Gujarat Real Estate: A Major Destination for Upcoming Residential Projects
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Are you looking for a lucrative investment destination in India? If yes, then Gujarat real estate is calling you to offer the best options for residential and commercial property. The following article throws light on the scenario of real estate sector in Gujarat and the other major states of India.
According to Assocham, Gujarat is one state in India that attracts around 41% investment in the real estate sector. While most of the other Indian states have seen a significant decline in attracting new real estate investments, Gujarat has witnessed a drastic surge of more than 700% by attracting real estate investments worth around INR 17,000 crore as on March 2013.
Gujarat Real Estate
The Gujarat Housing Board (GHB) is planning to offer some more affordable and high end residential apartments to the home buyers in different cities like Vadodara, Surat and Rajkot. The rising demand for residential flats, bungalows and apartments has resulted in Gujarat builders to offer some more affordable and luxury new projects in Gujarat mainly catering to the needs of the medium and low income groups. As a matter of fact, GHB has a goal of building at least 25000 to 40,000 residential apartments or houses every year.
Working in the direction, GHB has presently started building around 2123 flats in different locations, including Vadodara, Rajkot and Surat. Moreover, it is also engaged in offering new residential projects and 13-storey residential building for medium and low income group at Ganeshpura in Surat, Tarsali in Vadodra, and Munjka in Rajkot. This 13-storey new project in Gujarat offers flats at an affordable range of INR 9Lac (s) to INR 19.75 Lac (s).
In the coming months, the Gujarat Housing Board has also plans in the pipeline for building houses in Jamnagar, Bhuj, Ahmedabad, Bharuch, Sanand, Valsad and Mahemdavad.
Scenario in Other Major States
Apart from Gujarat, Kerala is another state that has recently witnessed real estate growth of more than 550% in generating new real estate investments followed by Rajasthan with 175%. According to the ASSOCHAM study, the other states apart from Gujarat such as Maharashtra, Karnataka, Tamil Nadu and Uttar Pradesh constitute the five top states that have recorded maximum growth in investments in the real estate sector of the country.
According to the industry experts, Indian real estate market has been facing serious issues like increasing construction cost, sluggish economic growth, market sentiments, and reducing sales. However, the rising investments in the form of new projects in states like Maharashtra and Gujarat are plummeting. As a matter of fact, Maharashtra real estate has successfully attracted over INR 3 lac crores of outstanding investments as of March, 2013.
Rising Demand for New Residential Projects
The main reason for the increasing number of new projects in all the major states of India is the increasing trend of living in apartments and modern housing complexes. The major advantages offered by the new projects include:
Modern Amenities and Facilities: The current style of living has created a need for a luxurious life that includes all comforts. The residential projects introduced by the developers in India offer apartments that provide modern amenities and facilities.
Security Feature: When you buy a house, security of the place is the most important thing considered by you. These projects are usually located in a posh locality and offer gated communities with excellent security.
Great Connectivity: As said earlier, developers construct a residential complex in a location that offers great connectivity to other nearby areas.
Convenient Option: No other residential option can offer convenience like new projects offering flats as they provide everything ranging from modern facilities, future value and connectivity.
So, are you ready to buy your dream home now in any one of the upcoming projects?
Swati Srivastava is a dedicated blogger and writer who is passionate about writing for real estate sector. Her articles on new projects in Gujarat, Kerala and Maharashtra offer useful information to the property seekers.