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AHMEDABAD RESIDENTIAL REAL ESTATE OVERVIEW
SEPTEMBER 2016
Sabarmati Riverfront
2
TABLE OF CONTENTS
1. Executive Summary 3
2. City Fact File 4
3. Real Estate Overview 6
4. Infrastructure 8
5. Central Ahmedabad 13
6. North Ahmedabad 15
7. East Ahmedabad 17
8. West Ahmedabad 19
9. South Ahmedabad 22
10. Location Attractiveness Index 24
11. Disclaimer 25
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The ‘Ahmedabad Residential Real Estate Overview’ provides a comprehensive insight into the key
macro and micro trends emerging in the residential real estate market of Ahmedabad. The ICICI
Home Finance Company team undertook a detailed city survey and presented below are the key
highlights of the report.
Residential real estate prices in Ahmedabad are expected to remain stable in the short run
and likely to see a steady appreciation in the next 4 - 5 years owing to various factors such as
the upcoming Ahmedabad metro, the ongoing work at the GIFT city and improved
connectivity to the financial center of Mumbai due to a number of proposed infrastructure
projects.
The development of residential townships, malls, office spaces and flyovers are some of the
factors changing the cityscape of Ahmedabad.
Maximum activity in terms of planned residential, commercial and retail development can be
witnessed in the western region of Ahmedabad.
Residential real estate of Ahmedabad is currently dominated by end users and the average
ticket size of absorbed units is INR 35 – 50 Lakhs.
Ahmedabad sees a constant demand from the business community of the city as well as a
rising demand from employees working at Sanand, Prahladnagar and Changodur.
Real estate demand from the investors in the city has been stagnant since the past two years
while the market is conducive to end-user buying due to availability of units in attractive
ticket sizes in various townships being constructed by reputed developers in the city.
Due to slower sales and higher inventory levels as compared to previous years, many
developers have stayed away from launching new projects, thus, limiting the supply.
Central Ahmedabad is a preferred location of Ahmedabad, as it is at the heart of the city and
has good connectivity. Excellent commercial and retail development, makes it an attractive
residential location. Prices have increased substantially in Central Ahmedabad in recent years
owing to unavailability of land.
Areas like Vaishnodevi Circle, Gota, Chandkheda and Motera in North Ahmedabad are the
newest micro-markets generating buyer interest due to its close proximity to the developing
commercial corridor of Gandhinagar as well as the proposed Metro connectivity.
Shahibaug located in the eastern corridor, is one of the most preferred locations amongst the
HNI’s of Ahmedabad. With its easy connectivity to the Airport and proximity to the
cantonment area and Swaminarayan Temple, Shahibaug commands premium capital rates in
the city. While Naroda in this micro-market is witnessing launch of township projects.
South Bopal in West Ahmedabad witnesses maximum demand in the city amongst the
various planned projects coming up in this area. Its proximity to the industrial area of Sanand,
commercial and retail presence and proximity to SP ring road makes it one of the most
sought after places to live in.
South Ahmedabad, is predominantly an old residential colony with close proximity to the
Ahmedabad railway station and the Airport. Non-availability of land parcels has led to the
appreciation of land values and any new development is in the form of standalone buildings.
Easy accessibility to Ahmedabad–Vadodara Expressway has given a boost to real estate
prices in this region.
EXECUTIVE SUMMARY
4
Overview:
Ahmedabad, straddling the river Sabarmati, is the largest city of Gujarat. Also known as
Amdavad, it is now the administrative center and seventh largest agglomeration in India with a
population of approximately 7.2 mn. Located at approximately 32 Kms. from the state capital
Gandhinagar, it lies along 23' N latitude and 72058' E longitude at an altitude of 55 meters above
sea level. The city spans across an area of 8,707 sq. Km.
Ahmedabad is divided by the Sabarmati River into two physically distinct regions viz. Eastern and
Western Ahmedabad. The eastern bank of the river houses the old city with packed bazaars, the
main railway station and numerous temples. The western region is dotted with educational
institutions, well planned residential areas and shopping malls with multiplexes around Ashram
Road, C. G. Road and S. G. Highway.
History of the City:
Ashaval, Karnavati, Ahmedabad, Amdavad – the largest city of Gujarat state is has been known
by all these different names since its formation.
In the 11th century, Karandev I, the Solanki ruler of Anhilwara (modern Patan) waged a successful
war against the Bhil king of Ashaval and established a city called Karnavati located close to river
Sabarmati. The Solanki rule lasted until the 13th century, when Gujarat came under the control of
the Vaghela dynasty of Dholka and Karnavati was conquered by the Sultanate of Delhi.
