AHMEDABAD: Ahmedabad’s Real Estate market is on an upswing because of the huge growth of its industrial sector and the overall high rate of development, both in commercial and residential terms. Particularly, due to the industrial growth in the city, many new residential areas are being developed near the industrial areas and new Maningar is one among them.
New Maninagar is located in the southern part of the city. The real estate scenario is very impressive in this area and is likely to grow even more in the near future. New Maninagar is spread over a large area and is expanding day by day. A few factors which have contributed to this growth include the expansion of the Ahmedabad Municipal Corporation limits, nearness to the industrial area, increasing connectivity, robust development of other basic infrastructural amenities and the overall rise of Ahmedabad as a notable commercial and industrial hub.
The real estate sector in new Maninagar, which was far less developed before, has now turned tables. The construction activities and new real estate projects in this area have pushed property rates to new highs, but it is still very reasonable as compared to other areas of the city. As a location of property investment, it certainly has good prospects in store for prospective investors. Further, the area is showing rapid advancements in all sectors, right from education, housing and commercial spaces to entertainment and recreational facilities. There are a number of educational institutes in this area. A number of Gujarati and English medium schools are located here, which is also one of the reasons for the growth of residential realty market in new Maninagar. Besides this, the basic amenities like electricity, and water supply as well as efficient transportation system have provided a suitable background for the residential realty sector growth in this area.
Dr Jitendra Joshi, a prominent builder in the new Maninagar area, says, “New Maninagar has seen good realty development in last few years. Here, all kinds of projects are being developed but this area is mainly know for affordable housing projects. Due its proximity with the industrial area and development of many Small and Medium Scale industries (SMEs) nearby, the demand for residential reality is very high. Mainly the migrant population who wish to stay near their work areas and not travel much prefer to buy property here. Further, good transportation facility from this part of the city to other regions has also helped in the growth of the region.” Thus, overall, new Maninagar is an area which has bright prospects for commercial as well as residential realty market.