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Real estate market picking up in Rajkot

Gujarat is seeing rapid growth and transition in the realty sector following in the footprints of southern and northern states. After Ahmedabad andSurat, itsRajkotexperiencing surge in realty market, witnessing a consistent rise of 8-10 per cent in residential values in the last 9-10 months. The city is opening up to accommodate IT/ITeS companies that will create more number of jobs and thus need for housing.

According to local realtor Chintan Vohra from Swastik Properties, “The residential segment is witnessing healthy demand with 2 BHK apartments covering 800-900 sq ft and priced between Rs 35-50 lakh, finding preference”. Localities such asYagnik Road,Kalavad Road, andUniversity Roadcommanded maximum demand-supply in the residential segment during past 6-8 months.

“Rajkotis also witness to an emerging demand for premium and luxury homes from the niche segment of the society mainly consisting of businessman, HNI’s and NRI’s,” says another city-based property consultant Mayur Modi from Top Real Estate Management & Constructions. A fair amount of expansion is taking place inRajkotwith localities developing beyond the 150 ftRind Roadwhich is known as ‘New Rajkot’ showcasing some of the premium projects available at affordable values, he added. These projects are designed with latest specifications and are capable of providing a high-end lifestyle to the end users. Developers such as Dhanraj Builders Private Limited, Real Realty Management Co (P) Ltd, Rajpath Builders and Shivalik Builders, are present.

The current capital values of apartments vary from Rs 2,500-6,500 per sq ft, whereas the price range of new projects is from Rs 1,500-2,500 per sq ft. “The newly launched projects witnesses higher number of transactions and fetch more inquiries. Most of the new properties are already sold-out and is available with a premium of up to 15 per cent,” says Dharmesh Patel from Patel Estates.

Rajkot’s real estate market is seeing consistent growth and development. The inflow of investment from multinational corporation bodies is doing well for the future of both commercial and residential segment. With this pace of developmentRajkotreal estate is the emerging hotspot ofWestern India.