In 1411, the rule of the Muzzaffarid dynasty was established in Gujarat and Sultan Ahmed Shah
renamed the city Ahmedabad after his name. The Old Ahmedabad city was encompassed within
Bhadra Fort built by Sultan Ahmed Shah. This fort has around 12 ‘darwajas’ (entry gates) with
remarkable carvings and calligraphy, the most famous being the ‘Teen Darwaja’.
In the 19th
century, the textile and garments industry received strong capital investments. On 30th
May 1861, Ranchodlal Chhotalal founded the first cotton textile mill of Ahmedabad, the
Ahmedabad Spinning and Weaving Company Limited. This was followed by the establishment of
a series of textile mills such as Calico mills, Bagicha Mills and Arvind Mills. By 1905, there were
about 33 textile mills in Ahmedabad. The conventional weaving techniques wherein the fabrics
are painted using traditional methods are still prevalent in the state. The USP of the textile are the
vegetable dyes, tie and dye, thread work, mirror work etc.
Current Administrative Framework and Demographics
Administration:
Ahmedabad is administered by the Ahmedabad Municipal Corporation (AMC). Some of the
regions surrounding the city are administered by Ahmedabad Urban Development Authority
(AUDA). AMC was established in July 1950 under the Bombay Provincial Corporation Act 1949.
The city is divided into 43 wards and the 129 corporators are elected from these wards, who in
turn elect the Mayor and Deputy Mayor for a term of two and a half years.
CITY FACT FILE
5
Census 2011 Key Highlights
Source: Census 2011
Adalaj Ni Vav (Stepwell)
Description 2011 2001
Actual Population 7,208,200 5,816,519
Male 3,787,050 3,074,556
Female 3,421,550 2,741,963
Population Growth 22.31% 27.25%
Area Square Km 8.086 8.086
Density/Square Km 890 727
Sex Ratio (females per 1000 males) 940 892
Average Literacy Rate 86.65% 79.50%
Male Literacy Rate 92.44% 87.31%
Female Literacy Rate 80.29% 70.83%
AHMEDABAD REAL ESTATE
CITY FACT FILE
6
Short Term
10-12
months
Steady capital values with steady absorption of units
Long Term 50-60
months
5 - 6% Y-o-Y appreciation in capital value with an upward bias on a
conservative note
We expect the capital values in Ahmedabad to remain steady at current levels with a 5 - 6%
appreciation seen in the long term. The capital values in Ahmedabad has seen a marginal
appreciation in H1 of CY2016 as compared to the same period in the past year. However, there
has been a steep decline in new project launches in H1 of CY2016 as compared to the previous
year. This is because the developers in Ahmedabad were focused on selling the existing unsold
inventory to lock-in sales. Absorption of residential units has remained at steady levels over the
past year. Ultra luxury villa projects and affordable ticket sized projects saw a healthy absorption
during the H1 of CY2016. (Source: PropEquity)
Source: PropEquity
Residential real estate prices in Ahmedabad are expected to see a steady appreciation in the long
run owing to increasing input costs to the developers, coupled with increased demand once the
knowledge corridor at Gandhinagar and Metro connectivity become operational. In the long run,
growth in real estate demand in Ahmedabad is likely to be positive as it attracts a number of
financial firms at the GIFT City as well as due to the presence of prestigious educational
institutions.
Demand demographics in the Ahmedabad real estate market
Ahmedabad real estate market is currently an end user market. In the end-user segment, mid –
segment housing in the budget range of (INR 35 – 50 Lacs) witnessed a steady absorption in H1
of CY2016. This market had a fair presence of retail investors primarily from the business
community of the city who desire second homes and weekend homes with all modern amenities.
However, the trend in the city has changed recently due to high unsold inventories which have
resulted in very low price appreciation over the past few years. This has led to investors moving
away from investing in real estate to parking their money in capital markets which gives higher
returns and liquidity.
AHMEDABAD REAL ESTATE OVERVIEW
7
Affordable ready-to-move in homes is the new popular buy among end-users
Compact homes, mostly 2 BHK, with basic modern amenities and ready-to-move-in apartments
are the popular demand of the end-users in Ahmedabad. Employees working in the industrial
areas of Sanand, pharma belt of Changodur and corporate offices in Prahaladnagar are the prime
buyers in the city who prefer affordable homes made possible by their salaries. Also, there has
been a good movement in the some ultra-luxury projects such as the villa project at Shantigram
(Adani Realty) from the business community which prefers luxury abodes and second homes.
