Rg~i~ Vadodara

Vadodara Property Resources

Earlier known as Baroda, r~11 is the third most populated town in the Indian state of Gujarat
after Ahmedabad and Surat. It has a populace of over 1 million. As compared to the metros which
are already saturated in terms of real estate development and prices, smaller cities are doing better
business. And, BI'II is among the same.

Baroda, which is also known as r~ad~rij, is the third largest city of Gujarat with population of
about 2.0 millions. Although the real estate prices have escalated a lot in the last 5 years,
properties in li,JJltt are still a lot more affordable as compared to cities like Ahmedabad and
Surat. With development of all types of properties, real estate market in l.ll:t is booming
these days.

If you are news junkie then you must be aware of the latest news which said Rs. 2600crore IT SEZ
in Vadodara soon. This means very soon ~I ~~tif~ Vadodara will be touching new heights and
setting high standards. Now Vadodara is all set to hop on to the IT bandwagon and ther~.X'i!I8e
huge demand of Vadodara properties. Seeing the current trend many big and reputed [~jJ, il.1
giants are planning to set up IT Parks.

This is the ti~~e}o b~ok your property in Vadodara for Lea! ~la~ as once the SEZ is in place,
Vadodara m~~1
~~ prices will go in one direction only - high up. Talking about SEZ, a Singapore
based company, is setting up the SEZ on 550 acres of land. Ultimately result of this will be a boom
MwrUIih f#'Hnri~?~~~P:~-~
in prices of ~~.~~~ i~tal@Vadodara. That's why many investors and 817my r~e~JWWPV@!:HWM
~l~fe,agents have started
buying Vadodara properties so that in future it can reap hefty profits to them.

Going few years back no one ever thought that i~.~.1 E~latgVadodara has got this much potential.
People used to avoid b~.~!.,Q9.~~~dodaraproperty as they thought it will never be able to match the
standards set by other '!!fi~16~llt~ markets. But this misconception is finally broken with the
coming up of SEZ. Vadodara is one of the elite chosen cities which will house India's biggest IT
Parks and soon Vadodara will be considered as one of the cosmopolitan cities. And not to mention
that it also has large number of literate population.

Real Estate Trends in ~.

Commercial: The p~tl;:~~arci Urban Development Authority has signed MoUs worth Rs. 3.425
crore with different construction companies for real estate projects including establishment of
residential segments, IT parks, and office spaces around the city.

A Singapore real estate company has come up with a proposal of developing a Special economic
Z~De {~~) on 550 acres of land in~. Once the SEZ is in place, property prices in
W3dlClara will hit the sky. The announcement has encouraged a number of real estate agents and
investors to buy properties in ~iQ2jdai:i.thereby securing healthy returns for future.
 ·'WHi@mrv;B?±¥
Known as the cultural capital of Gujarat, rliillliiij enjo sgr~~t advantages mainly because of its
strategic location. Also, this is a reason fo~a boom in r:
'fl,liI~real estate. Few years back, no
1

one could imagine such a bright future for ri,EI~lCldt4Properties. The city will soon be a home to
India's biggest IT parks and would be counted among the cosmopolitan cities.

Residential: Housing segment of ["'tqd@'r~has grown in leaps and bounds, particularly in the last
coupe of years. With establishment of more manufacturing industry in the city, people who have
migrated out in search of g~ .. ,,~ospectsare coming back. This has brought a reason to smile
for property developers in _11.

The bungalows have for years been home to elite class of the city and are now wooing the Non
Resident Gujaratis (NRGs). Some locations in the city such as Mandvi area has independent
residential bungalows with all basic facilities and are available for Rs. 15,00,000 - Rs. 25,00,000.

A two room bedroom apartment in ladgdjia, with a carpet area unit of 850 sq. ft. will cost around
Rs 7, 00,000 to Rs 8, 00,000.

Retail: For the past few time, retailing in __ has been on a roll. Earlier, it missed out the
retail bus but is now leaving no stone upturned to catch up the pace.

Upcoming Real estate Projects in •• ~

Residential Complex: Narayan Housing is to pump in Rs. 500 crore to develop a Rs. 520 crore
housing project at Hanumanpura. Following in same footsteps is Siddhi Vinayak infrastructure
which has plans to come up with a housing society at Jambu village off Makrapura on the Mumbai
Highway.

IT Park: L&T has proposed ~ .B~

.:.600ocror technology park in Bapod-Ankhol. Envisaging carving
the same niche is Parkway B,~~llM which is all set to build a IT park in Dena and Nimeta.

Bio IT Park: The famous Mumbai based real estate developer Akruti Nirman has signed a MoU to
develop a Bio IT park on 708 acres of land in Savli, W5ao~.arn.The company is holding high talks
with different companies to set up the facilities at the Park.

Shopping Malls:~~'1W*'~>,*;"b.10g"'m
The Kalani Group is to set up an exclusive mall cum multiplex on a large area of
3.5 lakh sq. ft. in l'illjal1 as part of its retail development plans.

With such prospective development projects, the growth in 1_ real estate is certain to
accelerate in times to come.

IT·ITeS exports from tQ[~pC!~~jtouched $46 mn in '07 from $11 mn in '05.

The subprime crisis may have been a growth constraint for most of the IT and BPO ~2mii~nI~ in
the country but it could prove to be a blessi~gi~,~i~~~i~e for Gujarat. Having to cut down operation
co~t~l;J"Q,~,~.~\.¥"ake
of the crisis, a number of~,QmpiDI~ are turning not only to Ahmedabad but also
tolil.i,a~f~ in a big way.
While the Ahmed~~~8-~~;~dhinagar cluster stands out as the premier IT-ITeS h~P.).ni~n~
...state with
more than 360 [({H1pi!ii!~§including TCS, MphasiS, Aegis, Satyam and Patni, &~~Il~j~ could
well be the next IT hub of the state.

