Gujarat's Realty Sector: A Beacon of Hope for the Future
Despite the recent slowdown, Gujarat's real estate market remains a promising growth hub, driven by infrastructure development and government initiatives.
Gujarat Real EstateInfrastructure DevelopmentGovernment InitiativesIndustrial GrowthCommercial Real EstateResidential Real EstateReal EstateAug 13, 2024
Gujarat is fortunate to have strong infrastructure support from the government. However, land aggregation, conversion, zoning, and acquisition are key issues. Paresh Sharma, Former Chief Town Planner Government Of Gujarat, added, “The synergy between logistics, manufacturing, and infrastructure drives real estate development for the state.
Atman Desai, Partner, Infrastructure and Project, Khaitan & Co, stated, “Despite the hurdles, Gujarat excels with initiatives like Sanand, Gift City, and Dholera, providing developers with excellent access to power and resources. The state thrives in sectors such as semiconductors, data centers, logistics, hospitality, and renewable energy.
Parth Patel, Managing Director, Kavisha Group, added that as small towns grow into megacities or metropolises, infrastructure like transportation systems play a crucial role. Efficient transportation, including BRTs, metros, and well-built highways, caters to all real estate demands from residential to manufacturing.
Sameer Sinha, Founder & MD, Savvy Group expressed, “Gift City sets a new benchmark for infrastructure-led development in India. In India, we often build infrastructure after construction, unlike Gift City, which had infrastructure laid out before any buildings were permitted.
Sharing his perspective Suresh Patel, Director - Gujarat State Road Development Corporation, President NARED- CO – Gujarat, stated, “The government is allocating 65,000 crore rupees annually for highway development and investing heavily in airports, cargo airports, ports, and railways.
Dr. Vatsal Patel, Founder - Setu Infrastructure, and President, Gujarat Institute of Civil Engineers and Architects (GICEA), said, “The quality of work in Gujarat has significantly improved compared to ten years ago. Developers today are not cutting costs on structural safety and fire precautions due to the strong economy.
The industrial region of Gujarat has firmly positioned itself as a vibrant hub for global trade and export. Rumit Parikh, Director - Occupier Strategy and Solutions Industrial & Logistics and Retail, Knight Frank India Pvt Ltd elaborated, “Gujarat's warehousing market has evolved significantly since 2014, transitioning from traditional godowns to modern grade-A logistics parks in cities like Ahmedabad, Baroda, Surat, and Vapi.
Gujarat has become a key player in India's real estate landscape due to its strong economic growth and industrial boom. As per Ravin Bhojani, A&T Head, Ahmedabad, CBRE India, “Gujarat is experiencing significant growth, particularly in Ahmedabad and cities like Baroda and Rajkot.
Commerce and Gujarat share an unparalleled relationship, Jigar Mota, Director - Head of Transactions, Cushman & Wakefield – Gujarat, stated, “Gujarat boasts a remarkably sustainable real estate industry across all asset classes.
Located just north of Ahmedabad Gift City, Gujarat International Finance Tec-City, is India's bold step towards becoming a global financial hub. Rutul Shah, Co-Founder & Partner, Aurtus Consulting, added, “We have been working with Gift City for over 15 years and have observed its tremendous growth.
Sharing their take on Gujarat real estate and how they envisage to make a contribution to its growth Neel Thakkar, Managing Director, Dharmadev Infrastructure Pvt Ltd, expressed, “I am fortunate to work in the housing industry, specializing in affordable housing, with units ranging from 15 to 40 lakhs.
Frequently Asked Questions
What is driving the growth of Gujarat's real estate market?
The growth of Gujarat's real estate market is driven by infrastructure development, government initiatives, and industrial growth.
What are the key issues facing Gujarat's real estate market?
The key issues facing Gujarat's real estate market include land aggregation, conversion, zoning, and acquisition.
What is the current state of Gujarat's industrial sector?
Gujarat's industrial sector is experiencing significant growth, with the state becoming a vibrant hub for global trade and export.
What is the outlook for Gujarat's commercial real estate market?
Gujarat's commercial real estate market is expected to continue growing, driven by the state's strong economic growth and industrial boom.
What is the significance of Gift City in Gujarat's real estate market?
Gift City is a bold step towards becoming a global financial hub, with the city expected to transform into a major financial center in the next 3-4 years.
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