However, due to overall slowdown in sale of luxury units many projects have been recalibrated
to suit the demand for affordable homes.
Akshardham Temple
AHMEDABAD REAL ESTATE OVERVIEW
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Sardar Patel Ring Road: The Sardar Patel Ring Road is a 76 km long ring road encircling the city.
It has been operational since 2004 and is one the key roads of the city accessible from all major
locations. It is also connected to the Ahmedabad – Vadodara Expressway and Mumbai Delhi
National Highway. Area near SP Ring Road in Western Ahmedabad houses prominent clubs and
luxury bungalow projects.
Bus Rapid Transit System (BRTS): The BRTS in Ahmedabad is one of the most organized and
successful BRTS in the country. Implemented in conjecture with AMTS, Ahmedabad BRTS
currently has 126 stations and 12 operational lines:
Line 1: RTO Circle – Maninagar
Line 2: Anjali (Vasna) – Naroda
Line 3: RTO Circle – Naroda
Line 4: RTO Circle – Sarkari Litho Press (Delhi Darwaja)
Line 5: Bopal – ISKCON – Maninagar
Line 6: Soni ni chali – Odhave – SP Ring Road
Line 7: Sarkari Litho Press (Delhi Darwaja) – Science City Approach
Line 8: Chandkheda – Visat Junction – Maninangar
Line 9: RTO Circle – Town Hall (Ellisbridge)
Line 10: Anjali (Vasna) – Kalupur Railway Station (Ahmedabad Central)
Line 11: RTO Circle – Nehrunagar – Kalupur – RTO Circle
Line 12: Anjali (Vasna) – Kalupur – Akhbarnagar – Anjali (Vasna)
Ahmedabad BRTS
INFRASTRUCTURE IN AHMEDABAD
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Sarkhej – Gandhinagar Highway (S.G. Highway): The Sarkhej – Gandhinagar Highway was built
as a means to bypass Ahmedabad but cheaper land prices at the time led to a retail and
commercial boom on this road and subsequent expansion of Ahmedabad city. This highway is
now a crucial arterial road that connects the city of Ahmedabad to Gandhinagar and commands a
premium price. A number of malls, entertainment centers, clubs, showrooms and corporate
offices are located on S.G. Highway. Commercial development on this road has recently led to a
spurt in residential construction in form of township projects along the highway in areas such as
Bopal, Ambli, Thaltej, Gota and Vaishnodevi Circle.
Ahmedabad Metro Project: Metro Link Express for Gandhinagar and Ahmedabad, abbreviated as
MEGA is an under construction mass-transit rail system for the cities of Ahmedabad and
Gandhinagar in Gujrat. The construction on the project has begun recently in some parts of the
city and is slated to begin operations by 2019. A total 83 km of planned metro route will connect
all major locations of Gandhinagar and Ahmedabad thus providing a seamless transport to the
twin cities.
The following 5 corridors have been proposed by GIDC and DMRC (Delhi Metro Rail Corporation)
in 2 phases:
Phase I
North – South Line: APMC – Paldi – Town Hall – Kalupur Railway Station – Raipur – Ellis Bridge –
Gandhi Ashram – RTO – Motera Tatium – New C. G. Road – Koba Circle – Info City – Sachivalaya
– Akshardham
East – West Line: Thaltej – Gurukul – Gujarat University – C. G. Road – Navarangpura – Lal
Darvaza – Kalupur
Phase I extension:
Koba Circle – GIFT – Akshardham
Koba Circle – Airport
Phase II
Vasna – Sarkhej
Sarkhej – Indroda Circle
Sarkhej – Dholera
Mumbai - Ahmedabad high-speed rail corridor: The Mumbai – Ahmedabad high-speed rail
corridor is an approved rail project to connect the commercial hub of Mumbai and Ahmedabad
by a first of its kind high speed rail-line. The proposed project will have its starting point at the
commercial center of Bandra – Kurla Complex in Mumbai and it will end at Ahmedabad
connecting various crucial locations such as Thane, Surat, Bharuch and Vadodara. In December
2015, a Memorandum of Understanding (MoU) was signed between India and Japan to jointly
undertake the project. The project has been fast tracked by the Ministry of Railways in January
2016 and a Special Purpose Vehicle has been set up for the same. Work on the high speed rail
corridor is expected to begin by late 2017 and it is expected to see completion by 2023-24. Once
complete, this project will enhance accessibility to Mumbai thus giving a boost to commercial
development in Ahmedabad.
