Ahmedabad Report 2010

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Transcript of Ahmedabad Report 2010

Page 1: Ahmedabad Report 2010
Page 2: Ahmedabad Report 2010

Ahmedabad has a chequered history. It was founded by Sul-tan Ahmed Shah, the erstwhile ruler of medieval Gujarat, in 1411 AD. The city declined within a century of its founding. In 1572, Emperor Akbar seized it and assimilated it within the great Mughal Empire. Ahmedabad became an important business centre during the Mughal period until the death of Aurangzeb in 1707, after which the city again went into decline. The British seized it in 1818 and set up a number of textile mills. It was the capital of Gujarat from 1960 to 1970.

Ever since Mahatma Gandhi established his Sabarmati Ashram in 1917, Ahmedabad has been in the thick of the

Located on the banks of river Sabarmati, Ahmedabad is the largest city in Gujarat. It has a rich cultural tradition, being the centre of Gujarati cultural activities with its myriad ethnic and religious communities. Popular celebrations and observances include Uttarayan - an annual kite-flying day celebrated on January 14, 2010. The nine nights of Navratri are celebrated with people performing Garba - the folk dance of Gu-jarat - at venues across the city. Deepavali, the festival of lights is celebrated with the lighting of lamps in every house, decorating the floors with ‘rangoli’ and the bursting of crackers.

Independence struggle. The city was at the forefront of the Indian Independence Movement in the first half of the 20th century. It was the centre of many civil disobedience cam-paigns to promote workers’ rights, civil rights and political independence. Many important events like the Dandi March were organised from here.

Today, Ahmedabad is the hub of trade and commerce in Gujarat. Its commercial importance makes the city an im-portant travel destination in India. Besides being home to a number of important industries, it also has a number of majestic monuments, which remind us of the culture and history of the city.

AhmedabadA Lifeline of Tradition

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Ahmedabad is the largest city in the state of Gujarat and one of the largest urban agglomerations in India, spread across an area of around 200 sq. kms. Located on the banks of the River Sabar-mati, the city is the administrative centre of Ahmedabad district and was the capital of Gujarat from 1960 to 1970; the capital was shifted to Gandhinagar thereafter. In regional Gujarati lan-guage, the city is commonly referred to as Amdavad.

King Karandev 1, the Solanki Ruler, had waged a war against the Bhil king of Ashapall or Ashaval. After his victory Karandev established the city called ‘Karnavati’. This Hindu kingdom of Karnavati retained its importance till early 15th century when Gujarat fell to the Muslim Sultanate. In 1411, Karnavati was con-quered by Sultan Ahmed Shah who renamed the city after his name, as ‘Ahmedabad’. The old Ahmedabad city was encom-passed within a fort named Bhadra fort built by Sultan Ahmed Shah. This fort also had around 12 ‘darwajas’ (entry gates) with remarkable carvings and calligraphy on them; the most famous amongst them being the ‘Teen Darwaja’. Ahmedabad is divided by the Sabarmati into two physically dis-tinct eastern and western regions. The eastern bank of the river houses the old city which is mainly characterised by packed bazaars, clustered buildings, and numerous places of worship. It houses the main railway station, the General Post Office, and few buildings of the Muzaffarid and British eras. The colonial pe-riod saw the expansion of the city to the western side of Sabar-mati, facilitated by the construction of Ellis Bridge in 1875 and later with the modern Nehru Bridge. This part of the city houses educational institutions, modern buildings, well-planned residen-tial areas, shopping malls, multiplexes and new business dis-tricts centred around key roads like Ashram Road and Sarkhej-Gandhinagar Highway.

Ahmedabad is administered by the Ahmedabad Municipal Cor-poration (AMC). Some of the regions surrounding the city are administered by the Ahmedabad Urban Development Authority (AUDA). The AMC was established in July 1950 under the Bom-bay Provincial Corporation Act, 1949. For administrative purpos-

es, the city has been divided into 43 wards. As per census 2001, the population of Ahmedabad Urban Agglomeration was 4.51 million while the AMC area was 3.51 million.

The Ahmedabad Metropolitan Region (AMR) plan is being con-sidered wherein the city’s limits would be stretched as far as Viramgam, Mehsana, Prantij, Petlad, Umreth, Tarapur and Nalsa-rovar. AMR would thus become mammoth metro encompassing parts of five districts - Ahmedabad, Gandhinagar, Kheda, Anand and Mehsana.

