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NRIs Fuelling Luxury Housing in Ahmedabad

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NRIs Fuelling Luxury Housing in Ahmedabad

Ahmedabad’s property market is gradually evolving, from one that primarily caters to the mid-segment of housing to luxury housing, all thanks to NRIs. We explain

Ahmedabad, which has traditionally been a cost-conscious property market, dominated by the mass and mid-segment housing, has suddenly witnessed a flurry of launches in the luxury segment. Moreover, this shift has happened at a time, when the overall market in the state is in the midst of a slowdown.

The reason for this, can be traced to the demand from a small but significant set of buyers – the non-resident Indians (NRIs). According to a recent report, more than half (52.7%) of NRIs are contemplating returning to India and settling here, with a significant amount of their investment likely to be in real estate. After being exposed to luxury living overseas, these NRIs would want the same kind of experience back home, thereby, fuelling the luxury housing market in Gujarat. With Ahmedabad, in particular, being tipped as an emerging global city, most of the Gujarati NRIs would want to settle here.

New launches

Neeraj Tomar, head – Ahmedabad, JLL India, points out that Ahmedabad will witness a number of new project launches, particularly along the BRTS corridor on Satellite Road extending up to SP Ring Road and the R2 Zone behind Rajpath Club. These projects, will offer genuine luxury specifications, as compared to earlier projects where luxury was merely defined by more space.

“Ahmedabad is one of the preferred cities for NRIs of the state, who are looking to buy residential properties. The city has 2-3 good golf township projects, which are truly classy and definitely meet the definition of luxury. However, they are still being considered as weekend or second homes. The NRIs put in a lot of money in all asset classes like residential, as well as plotted and commercial real estate, with the sole purpose of earning returns on investment,” says Tomar.

Future potential

Dhaval Ajmera, director of Ajmera Realty & Infra (a Mumbai-based developer who has ventured into Ahmedabad), insists that Ahmedabad has the potential to emerge as one of the best luxury destinations in India, owing to ongoing and planned infrastructure projects, real estate developments, connectivity to other cities and growing industrialisation.

“A number of prominent developers are coming up with luxurious projects in Ahmedabad. Consequently, buyers can choose from a variety of projects that offer new-age luxury and amenities that are a class apart. Various structures are being built, which combine self-sufficient housing, with facilities like an in-house multiplex, post office, petrol pump and shopping mall,” explains Ajmera.

There are also reports that several branded apartments are vying to enter the city. The entry of luxury brands in the city, clearly suggests that the interest level of NRI buyers in the city has been well spotted by market research.

This, of course, is the first wave of luxury housing in Ahmedabad, as most of the developers in this segment are still on a learning curve. Nevertheless, what goes in favour of the city, is the fact that Ahmedabad is still an under-supplied market, vis-à-vis luxury housing. Hence, there is more scope for growth than the saturated traditional luxury markets like Mumbai or Gurgaon.

 NRIs’ impact on the realty market

  • Ahmedabad is no longer just a cost-conscious affordable and mid-segment housing market.
  • NRIs from Gujarat are the major demand drivers for luxury property in Ahmedabad,
  • Global branded residential chains are trying to negotiate their entry into Ahmedabad’s property market.
  • While luxury brands are making inroads and fuelling home buyers’ aspirations, this segment of housing is still under-supplied.

Source: Housing.com

Also Read: NRIs have advantage in luxury property market in India

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Nagpur One Of The Big Potential Cities For Affordable Housing

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Nagpur One Of The Big Potential Cities For Affordable Housing

According to a report released by CREDAI Nagpur is among 45 potential cities that are projected to drive the demand for affordable housing. The ‘Dawn of India’s Future Cities’ report was released at the two-day New India Summit organized by CREDAI in the city.

As per the press release issued by CREDAI, Lucknow, Jaipur, Kochi, Bhopal, and Ahmedabad are some of the other main cities included in the list of 45 cities. The New India Summit will focus on the opportunities in Tier II and III cities of India.

As per the release, “Driven by investments in infrastructure, affordable housing, skilled workforces, these cities can potentially see accelerated growth in the manufacturing, tourism and warehousing sectors, and emerge as India’s new megacities”.

The release further added that the study based its findings on key parameters such as socio-economic momentum, enhanced connectivity infrastructure and high-value indicators. With a sharp-focus on real estate, it identified areas of opportunities for developers while reiterating the impact of regulatory changes on the sector.

The study suggested that the country needs new cities to augment its growth. Initiatives such as ‘100 Smart Cities’ and the Urban Rejuvenation Scheme — AMRUT— will provide emerging cities with a blueprint for becoming the next flagbearers of development in India.