INFRASTRUCTURE IN AHMEDABAD
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Mumbai – Vadodara Expressway: Another proposed highway to enhance connectivity between
Mumbai and Ahmedabad received its final clearance in June 2016. The proposed highway is an
extension of the existing Ahmedabad – Vadodara Highway to further connect it to Mumbai. The
Ministry of forest and environment and climate has granted final clearance to the Vadodara-
Mumbai expressway. This project when complete envisions to reduce the road travel from
Ahmedabad to Mumbai to merely 6 hours. The expressway starts at Ghodbunder in Thane and
traverses through the districts of Silvassa, Valsad, Surat, Bharuch and Vadodara further
connecting to the Ahmedabad-Vadodara Expressway. Currently, the project is at land acquisition
stage.
GIFT City - Gandhinagar: Gandhinagar also known as the Twin city of Gujarat, is the capital city of
Gujarat. Situated on the west bank of the Sabarmati river, it is spacious, well planned and has the
looks of an architecturally integrated city. Gandhinagar lies on the Delhi Mumbai Industrial
Corridor and is commissioned to be developed as one of the Smart Cities of India. Gandhinagar
is home to the famous Akshardham Temple, prestigious universities and colleges such as Gujarat
National Law University, National Institute of Design, Industrial Training Institute, etc. The
proposed Metro Rail express network of Ahmedabad – Gandhinagar is slated to connect all major
locations of these two cities to ensure a seamless and quick connectivity thus, boosting the
commercial and residential development of the twin cities.
The Gujarat International Finance Tech–City (GIFT) located in Gandhinagar has predominantly
been the most talked about location of Gujarat over the past few years. GIFT is an under
construction Central Business District being developed by the government of Gujarat as a mega
project to realize the vision of Gujarat as a center for financial and technology services industry.
The project is a brainchild of India’s Prime Minister Mr. Narendra Modi who has envisioned to
develop GIFT in order to provide best in class infrastructure and commercial real estate so that
finance and tech firms can relocate their operations from current CBD’s of Mumbai, Gurgaon, and
Bangalore.
A total land admeasuring ~880 acres has been allotted for the development of GIFT City which is
proposed to have a special economic zone, international education zone, integrated townships,
an entertainment zone, hotels, a convention center, software technology parks, shopping malls
etc. Currently two 29-floor commercial towers have been completed and few corporates have
already started their operations while a number of corporates have bought commercial office
spaces and plan to start operations soon. The construction of the World Trade Center at GIFT is
in full swing, while the Jamnabai Narsee School is fully operational.
GIFT City’s close proximity and proposed infrastructure connectivity with Mumbai via the
Mumbai - Ahmedabad high speed rail corridor will ensure a mutually beneficial development
between the two metros. GIFT is designed as an environmental friendly development which will
have the lowest per capita energy consumption compared with any Indian metro. The project
itself will have a green area covering 65% of the total land. Once completed GIFT City is expected
to change the commercial and residential demand dynamics of Gandhinagar and Ahmedabad.
Areas around Gandhinagar such as Motera and Vaishnodevi Cicle are seeing a healthy residential
demand due to the close proximity to the twin cities as well as the proposed metro rail project.
INFRASTRUCTURE IN AHMEDABAD
11
Gujarat Science City: The Government of Gujarat has established the Gujarat Council of Science
City, a registered society, to achieve the Gujarat Science City mandate. A total of 400 hectares of
land near the SP Ring Road in West Ahmedabad has been brought under acquisition for the
development of a world-class Science City & related projects. The distinctive facets of its
development are slated to include:
Massive industrial investment
Entrepreneurial ethos
Well-developed infrastructure
Popularization of science to create scientific temper
Major industrial and trade exhibitions
Gujarat Science City is a bold initiative of the Government of Gujarat to realize this priority. The
Government is creating a sprawling center at Ahmedabad which aims to provide a perfect blend
of education and entertainment. It will showcase contemporary and imaginative exhibits, minds
on experiences, working models, virtual reality, activity corners, labs and live demonstrations to
provide an understanding of science and technology to common man.
Science City
INFRASTRUCTURE IN AHMEDABAD
12
Major Locations within Ahmedabad
We have classified the real estate space in Ahmedabad into five distinct zones – Central
Ahmedabad, North Ahmedabad, East Ahmedabad, West Ahmedabad and South Ahmedabad.
