By Dr Suvrokamal Dutta
Not so long ago the banyan city, Vadodara, hardly figured on the list of hot real estate destinations. As a matter of fact, land, commercial and residential property was easily available at highly affordable rates. But in last two or three years, the huge inflow of industrial investment from across sectors and growing interest of real estate developers, retailers and IT giants has put Vadodara on the growth trajectory.
If experts are to be believed, it’s tough to find a good piece of land in the best areas at the right price in the city with a population of just over 15 lakh. It has come into the notice of The India Street that the Gujarat government is already working on a plan to develop Vadodara as a knowledge city to attract several leading companies such as DLF, Raheja, Infosys and Satyam to invest in the city.
In my opinion, Vadodara has huge growth potential but it faces competition from Ahmedabad and other tier-II cities, which are preferred investment destinations for leading IT players. The non-resident Gujarati investment pouring into the city will no doubt drive the real estate growth.
In terms of statistic, land prices in Vadodara have appreciated by almost 50 percent in the last two-three years. In addition, the residential and commercial property prices in Vadodara too have shot up in the last two years. Theoretically speaking, the cost of office spaces have increased to Rs 2500-3000 per square feet now from Rs 1500-1700 two years ago. The residential property prices have jumped to Rs 1500-2000 per square feet in key areas as against Rs 1000-2000 per square feet two years ago.
It is worthwhile pointing that in Vadodara, investment in residential projects mainly comes from the actual buyers, as the concept of second home is yet to pick up here. According to Raghu Romeo of Raghu real estate, the retail as well as office space demand in the city is expected to gain momentum. Several tier-III cities in the population bracket of 60,000 to one million are on the radar of the leading retailers.
The newly developing areas such as Sindhrot, Waghodia Road, Padra Road and Sevasi are emerging as promising options for investors. The proximity of the city to Ahmedabad and Surat, the key investment hot spots and the improving civic infrastructure too are fuelling the growth.
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