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Factors That Have Helped In Furtherance Of Property In Ahmedabad
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After witnessing a period of spurt in real estate development and investment opportunities, tier-1 cities of India are on the brink of saturation. This has led investors to look for alternative markets where realty sector stands a chance and low investment options are available. In that case, Ahmedabad, a tier-2 city, comes as a good pick for developers, investors,and buyers of real estate. The revitalization projects like Bhadra Fort and Sabarmati riverfront have enthused a fresh air into Ahmedabad property market. Such innovative projects are expected to have miraculous effects on realty sector and in the years to come, the residential market shall be able to scale new heights.
The factors that render Ahmedabad properties a competitive edge are many. The rapid pace of urban development that the city is undergoing is at par with tier-1 metros in India. With new constructions getting laid down with meticulous planning, the buyers' proclivity has got a big boost. The planned real estate developments have been the biggest draw for foreign investors to roll out big bucks on the projects. According to 2011 census data, Gujarat city ranked first in rate of urbanization. With such a distinction, the number of migrants to the city has increased manifold.
Good physical and social infrastructure, up-to-the-mark connectivity to other cities, and the rising IT sector are the prime factors that have played an important role in furtherance of residential property in Ahmedabad. These determinants have also flared-up the retail investments in the city. According to the reports of Jones Lang LaSalle, city carries a significant potential for blossoming of retail market. The key derivatives like proclivity of buyers and synchronized demand-supply ratio have brought the city at par with tier-1 cities, in terms of realty development.
The spurt in commercial spaces, driven by high demand, is one of the other factors that has aggravated Ahmedabad property sector. With best performing cities facing a crunch of space, Ahmedabad has become one of the most preferable locations for setting up offices. With new office setups, a significant number of job opportunities have clocked in. Affordibility factor has also been the key for the predilection of end-users to opt the city for meeting their dwelling needs.
According to the statistics of National Housing Board(NHB), the Residex index in Ahmedabad underwent an increase of 3.2% in the third quarter of 2013. The growth is an indication that the city's performance in real estate has been commendable. Low operability cost is yet another determinant that has gone well with city's reality market.
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