ahmedabad-report-2010

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ahmedabad-report-2010
Ahmedabad
A Lifeline of
Tradition
Located on the banks of river Sabarmati, Ahmedabad is the largest city in Gujarat. It has a rich cultural
tradition, being the centre of Gujarati cultural activities with its myriad ethnic and religious communities.
Popular celebrations and observances include Uttarayan - an annual kite-flying day celebrated on January
14, 2010. The nine nights of Navratri are celebrated with people performing Garba - the folk dance of Gujarat - at venues across the city. Deepavali, the festival of lights is celebrated with the lighting of lamps in
every house, decorating the floors with ‘rangoli’ and the bursting of crackers.
Ahmedabad has a chequered history. It was founded by Sultan Ahmed Shah, the erstwhile ruler of medieval Gujarat, in
1411 AD. The city declined within a century of its founding.
In 1572, Emperor Akbar seized it and assimilated it within
the great Mughal Empire. Ahmedabad became an important
business centre during the Mughal period until the death
of Aurangzeb in 1707, after which the city again went into
decline. The British seized it in 1818 and set up a number
of textile mills. It was the capital of Gujarat from 1960 to
1970.
Ever since Mahatma Gandhi established his Sabarmati
Ashram in 1917, Ahmedabad has been in the thick of the
Independence struggle. The city was at the forefront of the
Indian Independence Movement in the first half of the 20th
century. It was the centre of many civil disobedience campaigns to promote workers’ rights, civil rights and political
independence. Many important events like the Dandi March
were organised from here.
Today, Ahmedabad is the hub of trade and commerce in
Gujarat. Its commercial importance makes the city an important travel destination in India. Besides being home to
a number of important industries, it also has a number of
majestic monuments, which remind us of the culture and
history of the city.
Ahmedabad: A Fact File
Ahmedabad is the largest city in the state of Gujarat and one of
the largest urban agglomerations in India, spread across an area
of around 200 sq. kms. Located on the banks of the River Sabarmati, the city is the administrative centre of Ahmedabad district
and was the capital of Gujarat from 1960 to 1970; the capital
was shifted to Gandhinagar thereafter. In regional Gujarati language, the city is commonly referred to as Amdavad.
King Karandev 1, the Solanki Ruler, had waged a war against
the Bhil king of Ashapall or Ashaval. After his victory Karandev
established the city called ‘Karnavati’. This Hindu kingdom of
Karnavati retained its importance till early 15th century when
Gujarat fell to the Muslim Sultanate. In 1411, Karnavati was conquered by Sultan Ahmed Shah who renamed the city after his
name, as ‘Ahmedabad’. The old Ahmedabad city was encompassed within a fort named Bhadra fort built by Sultan Ahmed
Shah. This fort also had around 12 ‘darwajas’ (entry gates) with
remarkable carvings and calligraphy on them; the most famous
amongst them being the ‘Teen Darwaja’.
Ahmedabad is divided by the Sabarmati into two physically distinct eastern and western regions. The eastern bank of the river
houses the old city which is mainly characterised by packed
bazaars, clustered buildings, and numerous places of worship.
It houses the main railway station, the General Post Office, and
few buildings of the Muzaffarid and British eras. The colonial period saw the expansion of the city to the western side of Sabarmati, facilitated by the construction of Ellis Bridge in 1875 and
later with the modern Nehru Bridge. This part of the city houses
educational institutions, modern buildings, well-planned residential areas, shopping malls, multiplexes and new business districts centred around key roads like Ashram Road and SarkhejGandhinagar Highway.
Administrative Framework & Population
Ahmedabad is administered by the Ahmedabad Municipal Corporation (AMC). Some of the regions surrounding the city are
administered by the Ahmedabad Urban Development Authority
(AUDA). The AMC was established in July 1950 under the Bombay Provincial Corporation Act, 1949. For administrative purpos-
es, the city has been divided into 43 wards. As per census 2001,
the population of Ahmedabad Urban Agglomeration was 4.51
million while the AMC area was 3.51 million.
The Ahmedabad Metropolitan Region (AMR) plan is being considered wherein the city’s limits would be stretched as far as
Viramgam, Mehsana, Prantij, Petlad, Umreth, Tarapur and Nalsarovar. AMR would thus become mammoth metro encompassing
parts of five districts - Ahmedabad, Gandhinagar, Kheda, Anand
and Mehsana.
Infrastructure
In recent years, there has been an increased focus by the Gujarat government on the modernisation of the city’s infrastructure,
thus providing for the construction of larger roads and improvements to water supply, electricity and communications system.