Central Ahmedabad: Ashram Road, C. G. Road, Navarangpura, Paldi, Usmanpura, Vasna
North Ahmedabad: Chandkheda, Gota, Motera, Ranip, Sabarmati, Vaishnodevi Circle
East Ahmedabad: Hansol, Naroda, Nikol, Shahibaug
West Ahmedabad: Bodakdev, Bopal, Jodhpur, Makarba, Prahaladnagar, Satellite, Thaltej,
Vastrapur, Vejalpur
South Ahmedabad: CTM, Ghodasar, Isanpur, Jasodanagar, Maninagar, Narol, Vatva
MAJOR LOCATIONS IN AHMEDABAD
13
Major Locations: Ashram Road, C. G. Road, Navarangpura, Paldi, Usmanpura, Vasna
Key Highlights:
Central Ahmedabad is the prime Business District of Ahmedabad. Any new residential
development in this micro market is in the form of redevelopment of standalone buildings.
Ashram Road is one of the major roads of Ahmedabad which runs parallel to the Sabarmati
River. This road is a major financial hub of the city with the offices of RBI and Income Tax
department located on this road. Besides housing the famous Sabarmati Ashram, this road is
also home to renowned saree showrooms.
C. G. Road is also one of the most important and costliest retail location of Ahmedabad. This
road houses a number of financial companies. It starts from Mahalaxmi Cross Road and ends at
Sardar Patel Stadium Cross Road connecting Paldi to Navarangpura.
Navrangpura is well known for its educational and research institutions such as the Gujrat
University, L.D. College of Engineering, Centre for Environmental Planning and Technology, etc.
Usmanpura and Paldi are upscale suburban localities of Central Ahmedabad. Some premier
hotels such as Hyatt Regency, Holiday Inn Express, Fortune Landmark, etc. and corporate offices
of several national and international companies are located in these suburbs.
Growth Stimulators:
Though central Ahmedabad is one of the oldest areas of Ahmedabad, infrastructure is well
developed and being the heart of the city, it is the most preferred location.
A number of premier educational institutions are located in Central Ahmedabad.
Paldi is one of the major shopping areas where traditional embroidered fabrics and handicraft
items are available.
C. G. Road is famous for the presence of most of the leading retail brands and is also one of the
main tourist attractions for shopping.
Accessibility to rest of Ahmedabad, presence of major commercial and retail centers, tourist
attractions, etc. are the key growth drivers of Central Ahmedabad.
CENTRAL AHMEDABAD
14
Price Trends in Central Ahmedabad
Source: PropEquity
Note: Graph represents weighted average price of residential units available in the primary market. Missing line segments
indicate unavailability of residential units in the primary markets during the specified time frame.
Property rates of 'ready-to-move in' in prime residential markets of Central Ahmedabad**
Location Average Capital Values
(Rs./sq.ft) Rentals for 2 BHK (Rs./month)
Ashram Road 6,500 – 7,500 18,000 – 23,000
C. G. Road 5,500 – 7,000 18,000 – 25,000
Navrangpura 5,500 – 6,500 17,000 – 22,000
Paldi 5,500 – 6,000 15,000 – 23,000
Usmanapura 4,500 – 5,200 15,000 – 18,000
Vasna 3,000 – 5,000 9,000 – 13,000
Source: ICICI Property Services Group
**indicative mid market segment
Kankaria Lake
CENTRAL AHMEDABAD
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Major Locations: Chandkheda, Gota, Motera, Ranip, Sabarmati, Vaishnodevi Circle
Key Highlights:
North Ahmedabad has recently seen a spurt in planned residential development. A number of
township, gated community projects can be seen under construction in Gota, Vaishnodevi Circle,
Motera and Chandkheda areas.
Gota and Vaishnodevi Circle which are situated towards the North-West of Ahmedabad along the
S.G. highway are the upcoming areas of the city. With its ready connectivity to the commercial
centre of Prahladnagar and Bodakdev via the S. G. Highway, as well as to Gandhinagar; Gota and
Vaishnodevi Circle are the most advantageous locations to reside. These areas also enjoy ready
connectivity to the SP Ring Road and is proposed to have a metro rail station. Gota and
Vaishnodevi Circle see an availability of residential units in affordable as well as higher ticket
sizes by prominent developers.
Motera houses the famous Sardar Patel cricket stadium which is the largest stadium in Gujarat
and can host 54,000 spectators. This location has gained considerable importance in recent years
primarily due to its proximity to Gandhinagar and SP Ring Road. Motera also lies on the Phase 1
of Ahmedabad Gandhinagar Metro rail project.