In recent years, there has been an increased focus by the Guja-rat government on the modernisation of the city’s infrastructure, thus providing for the construction of larger roads and improve-ments to water supply, electricity and communications system. Also, the completion and operation of the Sardar Sarovar dam project has improved the supply of potable water and electricity for the city.

One of the busiest airports in the state, the ‘Sardar Vallabhbhai Patel International Airport’ serves both domestic as well as inter-national flights which connect the city to key places within India as well as destinations abroad.

The city of Ahmedabad is well connected with roads and rail net-work. The Ahmedabad railway station holds as a junction with railway lines emerging towards Mumbai, Delhi, Saurashtra and Kutch.

Ahmedabad city is an important station on the National Highway 8 which connects Delhi to Mumbai. The recent completion of the 6-laned Express Highway from Ahmedabad to Baroda, part of the Golden Quadrilateral Project, has reduced travel time consid-erably. Ahmedabad is directly connected by highways to other major places in the state like Gandhinagar, Bhavnagar, Nadiad, Mehsana, Surendranagar, Bhuj and Rajkot.

The Mahatma Gandhi Road, C. G. Road, the Jawaharlal Nehru Road, Ashram Road and the Sarkhej-Gandhinagar Highway (SG Road) are the major artery roads within the city. Auto rickshaws

Ahmedabad is one of the six operating divisions of the Western Railway with linkage to all key towns in Gujarat and other major Indian cities. The Union Railway Minister had announced ear-lier in the year, that a feasibility study would be carried out on starting a bullet train on Ahmedabad-Mumbai-Pune stretch. The bullet train will reduce travel time between Ahmedabad-Pune & Ahmedabad-Mumbai significantly.

Presently Bus Rapid Transit System (BRTS) is operational from RTO circle to Kankaria Lake, Maninagar; which is part of phase I of the BRTS project. Recently, the (BRTS) of Ahmedabad has

Ahmedabad: A Fact File

Administrative Framework & Population

Infrastructure

Domestic and International Airport

Road Connectivity

Rail Network

BRTS

and buses are the most popular forms of public transport. The Ahmedabad Municipal Transport Service (AMTS) runs the local bus service in the city plying around 750 buses.

SEZ UpdateDetails of the SEZs located in and around Ahmedabad is tabulated below

The information technology industry has developed significantly in Ahmedabad. A NASSCOM survey in 2002 on the “Super Nine Indian Destinations” for IT-enabled services ranked Ahmedabad fifth among the top nine most competitive cities in the country. Popularly known as the ‘Manchester of the East’, the city is one of the largest suppliers of denim. It is also one of the largest exporters of gems and jewelery in India.

Sr. No.

Name Location Type Area (in hectares)

1. Calica Construction & Impex Pvt. Ltd.

Village Ognaj, Taluka Dascroi, District Ahmedabad IT/ITES 10.43

2. City Gold Realty Pvt. Ltd. Sanathan (Sarkhej-Bavla Highway), Sanand, Ahmedabad

IT/ITES 10.51

3. CPL Infrastructure Pvt. Ltd. Ahmedabad Pharmaceutical 122.30

4. Dishman Infrastructure Ltd. Villages Kalyangadh and Gangad, Taluks Bavla, District Ahmedabad

Pharmaceutical 106.83

5. Ganesh Infrastructure Pvt. Ltd. Charrodi, Dascroi, Ahmedabad IT/ITES 32.71

6. GIDC Ahmedabad Apparel 38.04

7. Myron Realtors Pvt. Ltd. Village Santhal, Taluka Sanand, District Ahmeda-bad

IT/ITES 10.68

8. N G Realty Pvt. Ltd. Rajoda, Taluka Bawla, District Ahmedabad Engineering 105.56

9. Zydus Infrastructure Pvt. Ltd. Ahmedabad Pharmaceutical 48.83

Source: Ministry of Commerce & Industry, Dept. of Commerce

been adjudged the best sustainable transport system in the world by the Institute for Transportation and Development Policy (ITDP).

The AMC has initiated to develop the Sabarmati riverfront and with this objective, a separate company named Sabarmati River Front Development Corporation Limited (SRFDCL) was formed in 1997. Some of the noteable features of the project include construction of embankments on both sides of the river, retention of river water throughout the year, development of pub-lic gardens, wide public promenades, and development of wide roads along the entire length on both the riverbanks. Besides beautification, flood management, strengthening of the road net-work and relocation and rehabilitation of slums, are other focus areas of the project.