Also, the completion and operation of the Sardar Sarovar dam
project has improved the supply of potable water and electricity
for the city.
Domestic and International Airport
One of the busiest airports in the state, the ‘Sardar Vallabhbhai
Patel International Airport’ serves both domestic as well as international flights which connect the city to key places within India
as well as destinations abroad.
The city of Ahmedabad is well connected with roads and rail network. The Ahmedabad railway station holds as a junction with
railway lines emerging towards Mumbai, Delhi, Saurashtra and
Kutch.
Road Connectivity
and buses are the most popular forms of public transport. The
Ahmedabad Municipal Transport Service (AMTS) runs the local
bus service in the city plying around 750 buses.
Rail Network
Ahmedabad is one of the six operating divisions of the Western
Railway with linkage to all key towns in Gujarat and other major
Indian cities. The Union Railway Minister had announced earlier in the year, that a feasibility study would be carried out on
starting a bullet train on Ahmedabad-Mumbai-Pune stretch. The
bullet train will reduce travel time between Ahmedabad-Pune &
Ahmedabad-Mumbai significantly.
BRTS
Presently Bus Rapid Transit System (BRTS) is operational from
RTO circle to Kankaria Lake, Maninagar; which is part of phase
I of the BRTS project. Recently, the (BRTS) of Ahmedabad has
been adjudged the best sustainable transport system in the
world by the Institute for Transportation and Development Policy
(ITDP).
The AMC has initiated to develop the Sabarmati riverfront and
with this objective, a separate company named Sabarmati
River Front Development Corporation Limited (SRFDCL) was
formed in 1997. Some of the noteable features of the project
include construction of embankments on both sides of the river,
retention of river water throughout the year, development of public gardens, wide public promenades, and development of wide
roads along the entire length on both the riverbanks. Besides
beautification, flood management, strengthening of the road network and relocation and rehabilitation of slums, are other focus
areas of the project.
SEZ Update
Details of the SEZs located in and around Ahmedabad is tabulated below
Sr.
No.
Name
Location
Type
Area (in
hectares)
1.
Calica Construction & Impex
Pvt. Ltd.
Village Ognaj, Taluka Dascroi, District Ahmedabad
IT/ITES
10.43
2.
City Gold Realty Pvt. Ltd.
Sanathan (Sarkhej-Bavla Highway), Sanand,
Ahmedabad
IT/ITES
10.51
3.
CPL Infrastructure Pvt. Ltd.
Ahmedabad
Pharmaceutical
122.30
4.
Dishman Infrastructure Ltd.
Villages Kalyangadh and Gangad, Taluks Bavla,
District Ahmedabad
Pharmaceutical
106.83
5.
Ganesh Infrastructure Pvt. Ltd.
Charrodi, Dascroi, Ahmedabad
IT/ITES
32.71
6.
GIDC
Ahmedabad
Apparel
38.04
7.
Myron Realtors Pvt. Ltd.
Village Santhal, Taluka Sanand, District Ahmedabad
IT/ITES
10.68
8.
N G Realty Pvt. Ltd.
Rajoda, Taluka Bawla, District Ahmedabad
Engineering
105.56
9.
Zydus Infrastructure Pvt. Ltd.
Ahmedabad
Pharmaceutical
48.83
Ahmedabad city is an important station on the National Highway
8 which connects Delhi to Mumbai. The recent completion of the
6-laned Express Highway from Ahmedabad to Baroda, part of
the Golden Quadrilateral Project, has reduced travel time considerably. Ahmedabad is directly connected by highways to other
major places in the state like Gandhinagar, Bhavnagar, Nadiad,
Mehsana, Surendranagar, Bhuj and Rajkot.
Source: Ministry of Commerce & Industry, Dept. of Commerce
The Mahatma Gandhi Road, C. G. Road, the Jawaharlal Nehru
Road, Ashram Road and the Sarkhej-Gandhinagar Highway (SG
Road) are the major artery roads within the city. Auto rickshaws
The information technology industry has developed significantly in Ahmedabad. A NASSCOM survey in 2002 on the “Super Nine Indian
Destinations” for IT-enabled services ranked Ahmedabad fifth among the top nine most competitive cities in the country. Popularly
known as the ‘Manchester of the East’, the city is one of the largest suppliers of denim. It is also one of the largest exporters of gems
and jewelery in India.
Major Locations within Ahmedabad
Organised Retail Development
At present, Ahmedabad has around 3.7 million sq. ft. of operational mall space with majority of the space concentrated in the West
zone. Additional 5 million sq. ft. of mall space is planned over the next couple of years.