Chandkheda is an old residential colony which houses mainly the employees working at the
nearby ONGC office. The Gandhinagar – Chandkheda road sees a number of under construction
luxury projects.
Railway colony in Ranip is one of the most prominent residential colonies for the employees of
Indian Railway. New Ranip is a well-connected location and offers affordable housing options.
Some of the prominent developers in this region include Adani Realty, Godrej Properties, Pacifica
Compaies, Savvy Group and others.
Growth Stimulators:
Proximity to the upcoming knowledge corridor at Gandhinagar GIFT City, Ahmedabad Airport,
metro rail connectivity, operational BRTS and SP Ring Road connectivity to the rest of the city
has propelled the growth of residential real estate in North Ahmedabad.
Gota hosts famous educational institutions such as Nirma University, I D patel Education Campus
and Proton Business School. Gota and Vaishnodevi Circle enjoy ready accessibility to good social
infrastructure such as malls, multiplexes and hospitals. These locations also boast of premium
township projects such as Shantigram and Gardenia City.
Presence of a good social infrastructure in the form of malls such as Sangath Mall, educational
institutions such as Gujarat National Law University and multiplexes has imparted Motera and
Chandkheda a cosmopolitan culture. While Motera sees an influx of educated population working
at nearby ONGC and IOC offices; the newly developed Chandkheda–Gandhinagar Road attracts
premium projects as Gandhinagar is being promoted as an upcoming IT and commercial area.
NORTH AHMEDABAD
16
North Ahmedabad also boasts of wider, well planned road infrastructure.
Price Trends in North Ahmedabad
Source: PropEquity
Note: Graph represents weighted average price of residential units available in the primary market. Missing line segments
indicate unavailability of residential units in the primary markets during the specified time frame.
Property rates of 'ready-to-move in' in prime residential markets of North Ahmedabad**
Location Average Capital Values (Rs./sq.
ft) Rentals for 2 BHK (Rs./month)
Chandkheda 2,000 – 2,800 6,000 – 8,000
Gota 2,500 – 3,000 7,000 – 8,000
Motera 2,700 – 3,000 8,000 – 10,000
New Ranip 2,200 – 2,500 7,000 – 8,000
Sabarmati 2,500 – 3,000 7,000 – 8,000
Vaishnodevi Circle 2,600 – 4,800 8,000 – 9,000
Source: ICICI Property Services Group
**indicative mid market segment
NORTH AHMEDABAD
17
Major Locations: Hansol, Naroda, Nikol, Shahibaug
Key Highlights
This part of the city is home to Indian heritage structures like the Jhulta Minar, Qutabi Maza and
Sarangpur Darwaza as well as holy places such as Swaminarayan temple, Ayyappa temple to
name a few .
The Naroda GIDC industrial area houses many big industrial houses like Reliance Industries,
PepsiCo, Ingersoll-Rand, Arvind Mills, Dishman, etc. Several township projects are proposed on
the Ahmedabad – Vadodara Expressway with Naroda being the centre of development.
Shahibaug is one of the better developed and prime areas of Ahmedabad. The cantonment zone
located in Shahibaug lends this location a cleaner and upscale character.
Odhav too has an industrial area which consists of over 1200 industrial units.
Availability of land at relatively cheaper prices in some parts has helped developers build
affordable housing options in this region. Construction in areas around Shahibaug is restricted to
standalone buildings.
Some of the major developers in this region include Galaxy, India Bulls Real Estate and Savaliya
Builders.
Growth Stimulators:
Subash Bridge and Vadai low level bridge provide good connectivity between Shahibaug and
other parts of Ahmedabad.
Areas like Naroda and Nikol have witnessed significant residential development in recent years
due to its strategic location. Naroda developed as a residential colony due to its close proximity
to the Ahmedabad Airport and Railway station as well as connectivity to NH8 and NH59.
Shahibaug sees a demand for resale apartments due to its scenic locale and easy accessibility to
rest of the city.
EAST AHMEDABAD
18
Price Trends in East Ahmedabad *
Source: PropEquity
Note: Graph represents weighted average price of residential units available in the primary market.
* Missing line segments indicate unavailability of residential units in the primary markets during the specified time frame.
