AHMEDABAD: A surge in housing redevelopment projects promises to transform Ahmedabad’s urban landscape. Around 50 redevelopment deals have been finalized in the last eight months and negotiations are in their final stages for around 400 societies.
Realty experts said that areas like Navrangpura, Naranpura, Paldi and Memnagar have a huge potential for redevelopment and due to faster deals and recent HC orders, more societies are opting for it. This has resulted in high demand for homes on rent in these areas.
Also, a segment of buyers that was earlier ready to move into new areas on the outskirts is also keen on redevelopment.
Jitendra Shah, president, Urban Redevelopment Housing Society Welfare Association, said, “Redevelopment deals were put on hold after jantri hike as the offers developers had made earlier were not viable due to costlier purchase of FSI. However, after two months of new jantri rates being implemented, negotiations have picked up. We believe at least 50 redevelopment deals have been finalized in the last eight months and negotiations are in their final stages for at least 400 societies.”
Recently, the high court also cleared a few redevelopment cases encouraging older societies to opt for redevelopment if 75% of their residents agree to it. In the coming years, we will see more such projects taking off,” Jitendra Shah, president, Urban Redevelopment Housing Society Welfare Association added.
Developers say these projects spell a welcome change for Ahmedabad’s skyline and its architectural aesthetics with modern designs, expansive living areas and sufficient vehicle parking spaces.
Jigar Bharwad, a developer associated with many redevelopment projects said, “Areas like Navrangpura, Paldi and Naranpura have robust infrastructure and good connectivity. Redeveloped societies will ensure that more families live in these areas and the infrastructure is used widely. Even the residents are more aware of these aspects now, helping the developers close deals faster.”
Kartik Soni, another developer, said, “The number of redevelopment deals has grown in the past one year. We have finalized around seven projects and started work on three. Residents of posh areas that were once realty hotspots preferred buying new homes on the outskirts mainly due to parking and other amenities. But now they prefer redevelopment because they are being offered all these facilities. The outskirts are more preferred by the new entrants to the city.”
He added that the trend of redevelopment has shrunk the availability of rental properties.
The gross leasing of office space went up 43 per cent to 16.2 million square feet in January-March this year from 11.3 million square feet in the corresponding period of the previous year.