Mall Space Distribution in Ahmedabad
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
West
Operational
Central
South
North
East
Under-construction/Proposed
Source: ICICI Property Services
Details of malls in Ahmedabad are tabulated below
Sr. No.
Note:Map not to scale and is for illustration purposes only.
Mall Name
Site Location
Zone
Total Area in million sq.ft. (Approx.)
Status
1
10 Acres
Kankaria
South
0.5
Operational
2
Central Mall
Ambawadi
West
0.2
Operational
3
City Gold Mall
Satellite
West
0.2
Operational
4
Dev Mall
S G Road
West
0.4
Operational
5
Fun Republic
Satellite
West
0.3
Operational
6
Gallops Mall
S G Road
West
0.1
Operational
7
Himalaya Mall
Gurukul
West
0.5
Operational
8
Himalya Exotica
Wadaj
North
0.1
Operational
9
Iscon Mall
S G Road
West
0.5
Operational
10
Kshitij Mall
Satellite
West
0.5
Operational
11
R 3 Mall
Gurukul
West
0.4
Operational
Continued on the next page
Continued from the previous page
Continued from the previous page
Details of malls in Ahmedabad are tabulated below
Supply of Residential Units coming up by December 2012
Sr. No.
Mall Name
Site Location
Zone
Total Area in million sq.ft. (Approx.)
Status
Zone
East
Apartment Type
Average Size of a flat (in sq. ft.)
No. of Units
Total Area ( Million sq. ft.)
0.37
12
Acropolis
Thaltej
West
0.5
Completed
1 BHK
683
538
13
SRS Shital Versa 3
Vijay Char Rasta
Central
0.3
Completed
2 BHK
1055
1144
1.21
14
JBR Mall
Science City
West
0.2
Proposed
3 BHK
1358
105
0.14
4 BHK / RH / Bungalow
1381
55
0.08
1842
1.79
15
Balaji Mall
Chandkheda
North
0.2
Under Construction
16
City Center
Vastrapur
West
0.4
Under Construction
17
Ganesh Meridian
S G Road
West
0.8
Under Construction
18
Kalasagar
Satadhar
West
0.4
Under Construction
19
Kunj Grand
Nikol
East
0.1
Under Construction
20
Kunj Mall
Nikol
East
0.1
Under Construction
21
Parsvnath Mall
Prahladnagar
West
1
Under Construction
22
Regency Centre
Satellite
West
0.3
Under Construction
23
Shapath V
S G Road
West
0.2
Under Construction
24
SRS Shital Versa 5
Nehrunagar
West
0.2
Under Construction
25
Venus Square
C G Road
Central
0.3
Under Construction
Total
West
1 BHK
641
240
0.15
2 BHK
1212
457
0.55
3 BHK
1900
1198
2.28
4 BHK / RH / Bungalow
6203
216
1.34
Plotted development
Central
Source: ICICI Property Services
Supply of Residential Units coming up by December 2012
A residential supply of around 15.3 million sq. ft. is expected in Ahmedabad by year 2012 with majority of development coming up in
West zone.
Zone
Apartment Type
Average Size of a flat (in sq. ft.)
No. of Units
Total Area ( Million sq. ft.)
North
1 BHK
730
145
0.11
2 BHK
1164
1412
1.64
3 BHK
1858
1415
2.63
2972
4.38
700
145
0.1
2 BHK
964
310
0.3
3 BHK
1368
20
0.03
4 BHK / RH / Bungalow
1665
10
0.02
485
0.44
Total
South
1 BHK
Total
Continued on the next page
4599
Total
905
4.16
3016
8.49
2 BHK
1170
12
0.01
3 BHK
1877
105
0.20
Total
117
0.21
Total Supply expected by Dec 2012
8432
15.31
Source: ICICI Property Services
Note: The above represents some of the key developments and not the universe
Distribution of residential supply (no. of residential units) in pipeline across Ahmedabad
Distribution of Residential Supply in Ahmedabad (in no. of units)
1%
36%
35%
North
22%
6%
South
East
West
Central
Source: ICICI Property Services
Note: The above represents some of the key developments and not the universe
North Ahmedabad
Major locations: Chandkheda, Motera, Ranip, Sabarmati
• Gujarat Urban Development Company along-with Infrastructure Lease and Financial Services (IL & FS) have jointly
promoted the ‘Gujarat International Finance Tec-City’ (GIFT)
which is proposed on 550 acres of land parcel spread between the Sabarmati River (to the west) and NH-8 (to the
east).
• The GIFT city would be around 12 kms from the Airport and
about 8 kms from Gandhinagar. Plans are to develop GIFT as
a world class hub to facilitate the delivery of a wide range
of cross-border financial services to clients in other countries.