Property rates of 'ready-to-move in' in prime residential markets of East Ahmedabad**
Location Average Capital Values (Rs./sq.
ft) Rentals for 2 BHK (Rs./month)
Hansol 2,700 – 3,200 9,000 – 10,000
Naroda 1,800 – 2,000 4,000 – 6,000
Nikol 1,800 – 2,000 4,000 – 6,000
Shahibaug 6,500 – 7,000 19,000 – 20,000
Source: ICICI Property Services Group
**indicative mid market and new supply segment
Jhulta Minar
EAST AHMEDABAD
19
Major Locations: Bodakdev, Bopal, Jodhpur, Makarba, Prahaladnagar, Satellite, Thaltej, Vastrapur,
Vejalpur.
Key Highlights:
This part of the city is a vibrant industrial and business center. West Ahmedabad has seen
tremendous commercial development along the S.G. Highway.
Majority of the planned residential development currently taking place in Ahmedabad is
concentrated in West Ahmedabad.
A number of commercial center and office space development is also happening in this part of
the city.
Model Road and Prahladnagar host the maximum Grade A commercial and retail space in
Ahmedabad.
Maximum residential real estate absorption witnessed in West Ahmedabad is taking place in the
New Bopal which is an adjoining locality of Model Road and Prahaladnagar. South Bopal,
particularly, is an extremely attractive location due to its proximity to the industrial area of
Sanand, Prahladnagar and Bodakdev.
New Bopal also attracts employees working in the pharmaceutical companies located in
Changodur.
Vejalpur, Makarba, Jawapura have come up as preferred residential locations as they are located
in close proximity to the old Ahmedabad business center as well as the upcoming prime
business areas and offer homes in attractive ticket sizes.
Roads from West Ahmedabad leading to Sardar Patel Ring Road witnesses several plotted
development projects. This area is attractive for its luxury bungalow projects and upcoming
clubs such as Club O7.
While the Science City Road is fully developed lined with a number of villas, the area beyond
Science City is witnessing development of integrated townships.
This micro market also has approximately 9 operational malls and an equal number of additional
malls have been planned. Alpha G–Corp has its ongoing mixed use development project
‘AlphaOne’ at Vastrapur. The project spans 1.2 mn. sft. and would comprise of retail,
entertainment, hotel and service apartments.
All major clubs of Ahmedabad such as Rajpath Club, Karnavati Club, Gulmohar Greens, etc are all
located in this micro market.
The prestigious Indian Institute of Management (IIM) and the famous ISKCON Temple are located
in this region.
WEST AHMEDABAD
20
Many five star hotels such as the Novotel, Crowne Plaza, Four Points by Sheraton and The Fern
are located in this micro market. Marriott has recently opened up its new property–‘Courtyard
Ahmedabad’ with 164 rooms, on Satellite Road.
Goyal, Gala, Ganesh Housing, Pacifica, Safal Group, Shilp and Shivalik and West Wing
Infrastructure are some of the prominent developers in this region.
Growth Stimulators:
The presence of Tata Nano, Ford automobile plants and the industrial zone at Sanand are the
primary growth drivers for residential demand in West Ahmedabad. The premium projects in this
micro market attract the who’s who of the city.
Presence of large pharmaceutical companies at Changodur such as Zydus, Cadilla, Claris, Intas,
and their corporate offices in Bodakdev have also added to the residential demand from
employees working in these companies.
Commercial and retail space development at Bodakdev, Prahladnagar and Satellite has turned
these localities into attractive and upscale destinations to reside.
West Ahmedabad is connected to all major commercial and residential zones of Ahmedabad via
the SG Highway and the SP Ring road.
A major export railway station hub of Khodiyar is located around Vaishnodevi Circle, adding to
the importance of this location.
Ellis Bridge and Nehru Bridge links the old and modern city of Ahmedabad.
Land availability, connectivity to all major industrial and commercial zones, presence of best in
class social infrastructure, proximity to S. G. Highway and SP Ring Road and direct connectivity
to Gandhinagar are key factors which are propelling growth in this area.
Ellis Bridge
WEST AHMEDABAD
21
Price Trends in West Ahmedabad *
Source: PropEquity
Note: Graph represents weighted average price of residential units available in the primary market. * Missing line segments
indicate unavailability of residential units in the primary markets during the specified time frame.
