In the time of a pandemic, business leaders are facing challenging decisions. It’s a time that has forced leaders to think outside the box. When you step out, the most unexpected opportunities emerge. In the real estate sector of India’s economy, new opportunities spurred from office space and manufacturing needs are ready to be unlocked.
Real estate properties have been the first choice of investors with big funds. Do you know a wise investor always invests in the markets that are not explored ?
Vadodara’s market is waiting to be explored and indeed, investment in real estate in Vadodara is worth it, reiterates Hirav Shah, The Most Sought-After Real Estate Strategist, Adviser & Astrologer.
The city’s real estate future has a huge growth potential opportunity due to its
Narendra Modi, CC BY-SA 2.0, via Wikimedia Commons
Table of Contents
1.Connectivity in Vadodara
Vadodara is well connected with both Mumbai and Ahmedabad. The Vadodara-Ahmedabad Expressway is one of the best roads in the country.
2.Infrastructure in Vadodara
Being part of the Golden Quadrilateral project, Vadodara is definitely going to see a lot of infrastructure development over the next decade.
3. Shift in buyer preference in Vadodara
Vadodara has witnessed the trend of buyers’ preference shift from duplex/bungalow type of houses to apartments. Since many people shifting to Vadodara have nuclear families, the market has seen healthy demand for apartments being developed.
4. Market Resistance in Vadodara
The effect of an overall market slowdown has not affected Vadodara as much as other markets because the prices of properties did not increase at par with the price rise in locations such as Ahmedabad and Surat in the last 5 years.
5. Government Attention in Vadodara
The layout and the demographics of the city has made Vadodara rank 4th in the Smart City Plan implementation. Having the same party in the Centre as well as the state government (with the Prime Minister being from the same state) helps Vadodara too. Such factors ensure the Infrastructure continues to grow at a rapid pace. Case in point being Vadodara being a part of the Golden Quadrilateral Program.
6. Conversion In Buyer Choices in Vadodara
Locals and investors are gradually shifting from standalone tenement type houses to more modern luxury villas having all the modern technologies, penthouses in buildings With the nuclear families becoming the norm these days, Vadodara 2BHK, 3BHK, 4BHK flats are becoming the preferable buying options. New residential projects also boast of having spacious 2BHK, 3 BHK and 4BHK ready-to-move-in apartments to sell.
7. Increased Demand For More Livable Space in Vadodara
Due to the pandemic, people want more livable space. We have seen a huge increase in demand for residents moving into single-family rental property to gain more indoor and outdoor space attached to their unit, and many are applying sight unseen. With more activities taking place inside the home, homes need to now have space for living, entertainment, career/job work, working out, school and more.
8. A Significant Shift To Agile Workplaces in Vadodara
Given the uncertainty around the economy and pandemic, large tenants are looking for shorter leases and scalable managed spaces. Demand for fully outsourced, customized offices is here to stay. Occupiers will reduce dependence on a single headquartered building, opting for shorter commitments and lower capital expenditure.
Real Estate / Property Trends In Vadodara
Owning a home is a keystone of wealth…both financial affluence and emotional security.
1. Meanwhile, since office work has shifted to home, it reflects in the increased interest to own a home. An increased inquiry and demand for homes in Vadodara has been seen, especially from those who are living on rent.
Apart from this, in the luxury segment there is an elevated interest and demand for weekend plots and villas. People are looking for safe havens away from pollution and crowds. In addition to this, people who already own homes are looking at larger spaces.
Considering the fact that EMI in the current condition would be an issue for sale, some developers have also rolled out flexible payment plans and other payment options.
2. In Vadodara, the demand for residential properties has gone up due to the pandemic. In fact, customers are extending their budgets to buy better properties. People who are living in affordable housing now want to invest in a bigger home. People are also looking at investing in independent homes rather than apartments.
3. Today in Vadodara, people are moving from joint families to nuclear families and the lockdown has created an awareness among buyers that there should be proper space within our homes. The need for a “home” has been established, even “more” now.
Moreover, the home loan interest rates have been reduced significantly. They are currently at the all-time low. So, this is the opportunistic moment for home buyers to invest for their dream “homes”.
Best Places To Invest In Real Estate In Vadodara
Vadodara is one of the most exciting cities of Gujarat and was famous for Maharaja Sayajirav Gaekwad’s empire earlier. Vadodara is a well developed city where you would find out everything whichever is needed at any time.
There are various areas in Vadodara which are worth investing in real estate.
1.Alkapuri is one of the posh areas of Vadodara where you would find all the necessary Shops , malls , multiplexes , Parks etc . It is the most attractive area of Vadodara as most of the IT companies in the city are located in Alkapuri.
So most of the new comers try to live on rent at a walking distance from their product based companies, which attracts this area of the city the most. The rent is a little high as compared to other areas of cities here. But remember, here it is worth it to make an investment in properties to live here permanently, Advices Hirav Shah.
2.Sama Savli is a developing area of Vadodara which is located in the outskirts of the city which connects Vadodara—Ahmedabad National highway. It is near the Narmada canal, which is the first in Gujarat to be covered with rooftops of solar canal. There are plenty of flats currently built there which offer a lot of facilities.
3.Vasna Bhayali is currently an emerging area of Vadodara which is attracting majority people. If you are having your job in towns like Padra and it’s surroundings, then it’s the best place to live .
4. Apart from these three areas, you can also afford to live in Karelibaug which is the central part of the city.
Final Thoughts
The range of capabilities makes Vadodara an attractive target, and its overall growth leading to a larger middle class could turn it into the world’s next dynamic consumption story.
Over 2,000 years old, Vadodara, also known as Baroda, is one of the most popular cities in the state of Gujarat. It could also become one of the most popular cities in the “world”, Hirav Shah Concludes…