Residential Market in North Ahmedabad
Average Apartment Size of 2 BHK (in sq. ft.)
1164
Average Apartment Size of 3 BHK (in sq. ft.)
1858
Total Supply (in mn. sq.ft.) by Dec. 2012
4.38
Total Supply (in no. of units) by Dec. 2012
2972
Source: ICICI Property Services
Distribution of Residential Supply as per
Apartment Type
Distribution of Apartment Type - North
Ahmedabad
5%
• It is estimated that it would be provide around 10 lac new
employment opportunities by 2020.
• It would not only include commercial development but also
comprise of residential buildings, hotel, retail, recreation,
and other infrastructure facilities.
• Motera houses the famous Sardar Patel stadium, which is
also a venue for international cricket matches.
• Godrej Properties has recently launched its residential project - ‘Godrej Garden City’ at Jagatpur which plans to house
around 10000 units in a phased manner mainly offering 2
BHK and 3 BHK configurations.
48%
47%
• Some of the prominent developers in this region include
Godrej Properties, Manpasand Infrastructures, Parswanath,
Swagat Group and others.
1 BHK
Source: ICICI Property Services
2 BHK
3 BHK
Some of the residential projects in North Ahmedabad
Project
Developer
Average Capital Values
Godrej Garden City
Godrej Properties
Parshwanath Metrocity
Property price movement (Mar’05 - Mar’09)
No. of Units
Date of Completion
Rs. 25 lac onwards
1000 (approx. upto 2012)
2012
Parshwanath Developers
Rs. 21 lac onwards
205 (balance)
Jul 2010
Sangath Sky
Manpasand Infrastructures
Rs. 29 lac onwards
96
Apr 2011
Swagat Rainforest
Swagat Group
Rs. 20.7 lac onwards
124
Oct 2010
Source: ICICI Property services
Residential Property Rates in prime residential markets of North Ahmedabad
Location
Average Capital Values (Rs./sq.ft)
Rentals for 2 BHK (Rs./month)
Outlook
Chandkheda
1400-1800
6000
R
Motera
1400-1800
5500
R
New Vadaj
1300-1600
4500
S
Ranip
1400-1800
5500
R
Sabarmati
1400-1800
6000
R
Source: ICICI Property Services
*Rates mentioned are based on Built-up area & are subject to amenities, upkeep & vary from apartment to apartment within the same building. Rates mentioned
above are subject to change at any given point of time.
R - Rising
F - Falling
S - Stagnant
SW - Stagnant but likely to weaken
SS - Stagnant but likely to strengthen
Property price movement index - North Ahmedabad
300
280
260
240
220
200
180
160
140
120
100
Mar'05 Mar'06 Mar'07 Jun'07 Sep'07 Dec'07 Mar'08 Jun'08 Sep'08 Dec'08 Mar'09 Jun'09 Sep'09 Dec'09
Chandkheda
Sabarmati
Ranip
New Wadaj
Source: ICICI Mortgage Valuation Group (Assuming 100 as a base reference no. for Mar’05)
Comparison of actual (A) and real & logical (R&L) price movement
North Ahmedabad
Below chart brings out a comparison between quarterly property price movements and changes in consumer price index for Ahmedabad city. Since zone wise inflation data is not available we have substituted the Ahmedabad City inflation figures for each zone.
300
250
200
150
100
50
0
Mar
2005
Mar
2006
North (A)
Mar
2007
Jun
2007
Sept
2007
Dec
2007
Mar
2008
Jun
2008
Sept
2008
Dec
2008
Mar
2009
Jun
2009
Sep
2009
Dec
2009
North (R&L)
Above chart depicts that the property prices have risen more than proportionately than the real & logical prices over the last one year
in North Ahmedabad.
South Ahmedabad
Major locations: CTM, Ghodasar, Isanpur, Jashodanagar, Maninagar, Narol, Vatva
• Chandola lake and Kanakaria lake, situated in this region,
are amongst the most visited tourist destinations.
• Swaminarayan Mandir, a famous Hindu shrine, is located
in Maninagar.
• Proximity to the Ahmedabad Baroda express highway has
boosted real estate development in this area.
• Avalon Group has its ongoing project ‘Avalon Courtyard’
which offers 2 BHK apartments, at Ghodasar.
• Similar to central Ahmedabad, availability of new plots is
limited in this part as well. This had led to steady rise in land
prices at developed locations of this region like Maninagar.
Residential Market in South
Ahmedabad
Average Apartment Size of 1 BHK (in sq. ft.)
