How NRIs Are Affecting Real Estate Property in Ahmedabad

Ahmedabad’s real estate market has been evolving gradually. When talking about the major home buyers, the market caters to the demand of mid-segment home buyers. The city has traditionally been a cost-conscious market with high demand for affordable housing in Ahmedabad. But in recent past, the city has seen an increased number of luxury projects. Apart from the shift in housing segment, the point to be noticed here is that the demand is increasing at a time when the overall market is showing signals of slowdown.

The reason behind increasing number of luxury projects by top builders in Ahmedabad is demand from the non-resident Indians (NRIs). As per a recent report, almost 52% NRIs are planning to come back to India and settle here. They further find real estate market a safe and reliable option to invest their savings. After spending a luxury lifestyle abroad, these NRIs expect to get the same experience in India, thereby playing a vital role in growing luxury housing segment.

Difference in new projects

There was a time when luxury projects used to be defined by merely extra space, but the situation has changed now. New projects in Ahmedabad are now launched with state-of-the-art amenities like gymnasium, elevators, lifts, landscapes, personal swimming pool, retail complexes within the residential complexes and round-the-clock security. The city already has 2-3 good golf township projects to meet the class and lifestyle of NRIs. Along with residential projects for personal use, NRIs also put money in commercial and affordable housing projects as an investment.

Future potential of real estate property in Ahmedabad

Looking at the ongoing and planned infrastructure projects, the city can become one of the best luxury destinations in India. New real estate developments, smooth connectivity to other cities and ample job opportunities due to growing industrialization further contribute in increasing demand for real estate property in Ahmedabad.

A number of top builders are coming up with new projects in Property to cater the requirements of NRIs as well as Indian home buyers. It gives home buyers more choices to put in their money and get high returns from it.

Though it is the beginning of luxury housing in the city, the developers are trying their best to meet the expectations of high net worth home buyers. There is a lot of scope for the investors as well who are not able to find the right property in metro cities like Mumbai and Gurgaon.

Post By : Shrikant sain

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How the cancellation of “illegal” transactions will affect real estate in Ahmedabad?

The State government has requested cancellation of all land exchanges that occurred amid the previous two years after endorsement by the collectors of different regions. Sources said a key change declared in 2015 and intended to profit agriculturists was misjudged by the gatherers who utilized it to support manufacturers, industrialists and different co-operatives societies. In 2015, the state government had revised the Tenancy Act to help ranchers spare their territory from being obtained by the legislature if the Tenancy Act was being damaged. However, the consequences this recent announcement on the Real Estate in Ahmedabad is still to be calculated.

Prior, was land given by the administration to the farmers under the old Tenancy Act — i.e., before the 1915 change — couldn't be sold to non-framers for non-rural purposes. On the off chance that the law was disregarded, the administration could grab the title of that land with no remuneration.

Nonetheless, to help farmers, the Government of Gujarat made a key change in 2015. The changed law said that if the land concerned is with any farmers and prior it was held by some non-agriculturist for a brief term, the agriculturist who has the land as of now can get title to it by paying 10% of the jantri rate. This certainly brought a sigh of relief for the Residential projects in Ahmedabad market. A few district authorities, nonetheless, confounded the law and regularized arrive exchanges worth crores of rupees regardless of the possibility that the present holder of the land was a non-agriculturist, real estate builder, industry, or any co-operative society. This brought about a loss of crores of rupees to the state exchequer.

On February 17 this year, the state income office issued a composed request to the collectors of Ahmedabad , Gandhinagar, Kheda and others districts a, to scratch off all such income sections in the official records made after the 1915 change. In its request, the state revenue division said that arrangement in the revised law is clear. On the off chance that the proprietor who made the last income exchange happens to be a non-framer, an element like a non-farmer, rural co-agent, co-operative society, organization or association firm, he can't be permitted to exchange arrive under the corrected law.

This is indeed a bold step taken by the State Government which will expect to correct the faults of the previous amendment. This is off course good news for the Real estate developers in Ahmedabad.

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