Rajkot is the 4th largest city of Gujarat and the 35th biggest urban agglomeration of India. The city has a population over 1.6 million and is on its way to becoming a hot real estate destination. With the property market booming and The Rajkot Urban Development Authority (RUDA) chalking out new development plans, this emerging city will soon see more growth in the real estate sector.
Rajkot has recently been witnessing a surge in the property market. The city has been welcoming IT and ITES companies that have been instrumental in creating more jobs and consequently a higher demand for housing. The new residential projects mainly focus on township projects while the commercial ventures are concentrating on creating quality office space for MNCs. Also, the retail sector has been fast catching up as one can see a number of new shopping malls, IT parks and entertainment zones. With such fast development pace, Rajkot real estate will soon be a hot-spot for real estate investment of western India. If one is willing to park his money in the real estate of Rajkot, there are several investment options in the form of different property types – apartments, plots and individual houses.
High Demand for Real Estate
The state of Gujarat has undergone transformation over the past years and so its cities like Ahmedabad, Vadodara and Surat are also witnessing major development activities. The list also includes Rajkot, which is now seeing a spurt of activities in the realty sector. The city is following the footsteps of major cities Surat and Ahmedabad. Last year in 2012, the city saw a steady rise of nearly 10% in residential values over a period of 10 months. The city has been warming up to IT/ITeS entities that will generate more need for accommodation for professionals.
The housing segment has been seeing a healthy demand for 2 BHK flats of 800 to 900 square feet. These apartments have been priced at Rs. 35 Lac to Rs. 50 Lac and above. Areas like Yagnik Road, University Road and Kalavad Road have been seeing the maximum demand and supply of residential property in Rajkot.
The people of Rajkot are also exploring premium segment homes. This segment of residential property is aimed to target the wealthy businessmen, NRIs and HNIs. A good amount of expansion activities have been happening with localities developing around New Rajkot which houses some luxury projects at reasonable prices. These ventures have the highest quality of construction and come with the latest amenities conferring a
High-end lifestyle to residents. Real estate developers building their projects in Gujarat, include Dhanraj Builders Private Limited, Rajpath Builders, Shivalik Builders and Real Realty Management Co (P) Ltd.
At present, the capital values of flats range between Rs. 2,500 to Rs. 6,500 per square foot, while the cost of new developments in Rajkot is Rs. 1,500 to Rs. 2,500 per square foot. Like other upcoming cities, the upcoming ventures see higher enquiries and transactions.
The Development Plan
RUDA recently held the second deliberation meeting for the discussion of the revised draft Development Plan for shaping the future of Rajkot. The deliberation took place on 29th November 2013 at Hemu Gadhvi hall. The Development Authority had invited the stake holders, including MLAs, architects, businessmen and Builders to share their views on the growth plan of the region.
RUDA area spans more than 686 square kilometer and covers about 54 villages. ‘Vision 2021’ plan outlines the exponential growth plan for Rajkot, which is considered as the 22nd fastest growing city of the world.
The wondrous city of Rajkot is surrounded by Metoda GIDC and Shapar-Veraval industrial estates. As per RUDA officials, of the previous proposed development of 2001-2011, 56% growth has been achieved in residential area, 48% in commercial and 48% in industrial as against projection.
Author bio: Devika Arora is a prolific writer who compiles relevant facts and analyzes the current state of affairs pertaining to real estate and its prospects. The above article talks about real estate of Rajkot.