Property rates of 'ready-to-move in' in prime residential markets of West Ahmedabad**
Location Capital Values (INR/sq.ft.) Rental Values for 2 BHK
(INR/sq.ft./month)
Bodakdev 6,500 – 8,000 22,000 – 25,000
Bopal 2,500 – 4,000 12,000 – 15,000
Jodhpur Village 6,500 – 7,500 17,000 – 20,000
Makarba 3,500 – 4,500 12,000 – 15,000
Prahlad Nagar 5,500 – 7,000 18,000 – 20,000
Satellite 6,300 – 7,000 18,000 – 20,000
Thaltej 5,500 – 6,000 15,000 – 18,000
Vastrapur 6,000 – 6,500 18,000 – 20,000
Vejalpur 3,300 – 4,000 9,000 – 12,000
Science City 3,600 – 4,000 14,000 – 15,000
Source: ICICI Property Services Group
**Indicative mid market segment
WEST AHMEDABAD
22
Major Locations: CTM, Ghodasar, Isanpur, Jasondanagar, Maninagar, Narol, Vatva
Key Highlights:
Due to lack of availability of space, old buildings are undergoing redevelopment and the land
rates have appreciated marginally. Any new construction in this micro market is in the form of
standalone buildings.
CTM is a well-known landmark, once known for its textile mills. While Maninagar is famous for its
Kankaria Lake and Swaminarayan Temple.
Vatva is mainly an industrial area with presence of the GIDC, housing various industries such as
plastics, light & heavy engineering, machinery and components, chemicals, paints and
pharmaceuticals. Vatva has recently seen a significant addition of affordable homes in the ticket
size of INR 25 lakhs to primarily target the people working in the nearby industrial area.
Some of the prime developers in this region include Avalon, Darshan Buildcon, Satyam
Developers Ltd. and Tulip Corporation.
Growth Stimulators:
Proximity to the Ahmedabad-Vadodara express highway has boosted real estate development in
this area.
Land rates have appreciated considerably in Jasodanagar and CTM due to their proximity to the
highway. As is the case in Central Ahmedabad, availability of new plots is limited in this part as
well.
Limited space availability has also led to steady rise in land prices at developed locations of this
region such as Maninagar. Maninagar has witnessed maximum growth compared to the other
micro markets in South Ahmedadbad. Proximity to the Ahmedabad – Vadodara highway, railway
station, functional BRTS makes Maninagar an ideal location to reside. In addition, Maninagar also
hosts a number of well-known educational institutions such as AMC Dental College; Institute of
Infrastructure, Technology, Research and Management; National Institute of Design; etc.
The residential real estate of Vatva is fast picking up as a location for availability of affordable
home options.
SOUTH AHMEDABAD
23
Price Trends in South Ahmedabad *
Source: PropEquity
Note: Graph represents weighted average price of residential units available in the primary market. * Missing line segments
indicate unavailability of residential units in the primary markets during the specified time frame.
Property rates of 'ready-to-move in' in prime residential markets of South Ahmedabad**
Location Average Capital Values (Rs./sq.
ft) Rentals for 2 BHK (Rs./month)
C.T.M 2,800 – 3,000 7,000 – 10,000
Ghodasar 3,200 – 3,500 8,000 – 10,000
Isanpur 3,500 – 3,700 8,000 – 10,000
Maninagar 5,200 – 5,500 14,000 – 17,000
Narol 1,500 – 1,800 4,000 – 6,000
Vatwa 1,500 – 1,800 4,000 – 6,000
Source: ICICI Property Services Group
**indicative mid market segment
SOUTH AHMEDABAD
24
Location Attractiveness Index - Ahmedabad
Ambli
Bopal
Chandkh
eda Gota Motera
Science
City Road
South
Bopal
Vaishnod
evi Circle
Infrastructure
(connectivity, roads,
schools, markets)
Residential Cost
Proximity to Organised
Retail
Proximity to
Commercial
Development
Future Infrastructure
Development
Future Employment
Generation
Good / Low cost
Above Average
Average / Medium cost
Below Average
Bad / High cost
Source: ICICI Property Services Group
The location attractiveness index of Ahmedabad shows that Ambli Bopal lies in close proximity to
the most developed and commercial areas of Ahmedabad and hence commands a premium
pricing. However, South Bopal with is close proximity to Praladnagar and good social
infrastructure has residential units at attractive ticket sizes. Gota and Vaishnodevi Circle offer an
ideal combination of proximity to commercial and social infrastructure development and
availability of affordable homes. Whereas, Chandkheda and Motera can be seen as a good
investment opportunity given their proximity to the upcoming GIFT City and planned
infrastructure projects.
LOCATION ATTRACTIVENESS INDEX -
MEDABAD
25
ANALYSTS
Chetan Bhatt
City Manager – Ahmedabad
ICICI Home Finance Company Ltd.
Priya Bhatia
Analyst, Structured Finance Group
ICICI Home Finance Company Ltd.
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or
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