Around 28 schemes are under way in the areas surrounding Nal Sarovar of which a dozen have already been launched in the past eight months.
The dream to own a property amidst the natural surroundings of Nal Sarovar is back on the minds of people. To transform this dream into reality, real estate players have come up with residential projects. Around 28 schemes are under way in the areas surrounding Nal Sarovar of which a dozen have already been launched in the past eight months. Real estate players believe this trend will continue with more groups set to come up with educational projects in and around the region.
Pravin Bavadiya, chief executive officer of City Estate Management, said that the properties in Nalsarovar area will be second or weekend homes for the investors. It is unlikely that they would become their first homes. "However, the people working in nearby areas such as Dholera SIR, Nano Plant, Changodar, etc may prefer to stay in this area after a few years," said Bavadiya.
The rate of properties in the area ranges from Rs500 to Rs4,000 per square yard. The price is determined after taking into consideration the location and the amenities provided by the developers. "The main reasons for investing in the Nal Sarovar region are its natural surrounding, the migratory birds that keep coming there, affordable rates and also its proximity to Ahmedabad," said Hitesh Shah, chief executive of residential projects of Space Management Ltd.
There was a fall in demand for properties last year because of recession and its effects on the financial market. Sources told DNA that this could be the reason for lower demand.
The recent trend also shows that people like a diversified portfolio for investing. Property in this area is available at low rates, so investors could have the benefit of enjoying their week-ends here and also expect appreciation in price in the future.
"Moreover, various sizes of plots are available here, starting from 150 sq yards. So, even the middle class man with decent savings can afford to have a weekend home here," said Shah.
If the market buzz is to be believed, more than a dozen more players are mulling the option of launching residential projects in the area. The real estate developers believe that Sanand-Viramgam and Ahmedabad-Bavla-Bagodara roads are fast developing as industrial zones. Thousands from Ahmedabad come to this area for their work. The realtors are banking on this group who might prefer the area for their first home.
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