“India’s demographic capabilities bring a huge opportunity to match the world’s economic superpowers. This opportunity also brings with it challenges such as developing new urban centres,” said Jaxay Shah, CREDAI’s national president.

Geetamber Anand, CREDAI’s chairman added, “The Nagpur summit will help builders gauge the opportunities in smaller centres. The Tier I cities are already overcrowded There is a clear need for new cities to be developed as the growth engines of the country”.

Union Surface Transport Minister Nitin Gadkari also addressed the meet through video conferencing.

Also Read: Pune Smart City Targets Rs 100 Crore Grant From World Bank

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Badlapur – The Right Investment Zone

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Badlapur – The Right Investment Zone

Part of the district of Thane, Badlapur is one of the fastest growing areas in the MMR. Mumbai is one of the costliest cities to invest in while neighbouring areas like Thane, Badlapur, Kalyan, Navi Mumbai and others have become attractive destinations to invest in.

Badlapur constitutes of 4 small villages, i.e. Katrap, Kulgaon, Badlapur and Manjarli. There are several reasons why Badlapur is becoming the preferred choice and the most recommended option when it comes to investments and properties.

Nature lovers prefer coming to Badlapur for its scenic beauty around itself with greenery, waterfalls, hilly regions, etc. Badlapur is also a popular weekend getaway and picnic spot for the people of Mumbai. With quiet and peaceful surroundings and comparatively cooler temperatures, there is no second guess as to why the people also love to settle here.

Its proximity to Mumbai gives the people another reason to settle within Badlapur permanently. With flawless connectivity in terms of both roadways and railways, the commute is quick and smooth. The Badlapur road is connected to Thane from one side along with the Mumbai Pune Expressway at another side. The Neral-Badlapur road will trigger an exclusive transit system between Kalyan and Karjat. Some of the roadways are under development, the gateway to Khopoli being an example.

The town is divided into the Eastern and Western region as the railway line runs in between it. The nearest railway station of Kalyan serves as a junction, connecting it to many major cities across India. Badlapur lies along the central line of Mumbai suburban railways. Stations like Thane and Dadar are located within a 40 kms radius from Badlapur station.  

Badlapur is about 50 kms away from the international airport and about 30 kms away from the Proposed Navi Mumbai airport. Badlapur East has excellent connectivity through NT buses as well. The smooth connectivity has played an important role in the elevating Badlapur’s real estate scenario. The Monorail has been proposed by the RDA authorities that will connect from Badlapur to Bhiwandi and Thane or Kalyan to Badlapur.

Badlapur has a well developed social infrastructure. Reputed schools and round the clock medical facilities make the town a preferred choice. It is one of the best locations that meets the criterions of a budget, proving the perfect locality, basic amenities and an evergreen environment. People are also moving to Badlapur for employment opportunities as it is home to all types of companies and banks.

Badlapur has huge land parcels and a steady pipeline of projects. Both East and West Badlapur offers affordable home options as well as properties that are well planned and well designed. With the transformation of the skyline of the town, it is sure to give opportunities for better returns in future.

One of the plush club residencies present within Badlapur is offered by Tulsi Estates. Tulsi Signature offers 2, 3, and 4BHK quality homes and has only 112 limited edition club residences. It offers a community and a lifestyle that is chic and sophisticated, yet ultimately secure and comfortable. You will find yourself part of a nurturing community; a private paradise that you will be happy to reside in. The architecture is grand and every minute detail has been taken care of. Tulsi Signature defines your taste and style in its finest masterpiece.

Also Read: Tata Value Homes Launches “Offer Of The Century” With 99 Hours Flash Sale on Affordable Homes

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NTR Housing Scheme In Full Swing: Chief Minister N. Chandrababu Naidu

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NTR Housing Scheme In Full Swing: Chief Minister N. Chandrababu Naidu

On Thursday, Andhra Pradesh Chief Minister N. Chandrababu Naidu said with the estimated expense of Rs. 5,556.74 crore, the construction of more than 2,44,164 houses, out of the proposed 3,03,044, has been commenced under the NTR Housing Scheme 2017.

While addressing the second day of the Collectors’ Conference he also said the construction of the remaining houses will begin soon. He mentioned that Prakasam and the Kurnool districts are ahead of the schedule in the urban housing scheme. Also, the works are in full swing in the Nellore and the Guntur districts under the rural housing scheme.

According to Naidu, the government will complete 2.5 lakh houses by January next year and another lot of two lakh houses by June.

By October 2, 2018, the state government intends to finish the construction of all the houses and plans to celebrate with massive house warming ceremony with local public representatives. This will help them set an example for housing schemes in other states.

Also Read: Raunak Group Presents Apna Pehla Ghar Campaign

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