Ahmedabad

A Lifeline of
Tradition
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.

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
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.
Ahmedabad: A Fact File es, the city has been divided into 43 wards. As per census 2001, and buses are the most popular forms of public transport. The been adjudged the best sustainable transport system in the
the population of Ahmedabad Urban Agglomeration was 4.51 Ahmedabad Municipal Transport Service (AMTS) runs the local world by the Institute for Transportation and Development Policy
Ahmedabad is the largest city in the state of Gujarat and one of
million while the AMC area was 3.51 million. bus service in the city plying around 750 buses. (ITDP).
the largest urban agglomerations in India, spread across an area
of around 200 sq. kms. Located on the banks of the River Sabar- Rail Network The AMC has initiated to develop the Sabarmati riverfront and
The Ahmedabad Metropolitan Region (AMR) plan is being con-
mati, the city is the administrative centre of Ahmedabad district Ahmedabad is one of the six operating divisions of the Western
sidered wherein the city’s limits would be stretched as far as with this objective, a separate company named Sabarmati
and was the capital of Gujarat from 1960 to 1970; the capital Railway with linkage to all key towns in Gujarat and other major
Viramgam, Mehsana, Prantij, Petlad, Umreth, Tarapur and Nalsa- River Front Development Corporation Limited (SRFDCL) was
was shifted to Gandhinagar thereafter. In regional Gujarati lan- Indian cities. The Union Railway Minister had announced ear-
rovar. AMR would thus become mammoth metro encompassing formed in 1997. Some of the noteable features of the project
guage, the city is commonly referred to as Amdavad. lier in the year, that a feasibility study would be carried out on
parts of five districts - Ahmedabad, Gandhinagar, Kheda, Anand include construction of embankments on both sides of the river,
starting a bullet train on Ahmedabad-Mumbai-Pune stretch. The
and Mehsana. retention of river water throughout the year, development of pub-
King Karandev 1, the Solanki Ruler, had waged a war against bullet train will reduce travel time between Ahmedabad-Pune &
lic gardens, wide public promenades, and development of wide
the Bhil king of Ashapall or Ashaval. After his victory Karandev Infrastructure Ahmedabad-Mumbai significantly.
roads along the entire length on both the riverbanks. Besides
established the city called ‘Karnavati’. This Hindu kingdom of In recent years, there has been an increased focus by the Guja-
Karnavati retained its importance till early 15th century when rat government on the modernisation of the city’s infrastructure,
BRTS beautification, flood management, strengthening of the road net-
Presently Bus Rapid Transit System (BRTS) is operational from work and relocation and rehabilitation of slums, are other focus
Gujarat fell to the Muslim Sultanate. In 1411, Karnavati was con- thus providing for the construction of larger roads and improve-
RTO circle to Kankaria Lake, Maninagar; which is part of phase areas of the project.
quered by Sultan Ahmed Shah who renamed the city after his ments to water supply, electricity and communications system.
name, as ‘Ahmedabad’. The old Ahmedabad city was encom- Also, the completion and operation of the Sardar Sarovar dam I of the BRTS project. Recently, the (BRTS) of Ahmedabad has
passed within a fort named Bhadra fort built by Sultan Ahmed
Shah. This fort also had around 12 ‘darwajas’ (entry gates) with
project has improved the supply of potable water and electricity SEZ Update
