Real estate hub of Ahmedabad

GROUND REALITY

The Prahalad Nagar Model Township, being developed in close proximity to the Gandhinagar-Sherkhej highway on the rapidly developing western parts of the city, has become a hot spot for the real estate builders and buyers in the last two years.

Since Ahmedabad Urban Development Authority (AUDA) decleared it as R-Z Zone for developing bungalows, more than 20 builders have invested heavily in the area.

"The area came into limelight a few months after the earthquake, as people started preferring low rise structures. Since then, development works have picked up in a big way," said Nareshbhai, one of the leading builders.

Most of the builders had started construction work after the earth quake. A large number of bungalows are ready for possession already, while the remaining ones will be ready in next one year.

The cost of the land at Prahalad Nagar, which was hovering around Rs 2,500 to Rs 3,000 per square yard before the earthquake, shot up substantially to Rs 5,500-6,000 per square yard after the constructions started.

Land prices in the area have further taken an upswing with quality roads, shopping malls, multiplexes and other facilities began coming up around the township.

That the area is fast becoming the real estate hub of Ahmedabad can be gauged from the fact that Paras Builders has sold all of its bungalows for Rs 20-25 lakh, while Rivera Builders expects to complete all of its projects by next year.

Aryabhatt Developers has two ongoing projects in the area; Aryabhatt-II has been completed and almost all of the bungalows have been sold out, while Aryabhatt-I is expected to be completed in next one year.

Aryabhatt-I is located in Satellite area, but Aryabhatt Developers has now shifted the attention to the neighbouring Prahalad Nagar area.

"Bookings have already for Aryabhatt-III and we expect the bookings to be completed before the property is ready for possession," said officials of Aryabhatt Developers.

Bungalows at Aryabhatt costs around Rs 35 lakh to Rs 40 lakh for a built up area of around 360 to 450 square yards.

"The township is well connected by roads and is very near to the highway", said the official of Aryabhatt Developers.

Two big shopping malls, Shivali Arcade and Campus Corner, are also coming up in the area, which would be completed within next six months.

Moreover, all the bungalows receives water and electricity all-round the clock as the Ahmedabad Electricity Company (AEC) has a sub-station in the township. AUDA has even developed a 15,000 square yard park in the township, called the Prahalad Nagar Garden.