2BHKs beat bullion as investment - Article ahmedabad mirror 6th june 2011

Amdavadis look to areas on the outskirts of city where 30,000 houses are likely to come up in the next two years

Kuldeep Tiwari

     

Posted On Monday, June 06, 2011 at 03:28:02 AM

Gota, Jagatpur, Chenpur, New Ranip, Khodiyar, Tragad, Adalaj, Sanathan and New Naroda are developing as residential hubs   Realty market has been seeing a slowdown recently. But, there is demand for 2BHK houses. So, many realtors are launching schemes in this segment in eastern and western parts of the city. —Pravin Bavadiya, President of Ahmedabad Realtors Association   Middle-income families want 2BHK flats. Areas like Gota, New Ranip, Jagatpur can offer houses between Rs 15 lakh and Rs 26 lakh.—N K Patel, RESMA Director As gold and silver lose their shine as investment opportunities due to their weakening future in commodity market, Amdavadis are once again looking at realty as a more lucrative long-term investment. Since prices of apartments within the city have skyrocketed, people are now looking to Gota, Jagatpur, Chenpur, New Ranip, Khodiyar, Tragad, Adalaj, Sanathan, New Naroda and New C G Road which are developing as residential hubs. According to realty developers, over 30,000 houses are likely to come up in these areas in the next two years. “Over 15,000 flats are likely to come up in Gota, New Ranip, Jagatpur and Chenpur (excluding Godrej Group’s Garden City residential township) alone in the near future,” experts claim. Director of Real Estate Studies and Management Academy (RESMA) N K Patel said, “Most families in the middle-income group are looking for two-bedroom flats. Areas like Gota, New Ranip, Jagatpur and Chainpur are in a position to offer houses ranging between Rs 15 lakh and Rs 26 lakh.” There are over 100 apartment schemes of 2 and 3 BHK under construction in these areas.  “Most areas where AUDA has announced town planning (TP) schemes fall in residential zone-1 allowing construction of high rises. Only some areas of Sanathan fall under residential zone-2 where construction is allowed only up to three floors,” said an AUDA official, on condition of anonymity.  He added that TP schemes will be implemented in three years. The next  two years will be used to strengthen infrastructure facilities. Better infrastructure will lead to appreciation in property prices in these areas. The upper middle-class segment is increasingly looking at 2-BHKs as an investment option, said Gaurang Bhavsar, sales manager (residential) at Space Management Ltd. He added, “Areas like Khoraj and Tragad near Vaishnodevi temple are attracting middle and upper-middle income group. The properties are priced around Rs 2,500 per sq yard in these areas. This is 40-50 per cent less than other developed areas within the city.”  Following Point to be considered while investment in various projects 1.Developers’ profile 2.Legality of the project 3. Good real estate broker’s advice (Source: Space Managment Ltd.)  Source : http://ahmedabadmirror.com/article/3/20110606201106060328228371e0625c3/2BHKs-beat-bullion-as-investment.html