Login Welcome, Guest
Prahlad Nagar, Bodakdev and Gurukul in demand for rented housing

Situated in Western Ahmedadbad, three localities viz-a-viz Prahalad Nagar, Bodakdev and Gurukul have become the preferred location for rented residences. This is indicated by the sharp rise in rental values in these localities in the last 3 months. All these localities are situated at a distance of 4-7 kms from each other. These were the major gainers in rental market, in Ahmedabad, with a 9-14 per cent rise during the Apr-Jun 2012 quarter, as per figures on MagicBricks.com. Connectivity to S G Highway and proximity to Satellite are the common threads driving the demand in these areas. Even though the rental market in the city witnessed an upward trend in the last quarter, the increased rental rise was largely restricted to certain pockets of the city where multinationals have come up, for instance such as Prahlad Nagar and Bodakdev," says Praveen Bavadiya,Chairman, City Estate Management. A sharp rise of 14 and 9 per cent in the average rental values of apartments was recorded in both these localities respectively, during the last quarter, as per stats available on MagicBricks.com. While the rental values in Prahalad Nagar varied between Rs 10-28 per sq ft per month during the last quarter, these values ranged between Rs 13-15 per sq ft per month in Bodakdev during the same period. Both these localities, situated at a distance of just 4 kms from each other, are strategically placed near the S G Highway within a distance of 3-5 kms. This enhances the connectivity of the areas to the city centre and other suburbs. This has also resulted in the increase in residential demand in these localities. This demand is further augmented by the working professionals, from IT firms such as Polythought Software Pvt Ltd, Code Solutions, Prodigy Software Limited etc situated along the SG Highway and in Satellite region, who look for 1 and 2BHK rented units. These professionals ask for 1 and 2BHK rented apartments, especially in areas with facilities like gymnasium, shopping and cinema complexes. In Prahlad Nagar, most projects are in the ready-to move-in stage. This leads to a rise in demand, thus pushing values," says Bavadiya. Gurukul, another locality in demand for rented dwelling, has recorded an average increase of 7 per cent in the rental values of apartments during the Apr-Jun 2012 quarter, as per MagicBricks.com. The rental values for in the locality varied between Rs 11-16 per sq ft per month during the last quarter. This price rise can be attributed to the commercial development in the locality. "The rental market has clearly performed better in terms of the average rise in prices," says Javed Syed of The New Gujarat Properties. The area houses many retail shops that cater to the daily needs of the residents. "Few IT companies have also set base here such as VB soft Ltd, Panamax Infotech Ltd, and Standard Charted Financial," informs another city based realtor Arjav Shah of Arjav Estate Consultant. The working population from these companies has also fuelled the rental demand in the locality. Demand from professionals also arises from nearby localities such as Satellite which is located a distance of 6 kms from Gurukul. Another factor that works in favour of all these three localities is the proximity to railway station and the airport, both lying at a distance of approximately 8-16 kms from these araes.