700
Average Apartment Size of 2 BHK (in sq. ft.)
964
Total Supply (in mn. sq.ft.) by Dec. 2012
0.44
Total Supply (in no. of units) by Dec. 2012
485
Source: ICICI Property Services
Distribution of Residential Supply as per
Apartment Type
Distribution of Apartment Type - South
Ahmedabad
4%
2%
• Vatva is mainly an industrial area with presence of the GIDC,
housing varied industries such as plastics, light & heavy engineering, machinery and components, chemicals, paints,
pharmaceuticals, and others.
30%
• Some of the prime developers in this region include Avalon,
Darshan Buildcon, Satyam Developers Ltd, Tulip Corporation and others.
64%
1 BHK
2 BHK
Source: ICICI Property Services
3 BHK
4 BHK/RH/Bungalow
Some of the residential projects in South Ahmedabad
Project
Developer
Average Capital Values
Avalon Courtyard
Avalon Projects
Pushkar Residency
Satyam Developers
Property Price Movement (Mar’05 - Dec’ 09)
No. of Units
Date of Completion
Rs. 19.4 lac onwards
340
2011
Rs. 9.69 lac onwards
250
Ready
Source: ICICI Property Services
Residential Property Rates in prime residential markets of South Ahmedabad
Location
Average Capital Values (Rs./sq.ft)
Rentals for 2 BHK (Rs./month)
Outlook
CTM
1500-1800
5500
S
Ghodasar
1500-1800
5500
R
Isanpur
1500-1800
5000
R
Jashodanagar
1400-1700
4500
R
Maninagar
2500-3000
8000
R
Narol
800-1200
3000
SS
Vatva
800-1000
2500
S
Source: ICICI Property Services
*Rates mentioned are based on Built-up area & are subject to amenities, upkeep & vary from apartment to apartment within the same building. Rates mentioned
above are subject to change at any given point of time
R - Rising
F - Falling
S - Stagnant
SW - Stagnant but likely to weaken
SS - Stagnant but likely to strengthen
Property Price movement index - South Ahmedabad
300
280
260
240
220
200
180
160
140
120
100
Mar'05 Mar'06 Mar'07 Jun'07 Sep'07 Dec'07 Mar'08 Jun'08 Sep'08 Dec'08 Mar'09 Jun'09 Sep'09 Dec'09
Maninagar
Isanpur
Ghodasar
Narol
Jasodanagar
CTM
Vatwa
Source: ICICI Mortgage Valuation Group (Assuming 100 as a base reference no. for Mar’05)
Comparison of actual (A) and real & logical (R&L) price movement
Below chart brings out a comparison between quarterly property price movements and changes in consumer price index for Ahmedabad city. Since zone wise inflation data is not available we have substituted the Ahmedabad City inflation figures for each zone.
South Ahmedabad
300
250
200
150
100
50
0
Mar
2005
Mar Mar
2006 2007
South (A)
Jun
2007
Sept Dec
2007 2007
Mar
2008
Jun
2008
Sept Dec
2008 2008
Mar
2009
Jun Sep
2009 2009
Dec
2009
South (R&L)
The gap between the actual property prices and the real & logical price points has steadily widened since Dec 2008.
East Ahmedabad
Major locations: Hansol, Naroda, Nikol, Odhav, Shahibaug
• Shahibaug is one of the better developed parts in
Ahmedabad.
• The Naroda GIDC industrial area houses many big industrial
houses like the Reliance Industries.
• Odhav too has an industrial area which consists of over
1200 industrial units.
• Areas like Naroda & Nikol have witnessed significant residential development in recent years. Availability of land at
relatively cheaper prices has helped developers build affordable housing options in this region.
Residential Market in East
Ahmedabad
Average Apartment Size of 1 BHK (in sq. ft.)
683
Average Apartment Size of 2 BHK (in sq. ft.)
1055
Total Supply (in mn. sq.ft.) by Dec. 2012
1.79
Total Supply (in no. of units) by Dec. 2012
1842
Source: ICICI Property Services
Distribution of Residential Supply as per
Apartment Type
Distribution of Apartment Type - East Ahmedabad
6%
• Some of the key tourist destinations like ‘Shaking Minarates’, ‘Budhibhajan Hanuman Hall and ‘Qutabi Mazar’ are
located in this region.
3%
29%
• ‘India Bulls Real Estate’ has its ongoing project-‘Indiabulls
Central Park’ at Saraspur which plans to house around 800
units.
• Galaxy Group has its bungalow project at Nikol-‘Galaxy
Bungalows’ consisting of around 100 units offering 3 & 4
BHK configuration.
