What Makes Gandhinagar a Promising Investment Hub in 2024?
Here in Gandhinagar, the trends are rapidly setting the city on the path to becoming one of the most preferred investment locations in the real estate sector in 2024. The most significant city is the state's administrative capital; it has expanded greatly recently. The factors driving this sector are the location advantage, improved infrastructure, and the Smart City Mission of the government of India.
It is forecasted that the price of the land in Gandhinagar is expected to increase between 15%—20% in the year 2024. This is spearheaded by ₹1,000 crore Gandhinagar Railway Station redevelopment project and GIFT City development project in which more than 1. The generation of not less than 500,000 employment opportunities by the financial year 2024/2025. This has introduced a lot of professional and business people that will further increase the demand for both residential and business land making Gandhinagar a very attractive investment area.
A land plot in Pirojpur was available at ₹1,800 per square yard in 2022 while the same price has surged to ₹2,300 per square yard in 2024 which shows the ever-rising trend because of the demand.
How is the Economic Growth in Gandhinagar Impacting Land Value?
The promotion of the city of Gandhinagar as an economic hub plays a major role in the enhancement of the value of land. As we project to the fiscal year 2024, the gross domestic product for the city accounts for 8% of the totality showing that the economy is expanding and some core business sectors in the country are information technology, education, and government services. This growth automatically translates into the impact of the prices of land most especially those that are in the vicinity of commercial and education facilities.
For instance, the cost of land in Saragasan has risen from ₹ 2,500 per sq yard in 2022 to an expected ₹ 3,000 per sq yard in 2024. There are a vast number of jobs and business establishments in Gandhinagar, which in turn are increasing the demand for residential as well as commercial areas of land.
Presently, in Ratanpur, a plot, that could be bought at ₹15 lakh in 2022, is available at ₹20 lakh, which shows how economic growth is affecting the land prices.
What Infrastructure Projects Are Underway, and How Will They Affect Land Prices?
There are many mega-projects under construction in Gandhinagar today, and several of the big ones are nearing completion; however, the impact on the price of land cannot be underestimated. The ₹10,000 crore metro being planned between Ahmedabad and Gandhinagar with the target of completion by 2025 is a project of change in connectivity. Moreover, ₹5,000 crore for the extension of the Gandhinagar-Ahmedabad expressway will enhance accessibility even more, and as such, land near any of these will be desirable.
Khoraj and Pirojpur are some of the areas that are in the process of experiencing these infrastructure developments and the prices of the lands are already indicating this. For instance, the land price around the under-construction metro station in Pirojpur has already increased from ₹1,800 per square. yd. to ₹2,300 per sq. yd. in the last year, but this will grow as these projects get into the last stage of construction.
For instance, a plot in Khoraj that was available for ₹2,200 per square yard in 2023 is today available for ₹2,700 per square yard because it is located near the metro line.
What Government Initiatives Support Land Investment Near Gandhinagar?
Some of the policies that the Gujarat government has developed that have developed some incentives that make Gandhinagar an ideal place to invest in land are as follows. For example, the SMART CITY MISSION has ₹500 crore set aside for the development of smart structures in Gandhinagar at the moment. This includes that which is intended to improve public service delivery, transport, and other issues of connectivity, for instance, digital.
Besides, the tax sops provided to the real estate developers and to the industries that are intending to establish their offices in Gandhinagar are increasing the demand for the land. The Gujarat Real Estate Regulatory Authority also provides protection and assurance to the buyers and safeguards the investors ‘interest hence making investment in the region safe.
Saragasan stated that the prices of the land have been increasing by 10% annually; this he noted was due to several facilities that have been established by the government to facilitate the enhancement of the quality of the land and its ability to attract investors.
How Do Current Demand and Supply Trends Influence Land Investment Opportunities?
There is more demand for land in Gandhinagar in recent years and the best and largest plots are scarce. There was a special increase of 30% in the number of enquires for the purchase of residential plots in 2023 which was particularly focused on the areas of Ratanpur and Khoraj. It is this demand-supply gap that is putting pressure on price levels to the extreme, and thus the existence of a competitive buyer market on land.
An instance is a piece of land in Ratanpur; it has been appreciated. A 500 square yard plot which was available for 15 lakh Rupees in 2022 is now available for 20 lakh Rupees, which reflects an appreciation of 33 % in only two years. With increasing urbanization and expansion of commerce in the region, the demand for land will probably continue to rise in the future and thus, those investors who are ready to invest in this sector will be in a bet of their lifetime.
Why Does Proximity to Educational and Commercial Centers Matter for Land Value?
Other factors that influence land value include; Distance to school and business center. There is usually high demand for products in areas that are around universities, IT Parks, or government offices as the prices charged are relatively high. Gandhinagar is home to some of the best universities including the Pandit Deendayal Energy University and the IIT Gandhinagar.
Places near such institutions, for instance, Saragasan have had their land valued at the rate of 15% per annum. The students, faculties, and professionals have the ever-persistent demands for residential places therefore making them strategic points for investment in residential areas.
What are the Historical and Predicted Land Price Trends in Gandhinagar?
Historically, the prices of the land in Gandhinagar have been escalating and on average, the standard rate of increment is set at 10 percent annually for the past decade. Even the growth rates are higher in areas such as Pirojpur and Saragasan due to the development of infrastructure and business activities.
For instance, the price of land has progressively risen from ₹1,200 per square yard in the year 2015 to ₹2,400 in the year 2023 in the Pirojpur district. In the future, real estate professionals will achieve an average annual growth of between twelve and fifteen percent, especially in areas neighboring facilities and business establishments.
Why Should Investors Consider Gandhinagar for Land Investment in 2024?
Were one to buy land near Gandhinagar in 2024, one would be able to ride on the Economic activities of the city as well as its strategic location and the existing and planned developments. Betting to increase by 15-20% in the next year, it is much cheaper to buy the best plots of land when they are in their infancy. The government plans to develop Gandhinagar into a smart city along with the development of GIFT City has a demand for land that has helped the investors to get good returns.
Besides, current demand and supply status, connectivity with education and other commercial facilities, and previous growth rates in Gandhinagar make long-run investment in the real estate sector more secure in Gandhinagar.