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Major Locations within Ahmedabad

Note:Map not to scale and is for illustration purposes only.

Source: ICICI Property Services

Continued on the next page

At present, Ahmedabad has around 3.7 million sq. ft. of operational mall space with majority of the space concentrated in the West zone. Additional 5 million sq. ft. of mall space is planned over the next couple of years.

Organised Retail Development

Mall Space Distribution in Ahmedabad

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Details of malls in Ahmedabad are tabulated below

Sr. No. Mall Name Site Location Zone Total Area in million sq.ft. (Approx.) Status

1 10 Acres Kankaria South 0.5 Operational

2 Central Mall Ambawadi West 0.2 Operational

3 City Gold Mall Satellite West 0.2 Operational

4 Dev Mall S G Road West 0.4 Operational

5 Fun Republic Satellite West 0.3 Operational

6 Gallops Mall S G Road West 0.1 Operational

7 Himalaya Mall Gurukul West 0.5 Operational

8 Himalya Exotica Wadaj North 0.1 Operational

9 Iscon Mall S G Road West 0.5 Operational

10 Kshitij Mall Satellite West 0.5 Operational

11 R 3 Mall Gurukul West 0.4 Operational

Operational Under-construction/Proposed

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Distribution of Residential Supply in Ahmedabad (in no. of units)

Supply of Residential Units coming up by December 2012

Supply of Residential Units coming up by December 2012

Distribution of residential supply (no. of residential units) in pipeline across Ahmedabad

A residential supply of around 15.3 million sq. ft. is expected in Ahmedabad by year 2012 with majority of development coming up in West zone.

Zone Apartment Type Average Size of a flat (in sq. ft.) No. of Units Total Area ( Million sq. ft.)

North 1 BHK 730 145 0.11

2 BHK 1164 1412 1.64

3 BHK 1858 1415 2.63

Total 2972 4.38

South 1 BHK 700 145 0.1

2 BHK 964 310 0.3

3 BHK 1368 20 0.03

4 BHK / RH / Bungalow 1665 10 0.02

Total 485 0.44

Zone Apartment Type Average Size of a flat (in sq. ft.) No. of Units Total Area ( Million sq. ft.)

East 1 BHK 683 538 0.37

2 BHK 1055 1144 1.21

3 BHK 1358 105 0.14

4 BHK / RH / Bungalow 1381 55 0.08

Total 1842 1.79

West 1 BHK 641 240 0.15

2 BHK 1212 457 0.55

3 BHK 1900 1198 2.28

4 BHK / RH / Bungalow 6203 216 1.34

Plotted development 4599 905 4.16

Total 3016 8.49

Central 2 BHK 1170 12 0.01

3 BHK 1877 105 0.20

Total 117 0.21

Total Supply expected by Dec 2012 8432 15.31

Source: ICICI Property ServicesNote: The above represents some of the key developments and not the universe

Source: ICICI Property ServicesNote: The above represents some of the key developments and not the universe

Details of malls in Ahmedabad are tabulated below

Sr. No. Mall Name Site Location Zone Total Area in million sq.ft. (Approx.) Status

12 Acropolis Thaltej West 0.5 Completed

13 SRS Shital Versa 3 Vijay Char Rasta Central 0.3 Completed

14 JBR Mall Science City West 0.2 Proposed

15 Balaji Mall Chandkheda North 0.2 Under Construction

16 City Center Vastrapur West 0.4 Under Construction

17 Ganesh Meridian S G Road West 0.8 Under Construction

18 Kalasagar Satadhar West 0.4 Under Construction

19 Kunj Grand Nikol East 0.1 Under Construction

20 Kunj Mall Nikol East 0.1 Under Construction

21 Parsvnath Mall Prahladnagar West 1 Under Construction

22 Regency Centre Satellite West 0.3 Under Construction

23 Shapath V S G Road West 0.2 Under Construction

24 SRS Shital Versa 5 Nehrunagar West 0.2 Under Construction

25 Venus Square C G Road Central 0.3 Under Construction

Source: ICICI Property Services

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WESTNORTH EASTSOUTH CENTRAL

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Major locations: Chandkheda, Motera, Ranip, Sabarmati

Gujarat Urban Development Company along-with Infra-•structure Lease and Financial Services (IL & FS) have jointly promoted the ‘Gujarat International Finance Tec-City’ (GIFT) which is proposed on 550 acres of land parcel spread be-tween the Sabarmati River (to the west) and NH-8 (to the east).