for the city.
remarkable carvings and calligraphy on them; the most famous Details of the SEZs located in and around Ahmedabad is tabulated below
amongst them being the ‘Teen Darwaja’. Domestic and International Airport
Sr. Name Location Type Area (in
One of the busiest airports in the state, the ‘Sardar Vallabhbhai
Ahmedabad is divided by the Sabarmati into two physically dis- No. hectares)
Patel International Airport’ serves both domestic as well as inter-
tinct eastern and western regions. The eastern bank of the river national flights which connect the city to key places within India 1. Calica Construction & Impex Village Ognaj, Taluka Dascroi, District Ahmedabad IT/ITES 10.43
houses the old city which is mainly characterised by packed as well as destinations abroad. Pvt. Ltd.
bazaars, clustered buildings, and numerous places of worship. 2. City Gold Realty Pvt. Ltd. Sanathan (Sarkhej-Bavla Highway), Sanand, IT/ITES 10.51
It houses the main railway station, the General Post Office, and The city of Ahmedabad is well connected with roads and rail net- Ahmedabad
few buildings of the Muzaffarid and British eras. The colonial pe- work. The Ahmedabad railway station holds as a junction with 3. CPL Infrastructure Pvt. Ltd. Ahmedabad Pharmaceutical 122.30
riod saw the expansion of the city to the western side of Sabar- railway lines emerging towards Mumbai, Delhi, Saurashtra and 4. Dishman Infrastructure Ltd. Villages Kalyangadh and Gangad, Taluks Bavla, Pharmaceutical 106.83
mati, facilitated by the construction of Ellis Bridge in 1875 and Kutch. District Ahmedabad
later with the modern Nehru Bridge. This part of the city houses
educational institutions, modern buildings, well-planned residen- Road Connectivity 5. Ganesh Infrastructure Pvt. Ltd. Charrodi, Dascroi, Ahmedabad IT/ITES 32.71
6. GIDC Ahmedabad Apparel 38.04
tial areas, shopping malls, multiplexes and new business dis- Ahmedabad city is an important station on the National Highway
tricts centred around key roads like Ashram Road and Sarkhej- 8 which connects Delhi to Mumbai. The recent completion of the 7. Myron Realtors Pvt. Ltd. Village Santhal, Taluka Sanand, District Ahmeda- IT/ITES 10.68
bad
Gandhinagar Highway. 6-laned Express Highway from Ahmedabad to Baroda, part of
the Golden Quadrilateral Project, has reduced travel time consid- 8. N G Realty Pvt. Ltd. Rajoda, Taluka Bawla, District Ahmedabad Engineering 105.56
erably. Ahmedabad is directly connected by highways to other 9. Zydus Infrastructure Pvt. Ltd. Ahmedabad Pharmaceutical 48.83
Administrative Framework & Population major places in the state like Gandhinagar, Bhavnagar, Nadiad,
Ahmedabad is administered by the Ahmedabad Municipal Cor- Mehsana, Surendranagar, Bhuj and Rajkot. Source: Ministry of Commerce & Industry, Dept. of Commerce
poration (AMC). Some of the regions surrounding the city are The information technology industry has developed significantly in Ahmedabad. A NASSCOM survey in 2002 on the “Super Nine Indian
administered by the Ahmedabad Urban Development Authority The Mahatma Gandhi Road, C. G. Road, the Jawaharlal Nehru Destinations” for IT-enabled services ranked Ahmedabad fifth among the top nine most competitive cities in the country. Popularly
(AUDA). The AMC was established in July 1950 under the Bom- Road, Ashram Road and the Sarkhej-Gandhinagar Highway (SG 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
bay Provincial Corporation Act, 1949. For administrative purpos- Road) are the major artery roads within the city. Auto rickshaws and jewelery in India.
Major Locations within Ahmedabad Organised Retail Development
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.

