15% of the 400 properties at Gihed’s annual show to be luxUry homes.
The ongoing economic slowdown has affected a number of sectors in the state, but the real estate sector seems to be gradually coming out of it. This is evident from the fact that the Gujarat Institute of Housing and Estate Developers’ (Gihed) fifth annual property show, which will commence on Friday at University Convention Centre near Helmet crossroad, is exhibiting around 60-70 luxury and high-end apartment schemes.
Interestingly, of the over 400 properties that will be on display for potential buyers, almost 15% will be luxury and high-end apartments, which is higher compared to the number of such properties displayed in the last two Gihed property shows. The price rage of these properties varies from Rs50 lakh to Rs1 crore, said a highly placed Gihed official.
Commenting on the same, vice president of Gihed Suresh Patel said, “With changing times, the requirement and tastes of people are changing too. There are also those who wish to opt for spacious property, but cannot afford bungalows. For them, we have spacious apartments with specifications and detailing, which are available at a comparatively low price.”
Very often, it so happens that because of certain factors like zoning (a law that sets limit to the height and number of floors for a construction) and other related issues, the viability of bungalow project is unsuitable for both developers and buyers, said a realty consultant dealing with high net worth individuals (HNIs) and other big clients.
Hitesh Shah, director (residential), Space Management Ltd, said, “About a year and a half ago, when Ahmedabad realty market was at its peak, there was a genuine demand among property buyers for bungalows. Nearly 50 per cent of the potential buyers were looking to buy bungalows.”
However, after economic meltdown hit the global market last year, India too faced its repercussions. Gujarat in particular has been adversely affected by the prevailing circumstances. As of now, only 20 per cent buyers are looking to buy bungalows while those wanting to buy luxury and high-end apartments account for only 30 per cent of the total potential property buyers, said Shah.
Realty experts also believe that since property prices are higher in metro cities, buying property in Ahmedabad, which is on its verge of becoming a metro, is a better option. Also, the facilities and security are comparatively better and cheaper in apartments than in bungalows, added an expert.
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