The GIFT city would be around 12 kms from the Airport and •about 8 kms from Gandhinagar. Plans are to develop GIFT as a world class hub to facilitate the delivery of a wide range of cross-border financial services to clients in other coun-tries.

It is estimated that it would be provide around 10 lac new •employment opportunities by 2020.

It would not only include commercial development but also •comprise of residential buildings, hotel, retail, recreation, and other infrastructure facilities.

Motera houses the famous Sardar Patel stadium, which is •also a venue for international cricket matches.

Godrej Properties has recently launched its residential proj-•ect - ‘Godrej Garden City’ at Jagatpur which plans to house around 10000 units in a phased manner mainly offering 2 BHK and 3 BHK configurations.

Some of the prominent developers in this region include •Godrej Properties, Manpasand Infrastructures, Parswanath, Swagat Group and others.

North Ahmedabad Residential Market in North Ahmedabad

Distribution of Residential Supply as per Apartment Type Distribution of Apartment Type - North Ahmedabad

Source: ICICI Property Services

Source: ICICI Property Services

Average Apartment Size of 2 BHK (in sq. ft.) 1164

Average Apartment Size of 3 BHK (in sq. ft.) 1858

Total Supply (in mn. sq.ft.) by Dec. 2012 4.38

Total Supply (in no. of units) by Dec. 2012 2972

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Page 7: Ahmedabad Report 2010

Some of the residential projects in North Ahmedabad

Residential Property Rates in prime residential markets of North Ahmedabad

Property price movement (Mar’05 - Mar’09)Property price movement index - North Ahmedabad

Comparison of actual (A) and real & logical (R&L) price movementNorth Ahmedabad

Project Developer Average Capital Values No. of Units Date of Completion

Godrej Garden City Godrej Properties Rs. 25 lac onwards 1000 (approx. upto 2012) 2012

Parshwanath Metrocity Parshwanath Developers Rs. 21 lac onwards 205 (balance) Jul 2010

Sangath Sky Manpasand Infrastructures Rs. 29 lac onwards 96 Apr 2011

Swagat Rainforest Swagat Group Rs. 20.7 lac onwards 124 Oct 2010

Location Average Capital Values (Rs./sq.ft) Rentals for 2 BHK (Rs./month) Outlook

Chandkheda 1400-1800 6000 R

Motera 1400-1800 5500 R

New Vadaj 1300-1600 4500 S

Ranip 1400-1800 5500 R

Sabarmati 1400-1800 6000 R

Source: ICICI Property services

Source: ICICI Mortgage Valuation Group (Assuming 100 as a base reference no. for Mar’05)

Source: ICICI Property Services*Rates mentioned are based on Built-up area & are subject to amenities, upkeep & vary from apartment to apartment within the same building. Rates mentioned above are subject to change at any given point of time.

R - Rising F - Falling S - Stagnant SW - Stagnant but likely to weaken SS - Stagnant but likely to strengthen

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Chandkheda Sabarmati Ranip New Wadaj

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North (A) North (R&L)

Above chart depicts that the property prices have risen more than proportionately than the real & logical prices over the last one year in North Ahmedabad.

Below chart brings out a comparison between quarterly property price movements and changes in consumer price index for Ahmeda-bad city. Since zone wise inflation data is not available we have substituted the Ahmedabad City inflation figures for each zone.

Page 8: Ahmedabad Report 2010

Major locations: CTM, Ghodasar, Isanpur, Jashodanagar, Mani-nagar, Narol, Vatva

Chandola lake and Kanakaria lake, situated in this region, •are amongst the most visited tourist destinations.

Swaminarayan Mandir, a famous Hindu shrine, is located •in Maninagar.

Proximity to the Ahmedabad Baroda express highway has •boosted real estate development in this area.

Avalon Group has its ongoing project ‘Avalon Courtyard’ •which offers 2 BHK apartments, at Ghodasar.

Similar to central Ahmedabad, availability of new plots is •limited in this part as well. This had led to steady rise in land prices at developed locations of this region like Maninagar.