Mall Space Distribution in Ahmedabad

8.0

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0
West Central South North East
Operational Under-construction/Proposed

Source: ICICI Property Services

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
Note:Map not to scale and is for illustration purposes only.
Continued on the next page
Continued from the previous page Continued from the previous page

Details of malls in Ahmedabad are tabulated below Supply of Residential Units coming up by December 2012
Sr. No. Mall Name Site Location Zone Total Area in million sq.ft. (Approx.) Status Zone Apartment Type Average Size of a flat (in sq. ft.) No. of Units Total Area ( Million sq. ft.)
12 Acropolis Thaltej West 0.5 Completed East 1 BHK 683 538 0.37
13 SRS Shital Versa 3 Vijay Char Rasta Central 0.3 Completed 2 BHK 1055 1144 1.21
14 JBR Mall Science City West 0.2 Proposed 3 BHK 1358 105 0.14
15 Balaji Mall Chandkheda North 0.2 Under Construction 4 BHK / RH / Bungalow 1381 55 0.08
16 City Center Vastrapur West 0.4 Under Construction Total 1842 1.79
17 Ganesh Meridian S G Road West 0.8 Under Construction
West 1 BHK 641 240 0.15
18 Kalasagar Satadhar West 0.4 Under Construction
2 BHK 1212 457 0.55
19 Kunj Grand Nikol East 0.1 Under Construction
3 BHK 1900 1198 2.28
20 Kunj Mall Nikol East 0.1 Under Construction
4 BHK / RH / Bungalow 6203 216 1.34
21 Parsvnath Mall Prahladnagar West 1 Under Construction
Plotted development 4599 905 4.16
22 Regency Centre Satellite West 0.3 Under Construction
Total 3016 8.49
23 Shapath V S G Road West 0.2 Under Construction
Central 2 BHK 1170 12 0.01
24 SRS Shital Versa 5 Nehrunagar West 0.2 Under Construction
3 BHK 1877 105 0.20
25 Venus Square C G Road Central 0.3 Under Construction
Total 117 0.21
Source: ICICI Property Services
Total Supply expected by Dec 2012 8432 15.31
Supply of Residential Units coming up by December 2012
A residential supply of around 15.3 million sq. ft. is expected in Ahmedabad by year 2012 with majority of development coming up in Source: ICICI Property Services
Note: The above represents some of the key developments and not the universe
West zone.
Distribution of residential supply (no. of residential units) in pipeline across Ahmedabad
Zone Apartment Type Average Size of a flat (in sq. ft.) No. of Units Total Area ( Million sq. ft.)
Distribution of Residential Supply in Ahmedabad (in no. of units)
North 1 BHK 730 145 0.11
2 BHK 1164 1412 1.64
1%
3 BHK 1858 1415 2.63
36% 35%
Total 2972 4.38

South 1 BHK 700 145 0.1

2 BHK 964 310 0.3
3 BHK 1368 20 0.03
North South East West Central
4 BHK / RH / Bungalow 1665 10 0.02
Total 485 0.44 Source: ICICI Property Services
6% Note: The above represents some of the key developments and not the universe
Continued on the next page
22%
North Ahmedabad Residential Market in North Ahmedabad
Major locations: Chandkheda, Motera, Ranip, Sabarmati
Average Apartment Size of 2 BHK (in sq. ft.) 1164
• Gujarat Urban Development Company along-with Infra- Average Apartment Size of 3 BHK (in sq. ft.) 1858
structure Lease and Financial Services (IL & FS) have jointly Total Supply (in mn. sq.ft.) by Dec. 2012 4.38
promoted the ‘Gujarat International Finance Tec-City’ (GIFT) Total Supply (in no. of units) by Dec. 2012 2972
which is proposed on 550 acres of land parcel spread be-
tween the Sabarmati River (to the west) and NH-8 (to the
Source: ICICI Property Services
east).

• The GIFT city would be around 12 kms from the Airport and
Distribution of Residential Supply as per
about 8 kms from Gandhinagar. Plans are to develop GIFT as Apartment Type
a world class hub to facilitate the delivery of a wide range
of cross-border financial services to clients in other coun-
Distribution of Apartment Type - North
tries. Ahmedabad
5%
• 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.
48%
• Some of the prominent developers in this region include 47%
Godrej Properties, Manpasand Infrastructures, Parswanath,
Swagat Group and others.

1 BHK 2 BHK 3 BHK

Source: ICICI Property Services

Some of the residential projects in North Ahmedabad Property price movement (Mar’05 - Mar’09)
Project Developer Average Capital Values No. of Units Date of Completion Property price movement index - North Ahmedabad

Godrej Garden City Godrej Properties Rs. 25 lac onwards 1000 (approx. upto 2012) 2012 300
Parshwanath Metrocity Parshwanath Developers Rs. 21 lac onwards 205 (balance) Jul 2010 280
260
Sangath Sky Manpasand Infrastructures Rs. 29 lac onwards 96 Apr 2011
240
Swagat Rainforest Swagat Group Rs. 20.7 lac onwards 124 Oct 2010 220
200
Source: ICICI Property services
180
160
Residential Property Rates in prime residential markets of North Ahmedabad 140
120
Location Average Capital Values (Rs./sq.ft) Rentals for 2 BHK (Rs./month) Outlook 100
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
Chandkheda 1400-1800 6000 R
Motera 1400-1800 5500 R Chandkheda Sabarmati Ranip New Wadaj
New Vadaj 1300-1600 4500 S
Source: ICICI Mortgage Valuation Group (Assuming 100 as a base reference no. for Mar’05)
Ranip 1400-1800 5500 R
Sabarmati 1400-1800 6000 R
Comparison of actual (A) and real & logical (R&L) price movement
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
North Ahmedabad
above are subject to change at any given point of time.
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.
R - Rising F - Falling S - Stagnant SW - Stagnant but likely to weaken SS - Stagnant but likely to strengthen