• ‘Krish Residency’ by Savaliya Builders is one of the notable
ongoing projects at Naroda which houses over 200 units
offering 2 BHK and 3 BHK configurations.
• Some of the major developers in this region include Galaxy,
India Bulls Real Estate, Savaliya Builders and others.
62%
1 BHK
2 BHK
Source: ICICI Property Services
3 BHK
4 BHK/RH/Bungalow
Some of the residential projects in East Ahmedabad
Property Price Movement (Mar’05 - Dec’ 09)
Project
Developer
Average Capital Values
No. of Units
Galaxy Bungalows
Galaxy Avenue Pvt. Ltd.
Rs. 24.37 lac onwards
101 (around 25 unsold)
Indiabulls Central Park
Indiabulls Real Estate
Rs. 9.75 lac onwards
800
Krish Residency
Savaliya Builders
Rs. 13.75 lac onwards
238 (around 25 unsold)
Date of Completion
Ready
Jun 2010 onwards
Ready
Source: ICICI Property Services
Residential Property Rates in prime residential markets of East Ahmedabad
Location
Average Capital Values (Rs./sq.ft)
Rentals for 2 BHK (Rs./month)
Outlook
Hansol
1700-2000
6000
S
Naroda
1100-1400
4000
R
Nikol
1100-1400
4000
R
Odhav
1100-1400
4000
SS
Shahibaug
2500-3200
8000
SS
Source: ICICI Property Services
*Rates mentioned are based on Built-up area & are subject to amenities, upkeep & vary from apartment to apartment within the same building. Rates mentioned
above are subject to change at any given point of time.
R - Rising
F - Falling
S - Stagnant
SW - Stagnant but likely to weaken
SS - Stagnant but likely to strengthen
Property price movement index - East Ahmedabad
300
280
260
240
220
200
180
160
140
120
100
Mar'05 Mar'06 Mar'07 Jun'07 Sep'07 Dec'07 Mar'08 Jun'08 Sep'08 Dec'08 Mar'09 Jun'09 Sep'09 Dec'09
Shahibaug
Source: ICICI Mortgage Valuation Group (Assuming 100 as a base reference no. for Mar’05)
Comparison of actual (A) and real & logical (R&L) price movement
Below chart brings out a comparison between quarterly property price movements and changes in consumer price index for Ahmedabad city. Since zone wise inflation data is not available we have substituted the Ahmedabad City inflation figures for each zone.
East Ahmedabad
300
250
200
150
100
50
0
Mar
2005
Mar
2006
East (A)
Mar
2007
Jun
2007
Sept
2007
Dec
2007
Mar
2008
Jun
2008
Sept
2008
Dec
2008
Mar
2009
Jun
2009
Sep
2009
Dec
2009
East (R&L)
Above chart depicts that the property prices in East Ahmedabad have consistently risen more than proportionately than the real &
logical prices.
West Ahmedabad
Major locations: Bodakdev, Bopal, Jodhpur, Makarba, Prahladnagar, Satellite, Thaltej, Vastrapur, Vejalpur
• Majority of the residential development in Ahmedabad is
concentrated in west Ahmedabad.
• Over 6 million sq. ft. of residential space is planned in this
region.
• Bodakdev, Prahladnagar & Satellite are the upscale localities of the city.
• This part has a good network of roads which effectively
connects this place to all other places within as well as
outside Ahmedabad.
• Bopal and Shilaj belt is amongst the fast emerging corridors
for residential real estate development. Land availability and
proximity to SG Highway are key factors which are propelling growth in this area.
• The moving of Tata Nano plant to Sanand may result in development of Ahmedabad further west of SP Ring road. This
could boost the affordable housing segment in this region.
• Several plotted development projects have come up in this
region, mainly around the Sardar Patel Ring Road.
• The Bakeri Group has many projects in Vejalpur like the Sanatan Residency which offers 2 BHK units while Sanmukh,
Suprabh & Shakshat offer 1 BHK configurations which are
mainly affordable housing propositions.
• HIRCO Group, one of the big names in Indian real estate, is
planning to set up a mixed use township in this region.
• Goyal, Gala, Ganesh Housing, Bakeri Group, Pacifica, Safal
Group and West Wing Infrastructure are some of the prominent developers in this region.
Residential Market in West
Ahmedabad
Average Apartment Size of 2 BHK (in sq. ft.)
1212
Average Apartment Size of 3 BHK (in sq. ft.)