Vatva is mainly an industrial area with presence of the GIDC, •housing varied industries such as plastics, light & heavy en-gineering, machinery and components, chemicals, paints, pharmaceuticals, and others.

Some of the prime developers in this region include Avalon, •Darshan Buildcon, Satyam Developers Ltd, Tulip Corpora-tion and others.

South Ahmedabad Residential Market in South Ahmedabad

Distribution of Residential Supply as per Apartment Type Distribution of Apartment Type - South Ahmedabad

Source: ICICI Property Services

Average Apartment Size of 1 BHK (in sq. ft.) 700

Average Apartment Size of 2 BHK (in sq. ft.) 964

Total Supply (in mn. sq.ft.) by Dec. 2012 0.44

Total Supply (in no. of units) by Dec. 2012 485

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1 BHK 2 BHK 3 BHK 4 BHK/RH/BUNGALOW

Source: ICICI Property Services

Page 9: Ahmedabad Report 2010

Below chart brings out a comparison between quarterly property price movements and changes in consumer price index for Ahmeda-bad city. Since zone wise inflation data is not available we have substituted the Ahmedabad City inflation figures for each zone.

The gap between the actual property prices and the real & logical price points has steadily widened since Dec 2008.

Some of the residential projects in South Ahmedabad

Residential Property Rates in prime residential markets of South Ahmedabad

Project Developer Average Capital Values No. of Units Date of Completion

Avalon Courtyard Avalon Projects Rs. 19.4 lac onwards 340 2011

Pushkar Residency Satyam Developers Rs. 9.69 lac onwards 250 Ready

Location Average Capital Values (Rs./sq.ft) Rentals for 2 BHK (Rs./month) Outlook

CTM 1500-1800 5500 S

Ghodasar 1500-1800 5500 R

Isanpur 1500-1800 5000 R

Jashodanagar 1400-1700 4500 R

Maninagar 2500-3000 8000 R

Narol 800-1200 3000 SS

Vatva 800-1000 2500 S

Source: ICICI Property Services*Rates mentioned are based on Built-up area & are subject to amenities, upkeep & vary from apartment to apartment within the same building. Rates mentioned above are subject to change at any given point of time

R - Rising F - Falling S - Stagnant SW - Stagnant but likely to weaken SS - Stagnant but likely to strengthen

Source: ICICI Property Services

Property Price Movement (Mar’05 - Dec’ 09)

Comparison of actual (A) and real & logical (R&L) price movement

South Ahmedabad

Property Price movement index - South Ahmedabad

Source: ICICI Mortgage Valuation Group (Assuming 100 as a base reference no. for Mar’05)

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Maninagar Isanpur Ghodasar Narol Jasodanagar CTM Vatwa

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Major locations: Hansol, Naroda, Nikol, Odhav, Shahibaug

Shahibaug is one of the better developed parts in • Ahmedabad.

The Naroda GIDC industrial area houses many big industrial •houses like the Reliance Industries.

Odhav too has an industrial area which consists of over •1200 industrial units.

Areas like Naroda & Nikol have witnessed significant resi-•dential development in recent years. Availability of land at relatively cheaper prices has helped developers build afford-able housing options in this region.

Some of the key tourist destinations like ‘Shaking Mina-•rates’, ‘Budhibhajan Hanuman Hall and ‘Qutabi Mazar’ are located in this region.

‘India Bulls Real Estate’ has its ongoing project-‘Indiabulls •Central Park’ at Saraspur which plans to house around 800 units.

Galaxy Group has its bungalow project at Nikol-‘Galaxy •Bungalows’ consisting of around 100 units offering 3 & 4 BHK configuration.

‘Krish Residency’ by Savaliya Builders is one of the notable •ongoing projects at Naroda which houses over 200 units offering 2 BHK and 3 BHK configurations.

Some of the major developers in this region include Galaxy, •India Bulls Real Estate, Savaliya Builders and others.

