3 Oct 2012

Migrant workforce pushing housing demand in Ahmedabad

With Ahmedabad gradually developing into an economic hub in the west of India, professionals migrating to the city prefer to buy property here instead of buying in their home cities or taking an accommodation on rent. The workforce that is primarily between the age group of 28 to 35 is now pushing the housing demand in the area, according to experts.

However, as these buyers are mostly young with limited salaries, demand is mostly seen for properties up to Rs 30 lakh. During the Apr-Jun quarter, of the total demand for properties across budgets, city witnessed 16 per cent demand for properties up to Rs 30 lakh. In comparison to this demand, the supply for properties up to Rs 30 lakh stood at 13 per cent during the same quarter.
Firms in the pharma, IT and BFSI sectors involved in hiring are also responsible for bringing the new set of homebuyers to developers. Some of the famous names include West Coast Pharmaceuticals, Wipro Life Sciences Pvt. Ltd., Stanmark Pharmaceuticals, Microsoft, TCS and ACI etc, Tata Auto, Axis bank, ICICI, HDFC Bank, SBI.
While Rs 30 lakh budget remains a constraint for most they also prefer localities based on the time of commute and proximity to commercial centres. For instance, new apartment projects of South Ahmedabad have become a favourite among these buyers, as apartments come within Rs 30 lakh budget.
Good connectivity to Corporate Road and Prahalad Nagar, key commercial hubs of Ahmedabad add value on their investments. Localities in and around Prahalad Nagar, such as Vasna, Bopal and Vejalpur are in great demand and offer properties in the range of Rs 17 to 30 lakh.
For More: House at Ahmedabad

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