300
250
200
150
100

50
0
Mar Mar Mar Jun Sept Dec Mar Jun Sept Dec Mar Jun Sep Dec
2005 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009

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.
South Ahmedabad Residential Market in South
Major locations: CTM, Ghodasar, Isanpur, Jashodanagar, Mani- Ahmedabad
nagar, Narol, Vatva
Average Apartment Size of 1 BHK (in sq. ft.) 700
• Chandola lake and Kanakaria lake, situated in this region, Average Apartment Size of 2 BHK (in sq. ft.) 964
are amongst the most visited tourist destinations. Total Supply (in mn. sq.ft.) by Dec. 2012 0.44
Total Supply (in no. of units) by Dec. 2012 485
• Swaminarayan Mandir, a famous Hindu shrine, is located
in Maninagar.
Source: ICICI Property Services
• Proximity to the Ahmedabad Baroda express highway has
boosted real estate development in this area. Distribution of Residential Supply as per
Apartment Type
• Avalon Group has its ongoing project ‘Avalon Courtyard’
which offers 2 BHK apartments, at Ghodasar. Distribution of Apartment Type - South
Ahmedabad
• Similar to central Ahmedabad, availability of new plots is
limited in this part as well. This had led to steady rise in land 4% 2%
prices at developed locations of this region like Maninagar.

• Vatva is mainly an industrial area with presence of the GIDC,

30%
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.

64%

1 BHK 2 BHK 3 BHK 4 BHK/RH/Bungalow

Source: ICICI Property Services

Some of the residential projects in South Ahmedabad Property Price Movement (Mar’05 - Dec’ 09)
Property Price movement index - South Ahmedabad
Project Developer Average Capital Values No. of Units Date of Completion
300
Avalon Courtyard Avalon Projects Rs. 19.4 lac onwards 340 2011 280
260
Pushkar Residency Satyam Developers Rs. 9.69 lac onwards 250 Ready
240
Source: ICICI Property Services 220
200
Residential Property Rates in prime residential markets of South Ahmedabad 180
160
Location Average Capital Values (Rs./sq.ft) Rentals for 2 BHK (Rs./month) Outlook 140
120
CTM 1500-1800 5500 S 100
Ghodasar 1500-1800 5500 R 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
Isanpur 1500-1800 5000 R Maninagar Isanpur Ghodasar Narol Jasodanagar CTM Vatwa
Jashodanagar 1400-1700 4500 R
Source: ICICI Mortgage Valuation Group (Assuming 100 as a base reference no. for Mar’05)
Maninagar 2500-3000 8000 R
Narol 800-1200 3000 SS Comparison of actual (A) and real & logical (R&L) price movement
Vatva 800-1000 2500 S
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.
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 South Ahmedabad
R - Rising F - Falling S - Stagnant SW - Stagnant but likely to weaken SS - Stagnant but likely to strengthen
300
250
200
150
100
50
0
Mar Mar Mar Jun Sept Dec Mar Jun Sept Dec Mar Jun Sep Dec
2005 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009

South (A) South (R&L)

The gap between the actual property prices and the real & logical price points has steadily widened since Dec 2008.
East Ahmedabad Residential Market in East
Major locations: Hansol, Naroda, Nikol, Odhav, Shahibaug Ahmedabad
• Shahibaug is one of the better developed parts in Average Apartment Size of 1 BHK (in sq. ft.) 683
Ahmedabad. Average Apartment Size of 2 BHK (in sq. ft.) 1055
Total Supply (in mn. sq.ft.) by Dec. 2012 1.79
• The Naroda GIDC industrial area houses many big industrial
Total Supply (in no. of units) by Dec. 2012 1842
houses like the Reliance Industries.
Source: ICICI Property Services
• Odhav too has an industrial area which consists of over
1200 industrial units.
Distribution of Residential Supply as per
• Areas like Naroda & Nikol have witnessed significant resi- Apartment Type
dential development in recent years. Availability of land at
relatively cheaper prices has helped developers build afford- Distribution of Apartment Type - East Ahmedabad
able housing options in this region.
3%
6%
• Some of the key tourist destinations like ‘Shaking Mina-
rates’, ‘Budhibhajan Hanuman Hall and ‘Qutabi Mazar’ are
located in this region. 29%
• ‘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.
62%
• Some of the major developers in this region include Galaxy,
India Bulls Real Estate, Savaliya Builders and others.