East Ahmedabad Residential Market in East Ahmedabad

Distribution of Residential Supply as per Apartment Type Distribution of Apartment Type - East Ahmedabad

Source: ICICI Property Services

Average Apartment Size of 1 BHK (in sq. ft.) 683

Average Apartment Size of 2 BHK (in sq. ft.) 1055

Total Supply (in mn. sq.ft.) by Dec. 2012 1.79

Total Supply (in no. of units) by Dec. 2012 1842

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Source: ICICI Property Services

Page 11: Ahmedabad Report 2010

Some of the residential projects in East Ahmedabad Property Price Movement (Mar’05 - Dec’ 09)

Property price movement index - East Ahmedabad

Residential Property Rates in prime residential markets of East Ahmedabad

Project Developer Average Capital Values No. of Units Date of Completion

Galaxy Bungalows Galaxy Avenue Pvt. Ltd. Rs. 24.37 lac onwards 101 (around 25 unsold) Ready

Indiabulls Central Park Indiabulls Real Estate Rs. 9.75 lac onwards 800 Jun 2010 onwards

Krish Residency Savaliya Builders Rs. 13.75 lac onwards 238 (around 25 unsold) Ready

Location Average Capital Values (Rs./sq.ft) Rentals for 2 BHK (Rs./month) Outlook

Hansol 1700-2000 6000 S

Naroda 1100-1400 4000 R

Nikol 1100-1400 4000 R

Odhav 1100-1400 4000 SS

Shahibaug 2500-3200 8000 SS

Source: ICICI Property Services*Rates mentioned are based on Built-up area & are subject to amenities, upkeep & vary from apartment to apartment within the same building. Rates mentioned above are subject to change at any given point of time.

R - Rising F - Falling S - Stagnant SW - Stagnant but likely to weaken SS - Stagnant but likely to strengthen

Source: ICICI Property Services

Source: ICICI Mortgage Valuation Group (Assuming 100 as a base reference no. for Mar’05)

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Shahibaug

Below chart brings out a comparison between quarterly property price movements and changes in consumer price index for Ahmeda-bad city. Since zone wise inflation data is not available we have substituted the Ahmedabad City inflation figures for each zone.

Above chart depicts that the property prices in East Ahmedabad have consistently risen more than proportionately than the real & logical prices.

Comparison of actual (A) and real & logical (R&L) price movement

East Ahmedabad

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Major locations: Bodakdev, Bopal, Jodhpur, Makarba, Prahlad-nagar, Satellite, Thaltej, Vastrapur, Vejalpur

Majority of the residential development in Ahmedabad is •concentrated in west Ahmedabad.

Over 6 million sq. ft. of residential space is planned in this •region.

Bodakdev, Prahladnagar & Satellite are the upscale locali-•ties of the city.

This part has a good network of roads which effectively •connects this place to all other places within as well as outside Ahmedabad.

Bopal and Shilaj belt is amongst the fast emerging corridors •for residential real estate development. Land availability and proximity to SG Highway are key factors which are propel-ling growth in this area.

The moving of Tata Nano plant to Sanand may result in de-•velopment of Ahmedabad further west of SP Ring road. This could boost the affordable housing segment in this region.

Several plotted development projects have come up in this •region, mainly around the Sardar Patel Ring Road.

This region also has around 9 operational malls, and an •equal number of additional malls have been planned.

Alpha G-Corp has their ongoing mixed use development •project ‘AlphaOne’ at Vastrapur. The project spanning around 1.2 million sq. ft. would comprise of retail, entertain-ment, hotel, and service apartments.

The prestigious Indian Institute of Management (IIM) is lo-•cated in this region.

Marriott has recently opened up its new property - ‘Court-•yard Ahmedabad’ with 164 rooms, at Satellite Road.

The Bakeri Group has many projects in Vejalpur like the Sa-•natan Residency which offers 2 BHK units while Sanmukh, Suprabh & Shakshat offer 1 BHK configurations which are mainly affordable housing propositions.

HIRCO Group, one of the big names in Indian real estate, is •planning to set up a mixed use township in this region.

Goyal, Gala, Ganesh Housing, Bakeri Group, Pacifica, Safal •Group and West Wing Infrastructure are some of the promi-nent developers in this region.