1900
Total Supply (in mn. sq.ft.) by Dec. 2012
8.49
Total Supply (in no. of units) by Dec. 2012
3016
Source: ICICI Property Services
Distribution of Residential Supply as
per Apartment Type
Distribution of Apartment Type - West
Ahmedabad
8%
• This region also has around 9 operational malls, and an
equal number of additional malls have been planned.
15%
30%
• Alpha G-Corp has their ongoing mixed use development
project ‘AlphaOne’ at Vastrapur. The project spanning
around 1.2 million sq. ft. would comprise of retail, entertainment, hotel, and service apartments.
7%
• The prestigious Indian Institute of Management (IIM) is located in this region.
• Marriott has recently opened up its new property - ‘Courtyard Ahmedabad’ with 164 rooms, at Satellite Road.
40%
1 BHK
2 BHK
3 BHK
Source: ICICI Property Services
4 BHK/RH/Bungalow
Plotted development
Some of the residential projects in West Ahmedabad
Project
Developer
Average Capital Values
Asmakaam
Nila Infrastructure
Rs. 20 lac onwards
Iscon Flower
Iscon Developers
Safal Parisar II
Property Price Movement (Mar’05 - Dec’ 09)
No. of Units
Date of Completion
130 (Phase - II)
Oct 2010
Rs. 20.96 lac onwards
415 (around 40 unsold)
Mar 2011
Safal Group
Rs. 30 lac onwards
568 (around 320 unsold)
Jun 2011
Samatva
West Wing Infrastructure
Rs. 50 lac onwards
324
Ready
Shukan Villa
Bakeri Group
Rs. 32 lac onwards
24
Ready
Source: ICICI Property Services
300
250
200
100
Location
Average Capital Values (Rs./sq.ft)
Rentals for 2 BHK (Rs./month)
Outlook
Bodakdev
3000-3500
9000
SS
Bopal
1800-2500
6000
R
Jodhpur
2700-3200
8000
SS
Prahladnagar
2700-3200
8000
SS
Satellite
2700-3200
8000
SS
Thaltej
2300-2700
7000
R
Vastrapur
2700-3200
8000
SS
Vejalpur
1500-2200
5000
R
Source: ICICI Property Services
*Rates mentioned are based on Built-up area & are subject to amenities, upkeep & vary from apartment to apartment within the same building. Rates mentioned
above are subject to change at any given point of time.
F - Falling
350
150
Residential Property Rates in prime residential markets of West Ahmedabad
R - Rising
Property price movement index - West Ahmedabad
S - Stagnant
SW - Stagnant but likely to weaken
SS - Stagnant but likely to strengthen
Mar'05 Mar'06 Mar'07 Jun'07 Sep'07 Dec'07 Mar'08 Jun'08 Sep'08 Dec'08 Mar'09 Jun'09 Sep'09 Dec'09
Satellite
Vastrapur
Bodakdev
Jodhpur
Thaltej
Bopal
Source: ICICI Mortgage Valuation Group (Assuming 100 as a base reference no. for Mar’05)
Comparison of actual (A) and real & logical (R&L) price movement
Below chart brings out a comparison between quarterly property price movements and changes in consumer price index for Ahmedabad city. Since zone wise inflation data is not available we have substituted the Ahmedabad City inflation figures for each zone.
West Ahmedabad
300
250
200
150
100
50
0
Mar
2005
Mar
2006
West (A)
Mar
2007
Jun
2007
Sept
2007
Dec
2007
Mar
2008
Jun
2008
Sept
2008
Dec
2008
Mar
2009
Jun
2009
Sep
2009
Dec
2009
West (R&L)
There has been a huge gap between the actual property prices in West Ahmedabad and the real & logical prices which reflect that the
property prices have risen more than proportionately vis a vis the consumer price index.
Central Ahmedabad
as the Income tax office, Reserve Bank of India office, Gujarat Chamber of Commerce & Industry, and others.
Major locations: Ashram Road, C G Road, Navrangpura, Paldi,
Usmanpura, Vasna
• Ashram road is an established Central Business District
(CBD) of Ahmedabad.
• Besides housing the famous Sabarmati Ashram, the central
part of Ahmedabad also houses government buildings such
• The National Institute of Design, which is one of the premier
design schools in India, is located in Paldi.
• C G Road is one of the main high streets of Ahmedabad with
presence of most of the leading retail brands.
• Due to paucity of space, there is not much residential development happening in this part of Ahmedabad.
