Residex tracked down, did witness either no change or downward change.
Low demand pushes down cement prices in Gujarat
Mar 08, 2014
AHMEDABAD: Despite the ‘development’ plank in BJP’s Prime Minister candiate and Gujarat chief minister Narendra Modi’s electoral campaign, cement prices, a major commodity that gets used in the infrastructure sector, have not seen much upturn in Gujarat this year. For that matter, last quarter, prices in the Ahmedabad market were rather down by 10-13 per cent owing to slowdown in demand from end user industries like real estate and infrastructure.

Latest Realty News Of State

Realty Talk's