1 BHK 2 BHK 3 BHK 4 BHK/RH/Bungalow

Source: ICICI Property Services

Some of the residential projects in East Ahmedabad Property Price Movement (Mar’05 - Dec’ 09)
Project Developer Average Capital Values No. of Units Date of Completion Property price movement index - East Ahmedabad
Galaxy Bungalows Galaxy Avenue Pvt. Ltd. Rs. 24.37 lac onwards 101 (around 25 unsold) Ready
300
Indiabulls Central Park Indiabulls Real Estate Rs. 9.75 lac onwards 800 Jun 2010 onwards 280
Krish Residency Savaliya Builders Rs. 13.75 lac onwards 238 (around 25 unsold) Ready 260
240
Source: ICICI Property Services 220
200
Residential Property Rates in prime residential markets of East Ahmedabad 180
160
140
Location Average Capital Values (Rs./sq.ft) Rentals for 2 BHK (Rs./month) Outlook 120
100
Hansol 1700-2000 6000 S
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
Naroda 1100-1400 4000 R
Shahibaug
Nikol 1100-1400 4000 R
Source: ICICI Mortgage Valuation Group (Assuming 100 as a base reference no. for Mar’05)
Odhav 1100-1400 4000 SS
Shahibaug 2500-3200 8000 SS
Comparison of actual (A) and real & logical (R&L) price movement
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 Below chart brings out a comparison between quarterly property price movements and changes in consumer price index for Ahmeda-
above are subject to change at any given point of time. bad city. Since zone wise inflation data is not available we have substituted the Ahmedabad City inflation figures for each zone.

R - Rising F - Falling S - Stagnant SW - Stagnant but likely to weaken SS - Stagnant but likely to strengthen
East Ahmedabad
300
250
200
150
100
50
0
Mar Mar Mar Jun Sept Dec Mar Jun Sept Dec Mar Jun Sep Dec
2005 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009

East (A) East (R&L)

Above chart depicts that the property prices in East Ahmedabad have consistently risen more than proportionately than the real &
logical prices.
West Ahmedabad
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.
• 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.
Residential Market in West
Ahmedabad
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
Source: ICICI Property Services
Distribution of Residential Supply as
per Apartment Type
Distribution of Apartment Type - West
Ahmedabad
8%

• This region also has around 9 operational malls, and an 30% 15%
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.
7%
• The prestigious Indian Institute of Management (IIM) is lo-
40%
cated in this region.

• Marriott has recently opened up its new property - ‘Court- 1 BHK 2 BHK 3 BHK 4 BHK/RH/Bungalow Plotted development

yard Ahmedabad’ with 164 rooms, at Satellite Road. Source: ICICI Property Services
Some of the residential projects in West Ahmedabad Property Price Movement (Mar’05 - Dec’ 09)
Project Developer Average Capital Values No. of Units Date of Completion Property price movement index - West Ahmedabad
Asmakaam Nila Infrastructure Rs. 20 lac onwards 130 (Phase - II) Oct 2010 350
Iscon Flower Iscon Developers Rs. 20.96 lac onwards 415 (around 40 unsold) Mar 2011
300
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 250
Shukan Villa Bakeri Group Rs. 32 lac onwards 24 Ready
200
Source: ICICI Property Services
150

Residential Property Rates in prime residential markets of West Ahmedabad 100

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
Location Average Capital Values (Rs./sq.ft) Rentals for 2 BHK (Rs./month) Outlook
Satellite Vastrapur Bodakdev Jodhpur Thaltej Bopal
Bodakdev 3000-3500 9000 SS
Bopal 1800-2500 6000 R Source: ICICI Mortgage Valuation Group (Assuming 100 as a base reference no. for Mar’05)
Jodhpur 2700-3200 8000 SS
Prahladnagar 2700-3200 8000 SS Comparison of actual (A) and real & logical (R&L) price movement
Satellite 2700-3200 8000 SS
Below chart brings out a comparison between quarterly property price movements and changes in consumer price index for Ahmeda-
Thaltej 2300-2700 7000 R
bad city. Since zone wise inflation data is not available we have substituted the Ahmedabad City inflation figures for each zone.
Vastrapur 2700-3200 8000 SS
Vejalpur 1500-2200 5000 R
West Ahmedabad
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 300
above are subject to change at any given point of time.
250
R - Rising F - Falling S - Stagnant SW - Stagnant but likely to weaken SS - Stagnant but likely to strengthen 200
150
100
50
0
Mar Mar Mar Jun Sept Dec Mar Jun Sept Dec Mar Jun Sep Dec
2005 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009
West (A) West (R&L)

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.
Central Ahmedabad
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.