Residential Property Rates in prime residential markets in Central Ahmedabad
Location
Average Capital Values (Rs./sq.ft)
Rentals for 2 BHK (Rs./month)
Outlook
Ashram Road
2500-3000
8500
SS
C G Road
2700-3200
8500
SS
Navrangpura
2700-3200
8500
SS
Paldi
2200-2500
8000
R
Usmanpura
2700-3000
8500
SS
Source: ICICI Property Services
*Rates mentioned are based on Built-up area & are subject to amenities, upkeep & vary from apartment to apartment within the same building. Rates mentioned
above are subject to change at any given point of time.
R - Rising
F - Falling
S - Stagnant
SW - Stagnant but likely to weaken
SS - Stagnant but likely to strengthen
Property Price Movement (Mar’05 - Dec’ 09)
Ahmedabad Absorption Index
Property price movement index - Central Ahmedabad
There has been a steady rise in the residential real estate transactions in Ahmedabad as is apparent from the below chart.
350
Ahmedabad Residential Real Estate Absorption Index
300
200
180
250
160
140
200
120
150
100
100
80
Mar'05 Mar'06 Mar'07 Jun'07 Sep'07 Dec'07 Mar'08 Jun'08 Sep'08 Dec'08 Mar'09 Jun'09 Sep'09 Dec'09
Navrangpura
Usmanpura
Paldi
Vasna
Ashram Road
Naranpura
Source: ICICI Mortgage Valuation Group (Assuming 100 as a base reference no. for Mar’05)
Comparison of actual (A) and real & logical (R&L) price movement
Below chart brings out a comparison between quarterly property price movements and changes in consumer price index for Ahmedabad city. Since zone wise inflation data is not available we have substituted the Ahmedabad City inflation figures for each zone.
Central Ahmedabad
300
250
200
150
100
50
0
Mar Mar Mar Jun Sept
2005 2006 2007 2007 2007
Central (A)
Dec Mar
2007 2008
Jun Sept Dec
2008 2008 2008
Mar Jun Sep Dec
2009 2009 2009 2009
Central (R&L)
Above chart reflects that the actual property prices in Central Ahmedabad continue to rise at a pace higher than the consumer price
index.
60
40
20
0
Jan-09
Feb-09
Mar-09
Source: ICICI Mortgage Valuation Group
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Location Attractiveness Index
Research and Consultancy
Upon comparing different locations within Ahmedabad on various parameters as tabulated below, it appears that despite the high
residential costs, Prahladnagar and Satellite score more points due to the proximity to commercial development and organised retail,
as well as the future infrastructure plans and employment opportunities. Amongst emerging locations, Bopal seems to be the most
attractive location, due to future infrastructure plans and affordable residential costs.
ICICI Property Services is a division of ICICI Home Finance Company Limited, a 100% subsidiary of ICICI Bank. ICICI PSG provides real
estate solutions to home seekers, corporate investors, space occupiers and developers/landlords. ICICI Property Services addresses
the entire bandwidth of a real estate deal from concept to conclusion. Research & Consultancy (R&C), a specialised group within ICICI
PSG, offers both real estate advisory and consumer demographic analysis backed by both primary & secondary research. The following
chart explains in brief the various services offered by R&C.
Satelite/
Prahlad
nagar
Bodakdev
Naroda
Shahibaug
Chandkheda
Infrastructure(c
onnectivity,roa
ds,proximity to
markets,schools)
Maninagar
Bopal
Navrangpura
Feasibility Studies
Asset Advisory
• Optimum Land Use Analysis
• Entry Strategy
• Supply Estimation
• Market Analysis
• Site Analysis & SWOT
• Pricing Strategy
• Demand Projections
• City and Region Prioritisation and
• Expected Absorption Trends
• Catchment Analysis
tioning (Space Programming &
Demarcation for Optimum Utilisa- • Trande & Tenant Mix
tion of space)
• Land Valuation
• Financial Analysis
Disclaimer
Proximity to/
Presence of Organised Retail
This document is being communicated to you solely for the purposes of
providing our views on current market trends.
This document is being communicated to you on a confidential basis
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Proximity to
commercial
development
Future
Infrastructure
Development
Future Employment Generation
Source: ICICI Property Services
Key to the Location Attractiveness Index
Good / Low Cost
Above Average
Below Average
Bad / High Cost
Average / Medium Cost
Market Research
• Location Analysis
• Size, Pricing, Phasing and Posi-
Residential
Cost
Strategic Advisory
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own risk.
The information set out in this document has been prepared by ICICI
HFC Ltd. based upon projections which have been determined in good
Expansion Strategy
• Demographic Analysis
• Consumer Trends
• Consumer Behaviour Analysis
faith by ICICI HFC Ltd. There can be no assurance that such projections
will prove to be accurate. ICICI HFC Ltd. does not accept any responsibility for any errors whether caused by negligence or otherwise or for
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