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Bodakdev witnessing rise in residential values

Bodakdev, located in West Ahmedabad, is witness to enhanced demand in the residential sector. Opening up of job opportunities, expansion of IT industries and educational institutes has created an immense demand for homes in Ahmedabad. Bodakdev, Bopal, SG Highway, Vastrapur are few of the localities experiencing significant demand and supply in the residential sector.

According to Mayur Prakash from Prakash Estates, “Bodakdev is the fastest growing locality of Ahmedabad. The area saw an escalation of up to 25 per cent in the capital values of apartments and plots during the past six months. The number of transactions also increased up to 20 per cent during the same period.”

Bodakdev is strategically located near SG Highway and Drive in Road and is easily connected with the city centre and suburban areas. Also, availability of physical and social infrastructure such as good roads, schools, public transport, retail outlets, malls and entertainment hub in proximity makes it further more favourable living destination.

“Apart from apartments, builder floor is the other popular housing category picking up these days,” says Sameer Mishra, of SVS Properties. Most of the builders are converting plots into single floors and then selling to earn more profit and buyers are also finding it good deal, he added.

Bodakdev is also noticing fair demand in the premium segment. Maruti Group has launched two projects namely ‘Zenobia’ and ‘Celedron’ which are luxury apartment projects. Dwarkadhish Tower, Nabula Tower, Grand Bhavan, Savita Enclave, Shripal Residency are the other spacious apartment projects in the area.  The newly constructed apartments are doing number of business and more than 80 per cent are sold out. The under-construction apartments are also fetching premium and are available in resale, confirms Prakash.

The current capital values of apartments and builder floor ranges from Rs 4,500-10,000 per sq ft. The rental segment is too enhancing and an increase of up to 25 per cent was noted during past 6-8 months. This can be attributed to increasing demand from students and young professionals migrated to city for job purposes, Mishra added.

Bodakdev is emerging as an upscale location of Ahmedabad and is anticipated to witness more demand and escalation in values after completion of under-construction projects.