Baroda emerges promising on the real estate horizon !!!
Baroda emerges promising on the real estate horizon !!!in Property Time |Property News ! Tue Jan 22, 2013 6:35 pm
by Nigam kansagra
Baroda, or Vadodara as it is known in Gujarat, has all it takes for a city to metamorphose into a cosmopolitan. The fourteenth most populated city in India and renowned for its educational facilities, Baroda is set for the journey to becoming the next big city of Gujarat. Unlike Anand, Surat and Ahmedabad that have the majority population of business class and trader community which mostly converses in vernacular Gujarati, Baroda is the city of English speaking, working class educated work force and thus much more likely to attract the investors and multinational companies (MNCs).
Baroda is often christened as the Cultural Capital of the state thus making it an ideal place for the Non-Resident Indians (NRIs) to settle down if they wish so. “There was this one time in the real estate market when the property prices in Baroda were unreasonably high, but now the trend has shifted”, said Ketakii Juthani, a real estate dealer in the city.
She added, “NRIs prefer to buy property here both as a long-time investment and as a gift for their families living here. A residential property that bears the price tag of between Rs 35 lakh to Rs 55 lakh is what they usually go for.” The increasing economisation of the city is attracting more number of professional work-force, thus upping the demand for residential facilities as well.
People who had once migrated to bigger cities in search of jobs have started to return as new manufacturing companies are being established and more are set to cash on the strategic geography of the city. The areas best suited for residential properties are New Sama Road, Wasna Syed Road, Alkapuri and Nimeta Garden. The bungalows in the posh areas of the city have been home to elite class for years, and are now wooing the Non Resident Gujaratis (NRGs) too.
Some locations in the city such as Mandvi area has independent residential bungalows with all basic facilities and are available for Rs 15 lakh to Rs 25 lakh. A two room bedroom apartment in Vadodara with a carpet area unit of 850 square feet will present a starting cost of around Rs 7 to 8 lakh, which is quite affordable when compared to the property prices in other major cities.For commercial purposes Alkapuri, Jaisalpur and Karelibaug are the preferred openings.
Also, east of National Highway-8, that connects Delhi with Mumbai, is attracting a lot of corporate investments for obvious reasons in areas of Nimeta, Savli, Hanumanpura and Vaghodia. The highway provides an unmatched advantage due to the fact that it connects the national capital with the financial capital of the country. The city recently received formal approval for three special economic zones (SEZs), which include Nipiam InfoTech’s IT-ITeS SEZ, Suzlon Infrastructure’s SEZ for hi-tech engineering products and GIDC’s for the biotech industry.
Vadodara also houses L&T e-engineering, one of the highest ITeS exporters from the state and which is planning further expansion. “We would soon set up a ‘Knowledge City’ on 112 acres near Vadodara, for which a considerable amount of investment is expected”, said an official from the company. This Knowledge City would consist of 11 buildings to be constructed in the first phase and will house offices of L&T’s e-Engineering Solutions, L&T Chiyoda and others.
“Facilities like convention centre, employees’ hostel, residential colony, and food courts will also be made available”, he added. Fortune InfoTech, Global Consultants and IntelQ are some other multi-national companies that have Baroda on their mind when it comes to investing in the commercial property here. The services provided by these companies vary from audit and non-audit services to reconciliation-based work to IT-staffing and solution delivery.
True, that Ahmedabad-Gandhinagar cluster recorded in the last fiscal year, IT-ITeS exports worth Rs 320 crore approximately, almost double than the exports recorded in Vadodara, but the industry experts opine that real estate cost is a major advantage that Vadodara holds over other cities in the state. All in all, Baroda presents an extremely fertile market for both investors as well as for those seeking a home in a young, fast-paced city.
The urban development authority of Vadodara is continuously encouraging many construction companies to establish residential areas, IT parks and shopping malls within the city. The city promises a bright future not only for itself but also for those who intend to draw on the prospects of an emerging cosmopolitan.
RE: Baroda emerges promising on the real estate horizon !!!in Property Time |Property News ! Sat Aug 24, 2013 5:14 pm
by varinder • 34 Posts