If the promises made at the recently held Vibrant Gujarat Business Summit were to bear fruit then real estate in Gujarat is in for a major boost. Three industrialists have promised to invest over INR 1,20,000 crore into Gujarat. Mukesh Ambani, Managing Director of Reliance Industries Ltd, has promised INR 100,000 crore, while Kumar Mangalam Birla, the Chairman of Aditya Birla Group said he would invest IR 20,000 crore in infrastructure. Sam Walsh, the CEO of Rio Tinto, the British-Australian mining biggie has promised to add 30,000 jobs to Gujarat’s diamond cutting industry. All this is music to the ears of the real estate developers who must be already at their drawing boards getting the blue prints for the commercial, residential and retail developments. It is also good news for those who wish to invest in this area, as property prices are destined to soar, according to experts. Vadodara also stands to benefit if these developments which have been promised actually take place. This city is about 140 km from Ahmedabad and is the third largest one in the state after Ahmedabad and Surat. The real estate market in the city is showing signs of a pickup with a growing number of investors looking for plots in Vadodara. Vadodara, which was earlier known as Baroda, is a major hub for cotton textiles, chemicals, machines tools and pharmaceuticals. It is also known as a Pensioners’ City because a large number of non resident Indians come back to this place. Vadodara is an arch type tier II city where the prices of houses have been holding. The main reason for it, realtors say, is this city is mainly an end user market not a speculative one like the bigger cities Ahmedabad and Surat. Like other cities, industry and commerce is shifting to the outskirts of the city so the developments are now happening on the outskirts. The main reason for this move could be the lower cost of land on the fringes of the city. The other reason could be that the developer could plan and offer a better choice, which would make an improvement on the quality of life of the home buyer.
There is lots of interest shown for plots at Dobhoi road in Vadodara By which peaple are migrated from Dabhoi, Sankheda, Bodeli, Chotaudaipur and other villages. On the anvil is the Mumbai-Vadodara Expressway which will further boost prices of land in Vadodara. This expressway, which if materializes, is expected to connect Vadodara with Mumbai. The estimated cost of this project is about INR 6672 crore. Our nations biggest tourism center is almost developed by government “Statue of Unity” is biggest statue of Sardar Patel in Asia on the bank of Narmada Dam. Lots of water sports and tourism activities shortly start to attract tourist in Gujarat. And Dabhoi road is only airport connected road for that destination. This is one of the growth corridors in Vadodara and is close to the airport. There are also a number of industrial and manufacturing companies located in Halol which is why housing is in demand in this locality. Those who wish to invest in a plot in Vadodara could think of this locality as it likely to appreciate and there would always be someone to rent the place (once constructed). The demand for houses in this area is mainly from the upper middle class and the middle class. Good connectivity to the Central Business area of Ajwa road and Waghodia road. One of the biggest reason ground water availability.