Housing redevelopment projects are booming in Ahmedabad, with around 50 projects finalized in the last eight months and 400 more in late stages of negotiation. Areas like Navrangpura, Naranpura, Paldi and Memnagar are seeing huge potential for redevelopment. Faster deals and recent High Court order mandating approval from only 75% residents, have prompted more societies to opt for redevelopment. This has also led to high demand for rental homes in these areas. Additionally, some homebuyers who previously sought new properties in the outskirts were now interested in redevelopment as they get additional amenities in prime locations.
Housing redevelopment projects in Ahmedabad are transforming the city's urban landscape. Around 50 redevelopment deals have been finalized in the last eight months, and around 400 societies are in the final stages of negotiation.
Realty experts say areas like Navrangpura, Naranpura, Paldi and Memnagar have huge potential for redevelopment. Due to faster deals and recent high court orders, more societies are opting for redevelopment. This has led to high demand for rental homes in these areas. Additionally, some buyers who were previously willing to move to new areas on the outskirts are now interested in redevelopment as they get additional facilities in prime locations.
Jitendra Shah, president of the Urban Redevelopment Housing Society Welfare Association, said redevelopment deals were put on hold after jantri rates were increased, as earlier offers from developers were no longer viable due to higher land costs. However, negotiations have picked up again over the past two months since the new jantri rates were implemented.
Recently, the high court also cleared some redevelopment cases, further encouraging older societies to opt for redevelopment if 75% of residents agree. Jitendra Shah added that many more such projects will take off in the coming years as redevelopment will not be stalled due to few residents being against it.
Developers say these projects will positively change Ahmedabad's skyline and architectural aesthetics, with modern designs, expansive living spaces, and sufficient parking. Jigar Bharwad, associated with many redevelopment projects, noted that areas like Navrangpura, Paldi and Naranpura have robust infrastructure and connectivity. Redeveloped societies will ensure more families live in these areas and make better use of the infrastructure, which residents now also appreciate.
Residents of upscale areas that were previously real estate hotspots had preferred buying new homes in the outskirts mainly for parking and amenities. But now they prefer redevelopment as they are being offered all facilities within redeveloped societies. The outskirts remain more attractive mainly to new arrivals in the city.
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