West Ahmedabad

Residential Market in West Ahmedabad

Source: ICICI Property Services

Average Apartment Size of 2 BHK (in sq. ft.) 1212

Average Apartment Size of 3 BHK (in sq. ft.) 1900

Total Supply (in mn. sq.ft.) by Dec. 2012 8.49

Total Supply (in no. of units) by Dec. 2012 3016

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Distribution of Residential Supply as per Apartment Type Distribution of Apartment Type - West Ahmedabad

Source: ICICI Property Services

Page 13: Ahmedabad Report 2010

Some of the residential projects in West Ahmedabad Property Price Movement (Mar’05 - Dec’ 09)

Property price movement index - West Ahmedabad

Residential Property Rates in prime residential markets of West Ahmedabad

Project Developer Average Capital Values No. of Units Date of Completion

Asmakaam Nila Infrastructure Rs. 20 lac onwards 130 (Phase - II) Oct 2010

Iscon Flower Iscon Developers Rs. 20.96 lac onwards 415 (around 40 unsold) Mar 2011

Safal Parisar II Safal Group Rs. 30 lac onwards 568 (around 320 unsold) Jun 2011

Samatva West Wing Infrastructure Rs. 50 lac onwards 324 Ready

Shukan Villa Bakeri Group Rs. 32 lac onwards 24 Ready

Location Average Capital Values (Rs./sq.ft) Rentals for 2 BHK (Rs./month) Outlook

Bodakdev 3000-3500 9000 SS

Bopal 1800-2500 6000 R

Jodhpur 2700-3200 8000 SS

Prahladnagar 2700-3200 8000 SS

Satellite 2700-3200 8000 SS

Thaltej 2300-2700 7000 R

Vastrapur 2700-3200 8000 SS

Vejalpur 1500-2200 5000 R

Source: ICICI Property Services*Rates mentioned are based on Built-up area & are subject to amenities, upkeep & vary from apartment to apartment within the same building. Rates mentioned above are subject to change at any given point of time.

R - Rising F - Falling S - Stagnant SW - Stagnant but likely to weaken SS - Stagnant but likely to strengthen

Source: ICICI Mortgage Valuation Group (Assuming 100 as a base reference no. for Mar’05)

Below chart brings out a comparison between quarterly property price movements and changes in consumer price index for Ahmeda-bad city. Since zone wise inflation data is not available we have substituted the Ahmedabad City inflation figures for each zone.

There has been a huge gap between the actual property prices in West Ahmedabad and the real & logical prices which reflect that the property prices have risen more than proportionately vis a vis the consumer price index.

Comparison of actual (A) and real & logical (R&L) price movement

West Ahmedabad

Source: ICICI Property Services

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Satellite Vastrapur Bodakdev Jodhpur Thaltej Bopal

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Page 14: Ahmedabad Report 2010

Major locations: Ashram Road, C G Road, Navrangpura, Paldi, Usmanpura, Vasna

Ashram road is an established Central Business District •(CBD) of Ahmedabad.

Besides housing the famous Sabarmati Ashram, the central •part of Ahmedabad also houses government buildings such

as the Income tax office, Reserve Bank of India office, Guja-rat Chamber of Commerce & Industry, and others.

The National Institute of Design, which is one of the premier •design schools in India, is located in Paldi.

C G Road is one of the main high streets of Ahmedabad with •presence of most of the leading retail brands.

Due to paucity of space, there is not much residential devel-•opment happening in this part of Ahmedabad.

Central Ahmedabad

Residential Property Rates in prime residential markets in Central Ahmedabad

Location Average Capital Values (Rs./sq.ft) Rentals for 2 BHK (Rs./month) Outlook

Ashram Road 2500-3000 8500 SS

C G Road 2700-3200 8500 SS

Navrangpura 2700-3200 8500 SS

Paldi 2200-2500 8000 R

Usmanpura 2700-3000 8500 SS

Source: ICICI Property Services*Rates mentioned are based on Built-up area & are subject to amenities, upkeep & vary from apartment to apartment within the same building. Rates mentioned above are subject to change at any given point of time.

R - Rising F - Falling S - Stagnant SW - Stagnant but likely to weaken SS - Stagnant but likely to strengthen

Page 15: Ahmedabad Report 2010

Property Price Movement (Mar’05 - Dec’ 09)

Property price movement index - Central Ahmedabad

Source: ICICI Mortgage Valuation Group (Assuming 100 as a base reference no. for Mar’05)

Source: ICICI Mortgage Valuation Group

Below chart brings out a comparison between quarterly property price movements and changes in consumer price index for Ahmeda-bad city. Since zone wise inflation data is not available we have substituted the Ahmedabad City inflation figures for each zone.

There has been a steady rise in the residential real estate transactions in Ahmedabad as is apparent from the below chart.

Above chart reflects that the actual property prices in Central Ahmedabad continue to rise at a pace higher than the consumer price index.

