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| Detailed map |
Price propellers
Some projects underway that could influence real estate prices in future.
1. Road projects
A new ring road, expected to be completed by 2010, will decongest traffic in core city areas. The 4-laned Vadodara-Surat national highway will link major industrial areas around the city.
2. Infrastructure development
Vadodara Urban Development Authority (VUDA) has signed MoUs worth Rs 3,425 crore with various real estate development companies for setting up of housing colonies, IT parks and commercial complexes around the city.
3. Airport development
The state government plans to develop Vadodara airport as an aircraft maintenance hub for small and medium domestic aircraft.
Eastern and southern parts of the city are witnessing development of major industrial zones whereas west and southwest areas are preferred for residential and commercial real estate development. Good connectivity with Ahmedabad, Mumbai and industrial clusters like Ankaleshwar and Surat is fuelling growth on the outskirts.
Investment in infrastructure
| Investment in infrastructure | |
|---|---|
| Slum development | 23% |
| Water supply | 17% |
| Drainage | 20% |
| River front development | 13% |
| Sewerage | 19% |
| Transportation | 8% |
Infrastructure development initiatives taken under the Jawaharlal Nehru National Urban Renewal Mission is likely to keep fuelling the real estate demand for a few years.
New residential projects
| Builder | Project | Location | Price (Rs)* |
|---|---|---|---|
| Naveen Const. | Naveen Heights | Makarpura | 16 lakh |
| Trishla Const. | Park Lands | Bapod | 17 lakh |
| Othello Developers | Arham Apartments | Jetalpur | 19 lakh |
| Narayan Land | Narayan Gardens | Gotri | 25 lakh |
| Pratham Enterprises | Pratham Plaza | Akota | 28 lakh |
| *Average price of a 3-bedroom apartment | |||
Big players have now entered the residential property market that was primarily dominated by small developers.
Retail space distribution by 2008
RC Dutt Road | 25% |
BPC Road | 18% |
MG Road | 15% |
Jail Road | 15% |
New Padra Road | 12% |
Race Course | 10% |
Fatehgunj | 5% |
Due to saturation in traditional business districts, commercial developments have shifted to areas like Old and New Padra Road and Fatehgunj.
| Buying options | ||||
|---|---|---|---|---|
| Area | Cheap | Price | Expensive | Price |
| Central | Akota | 2,200 | Alkapuri | 3,800 |
| North | Sama | 1,800 | Fatehgunj | 2,800 |
| East | Bapod | 1,500 | Fatehpura | 2,100 |
| West | New Padra Road | 1,700 | Gotri Road | 2,500 |
| South | Makarpura | 1,600 | Majalpur | 2,100 |
| Prices of residential properties in Rs/sq ft | ||||
| Price change | ||
|---|---|---|
| Average percentage price change in '06 and '07 (expected) | ||
| 2006 | 2007 | |
| North | 15% | 10% |
| East | 15% | 15% |
| West | 25% | 15% |
| South | 20% | 15% |
| Central | 25% | 20% |
