Gujarat, a state in western India, has always been a good market for real estate, attributed to the general affluence of the state due to its economic development. The real estate industry is a good indicator of the economic condition of any place. Gujarat’s real estate market stands at USD 35 billion, the second-highest in the country, despite the thinning demand due to the pandemic.
The following section notes some of Gujarat’s most sought-after destinations where one may invest in real estate.
Which are the best locations to buy a house in Gujarat?
The factors to consider for the best locations in Gujarat are connectivity and the economic development of a particular location. In that regard, the identified four locations are Ahmedabad, Vadodara, Surat, and Halol.
The following segment assesses the reasons for their regard as the best in Gujarat.
It is the commercial capital of Gujarat, with easy connectivity by air, road, and rail. With an international airport, it is a gateway to the state. Ahmedabad is also under the Smart City development to improve the city’s infrastructure. Its two major projects underway are Metro Railway and Gujarat International Finance Tec-City, which will further augur the city’s profile.
It is a highly well-connected location with the Ahmedabad – Vadodara Highway, one of the best in the country. Vadodara is less than 6 hours by road from Mumbai. Hence, many companies prefer this as their second office location.
The growth of the IT sector in Vadodara has necessitated massive demand for affordable houses. It is expected that the market for homes will multiply here in the coming years.
It is traditionally famous for diamonds and textiles. Apart from these industries that continue to thrive, Surat has become a location of preference for NRI investors. The Surat Navasari Industrial Area has caught the imagination of foreign investors. Today, more than 23 medium and large-scale industries have their offices here.
The active participation of NRIs has steadily increased property prices, and the trend is expected to continue.
It is the newest entrant in the list of locations most preferred for houses in Gujarat. Halol has become an industrial hub and has companies like Sun Pharma, Hero Motorcorp, Polycab, and MG Motors with factories here.
The factories employ people with the need for high-quality yet affordable housing. Many buyers fall under the Credit Linked Subsidy Scheme, where subsidized home loan interest rates encourage house property purchases.
These locations fetch excellent rental yield for people who want to buy a property and let it out eventually. Owning a property has become very easy with easy home loan facilities from all the leading banks and financial institutions.
All you need to do is log in to the official site of any lending institution or an investment consultant and access the home loan EMI calculator embedded on the site. By entering your desired loan amount, its tenor, you can ascertain your monthly EMI liability to help your financial planning.
As a potential investor, you need to quickly assess a location/property investment potential and invest to maximize your profits before it is too late.