Comparison of actual (A) and real & logical (R&L) price movement

Ahmedabad Absorption Index

Central Ahmedabad

Ahmedabad Residential Real Estate Absorption Index

100

150

200

250

300

350

Mar'05 Mar'06 Mar'07 Jun'07 Sep'07 Dec'07 Mar'08 Jun'08 Sep'08 Dec'08 Mar'09 Jun'09 Sep'09 Dec'09

Navrangpura Usmanpura Paldi Vasna Ashram Road Naranpura

0

50

100

150

200

250

300

Mar2005

Mar2006

Mar2007

Jun2007

Sept2007

Dec2007

Mar2008

Jun2008

Sept2008

Dec2008

Mar2009

Jun2009

Sep2009

Dec2009

Central (A) Central (R&L)

0

20

40

60

80

100

120

140160

180

200

Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09

Page 16: Ahmedabad Report 2010

Satelite/Prahlad nagar

Bodakdev NarodaShahi-baug

Chand-kheda

Manina-gar

BopalNavrang-

pura

Infrastructure(connectivity,roads,proximity to

markets,schools)

Residential Cost

Proximity to/Presence of Or-ganised Retail

Proximity to commercial development

Future Infrastructure Development

Future Employ-ment Genera-

tion

Location Attractiveness Index

Key to the Location Attractiveness Index

Upon comparing different locations within Ahmedabad on various parameters as tabulated below, it appears that despite the high residential costs, Prahladnagar and Satellite score more points due to the proximity to commercial development and organised retail, as well as the future infrastructure plans and employment opportunities. Amongst emerging locations, Bopal seems to be the most attractive location, due to future infrastructure plans and affordable residential costs.

Good / Low Cost Above Average Average / Medium Cost

Below Average Bad / High Cost

ICICI Property Services is a division of ICICI Home Finance Company Limited, a 100% subsidiary of ICICI Bank. ICICI PSG provides real estate solutions to home seekers, corporate investors, space occupiers and developers/landlords. ICICI Property Services addresses the entire bandwidth of a real estate deal from concept to conclusion. Research & Consultancy (R&C), a specialised group within ICICI PSG, offers both real estate advisory and consumer demographic analysis backed by both primary & secondary research. The following chart explains in brief the various services offered by R&C.

Research and Consultancy

This document is being communicated to you solely for the purposes of providing our views on current market trends. This document is being communicated to you on a confidential basis and does not carry any right of publication or disclosure to any third party. By accepting delivery of this document each recipient undertakes not to reproduce or distribute this presentation in whole or in part, nor to disclose any of its contents (except to its professional advisers) without the prior written consent of ICICI HFC Ltd., who the recipient agrees has the benefit of this undertaking. The recipient and its professional advis-ers will keep permanently confidential information contained herein and not already in the public domain. This document is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended to create any rights or obliga-tions. Nothing in this document is intended to constitute legal, tax, se-curities or investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any product or service. The use of any information set out in this document is entirely at the recipient’s own risk. The information set out in this document has been prepared by ICICI HFC Ltd. based upon projections which have been determined in good

Disclaimerfaith by ICICI HFC Ltd. There can be no assurance that such projections will prove to be accurate. ICICI HFC Ltd. does not accept any responsi-bility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by anyone in reliance on anything set out in this document. The information in this document reflects prevailing conditions and our views as of this date, all of which are subject to change. In preparing this document we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us or which was otherwise reviewed by us. Past performance cannot be a guide to future performance. No reliance may be placed for any purpose whatsoever on the informa-tion contained in this document or on its completeness. The information set out herein may be subject to updating, completion, revision, verifi-cation and amendment and such information may change materially.

For further enquiries, please mail us at:[email protected] us at www.icicihfc.com

Source: ICICI Property Services

Location Analysis

Market Analysis

Size, Pricing, Phasing and Posi-tioning (Space Programming & Demarcation for Optimum Utilisa-tion of space)

Financial Analysis

Optimum Land Use Analysis

Site Analysis & SWOT

Catchment Analysis

Trande & Tenant Mix

Land Valuation

Supply Estimation

Demand Projections

Expected Absorption Trends

Demographic Analysis

Consumer Trends

Consumer Behaviour Analysis

Entry Strategy

Pricing Strategy

City and Region Prioritisation and Expansion Strategy

• • ••

• • ••

• • ••

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Feasibility Studies Asset Advisory Strategic Advisory Market Research

Page 17: Ahmedabad Report 2010