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
Property Price Movement (Mar’05 - Dec’ 09) Ahmedabad Absorption Index
Property price movement index - Central Ahmedabad There has been a steady rise in the residential real estate transactions in Ahmedabad as is apparent from the below chart.
350
Ahmedabad Residential Real Estate Absorption Index
300 200
180
250
160
200 140
120
150
100
100 80
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 60
Navrangpura Usmanpura Paldi Vasna Ashram Road Naranpura 40
Source: ICICI Mortgage Valuation Group (Assuming 100 as a base reference no. for Mar’05) 20
0
Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09
Comparison of actual (A) and real & logical (R&L) price movement 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.

Central Ahmedabad

300
250
200
150
100
50
0
Mar Mar Mar Jun Sept Dec Mar Jun Sept Dec Mar Jun Sep Dec
2005 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009
Central (A) Central (R&L)

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

Satelite/ Feasibility Studies Asset Advisory Strategic Advisory Market Research

Shahi- Chand- Manina- Navrang-
Prahlad Bodakdev Naroda Bopal
baug kheda gar pura
nagar
• Location Analysis • Optimum Land Use Analysis • Entry Strategy • Supply Estimation
Infrastructure(c • Market Analysis • Site Analysis & SWOT • Pricing Strategy • Demand Projections
onnectivity,roa
ds,proximity to • Size, Pricing, Phasing and Posi- • Catchment Analysis • City and Region Prioritisation and • Expected Absorption Trends
markets,schools) tioning (Space Programming & Expansion Strategy
Demarcation for Optimum Utilisa- • Trande & Tenant Mix • Demographic Analysis
tion of space)
Residential
• Land Valuation • Consumer Trends
Cost • Financial Analysis
• Consumer Behaviour Analysis
Proximity to/ Disclaimer
Presence of Or- This document is being communicated to you solely for the purposes of faith by ICICI HFC Ltd. There can be no assurance that such projections
ganised Retail will prove to be accurate. ICICI HFC Ltd. does not accept any responsi-
providing our views on current market trends.
bility for any errors whether caused by negligence or otherwise or for
Proximity to This document is being communicated to you on a confidential basis any loss or damage incurred by anyone in reliance on anything set out
commercial and does not carry any right of publication or disclosure to any third in this document. The information in this document reflects prevailing
development party. By accepting delivery of this document each recipient undertakes conditions and our views as of this date, all of which are subject to
not to reproduce or distribute this presentation in whole or in part, nor to change. In preparing this document we have relied upon and assumed,
disclose any of its contents (except to its professional advisers) without without independent verification, the accuracy and completeness of all
Future the prior written consent of ICICI HFC Ltd., who the recipient agrees has information available from public sources or which was provided to us
Infrastructure the benefit of this undertaking. The recipient and its professional advis- or which was otherwise reviewed by us. Past performance cannot be a
Development guide to future performance.
ers will keep permanently confidential information contained herein and
not already in the public domain.
Future Employ- No reliance may be placed for any purpose whatsoever on the informa-
ment Genera- This document is not an offer, invitation or solicitation of any kind to buy tion contained in this document or on its completeness. The information
tion or sell any security and is not intended to create any rights or obliga- set out herein may be subject to updating, completion, revision, verifi-
tions. Nothing in this document is intended to constitute legal, tax, se- cation and amendment and such information may change materially.
Source: ICICI Property Services curities or investment advice, or opinion regarding the appropriateness
of any investment, or a solicitation for any product or service. The use For further enquiries, please mail us at:
Key to the Location Attractiveness Index of any information set out in this document is entirely at the recipient’s propertyservices@icicihfc.com
own risk. or
Good / Low Cost Above Average Average / Medium Cost visit us at www.icicihfc.com
The information set out in this document has been prepared by ICICI
Below Average Bad / High Cost HFC Ltd. based upon projections which have been determined in good