The signs are already visible. As per the latest CII-KPMG report titled 'Gujarat Riding on Indian Off-
shoring Boom', IT-ITeS exports from ~-m
have jumped from $11 million (approximately Rs
43 crore) in 2005 to $46 million (Rs 180 crore) in 2007 where both IT and ITeS exports have grown
at almost the same pace. Moreover, the number of ~Q,rDp',irrIil
in the IT-ITeS segment has gone
up from 77 in 2006 to 87 in 2007.

SEZs approval
The city has already received formal approval for three SEZs, which include Nipiam Infotech's IT-
ITeS SEZ on 220 acre, Suzlon Infrastructure's 101 acre SEZ for hi-tech engineering products and
GIDC's 14 acre SEZ for the biotech industry.

also houses L&T e-engineering, one of the highest ITeS exporters from the state, which
is planning further expansion. Officials from the company said they would soon set a
'Knowledge City' on 112 acres near 11.111I,
for which a considerable amount of ,:I];~~§~im~!~~
is
expected.

The Knowledge City would consist of 11 buildings to be constructed in the first phase and house
offices of L&T's e-Engineering Solutions, L&T Chiyoda and others. Other facilities include
convention centre, employees' hostel, residential colony, and food courts. prominent ~Qri!PE1~
Other prominent ~ompani~~ who have set up shop in the city include Fortune Infotech, dealing in
audit and non-audit services, Global Consultants Inc, which is into reconciliation-based work, and
IntelQ, an IT staffing and solution delivery as well as HR outsourcing and e-engineering company.

Though, the Ahmedabad-Gandhinagar cluster recorded IT-ITeS exports worth $82.1 milli()Q
~approximately Rs 3~~ro~~) in 2006~07, nearly double as com~~~~~r~ that of ~i~la!tl,.
. .
Industry experts say reI III
cost ISa major advantage that 1~(:IQ(:Iar~holds over other cities In
the state.

Ahmedabad, on an average, offers 40 per cent lower rental rates as compared with tier I locations
like Mumbai, Bangalore and the National Capital Region. Rentals on the Sarkhej-Gandhinagar
highway, and Satellite areas where a couple of ITeS players are based, are Rs 25-30 per sft.

As compared with Ahmedabad, rentals in R(Q~. are at least 10 per cent lower and 50 per
cent cheaper than tier I locations. Lease rentals hover around Rs 20-25 per sft. Even Surat,
whose IT exports touched just $1.2 million (approximately Rs 4.7 crore) in 2007, could prove to be
F'-:'(--,:::t'->"*:rty"-"":::'·'{}':\y{r;3

a costlier proposition for cQmp~~ig§.Lease rates in areas like Majur Gate and Ring road in Surat
are in the range of Rs 30-40 per sft a month.

However, that hasn't stopped Caliber Point, the BPa subsidiary of Hexaware Technologies from
considering Surat along with Ahmedabad as the target locations for a pharma SEZ it is considering
to set up in the state.
"We are looking at setting up an SEZ in the pharma sector by the last quarter of 2008. We propose
to invest around Rs 40 crore for the same," says Ashok Bildikar, president and executive director,
Caliber Point.

K Rall'ela aims 2 more IT Parks in Gujarat

By Overseas Property Live· June 22,2010

After logging in 'Mindspace', Gujarat's first operational IT special economic zone (SEZ), K '.I~~l:~l~.
have bigger plans for the state. It has already bought two 100 acre parcels of land in
where it plans to set up two more IT-ITeS SEZs besides brewing plans to develop a
mega-residential project in Ahmedabad.

Talking at the sidelines of inaugurating the first unit at Mindspace Gandhinagar-Ahmedabad, Vinod
Rohira, director, K tr(!l~l; Corp, said "We already have the land in possession in two locations in
and plan to develop two IT SEZs there in the near future". Rohira did not give out
details. However, he added that the cost of developing Mindspace near Ahmedabad
has been around Rs 2000 per square feet of office space apart from infrastructure cost. Rahejas
would develop around four to five million square feet of office space in Mindspace. It has already
developed five lakh square feet of space at the SEZ and laid foundation for another five lakh
square feet. Mindspace is coming up over around 100 acre land with 66 acres for the IT-ITeS SEZ
and the remaining for developing apartments, hotels, retail establishments, cafeterias, gymnasiums
and other leisure offerings.

Besides, Raheja's are also planning to develop a residential project in and around Ahmedabad that
will have mainly bungalows and villas. Rohira did not want to give out a potential location until the
company had the land in possession. "We build five million square feet of residential space every
year, and we take care to see that we build when there is a take-away in the market and not just for
an investor base". This would be the Group's first residential project in Gujarat.

Gujarat indeed is an attractive destination for IT-ITeS co~anies as it is one of the most cost-
effective destinations, Rohira feels. "For a company, thel~11II cost in such a project is
around only two to three per cent, while human resource costs constitute nearly 60 per cent.
Attrition is the major issue for a company that makes significant investments in training", he
explained.

Rahejas expect to complete leasing out space at Mindspace Gandhinagar-Ahmedabad within the
next two years. They have developed around 20 million square feet office space at the seven
Mindspaces across the country
Property Rates in

Submitted by admin on May 27, 2010- 1:50 pmNo Comment

is the c~I!~r§lL£§R.italof Gujarat, and it enjoys great advantages mainly because of its
strategic 10cation.lll,lall is emerging as a new real estate destination; the city will soon be a
home to India's biggest IT parks and would be counted among the cosmopolitan cities.

Residential and retail sector is also rolling and the capital and rental values of the city are
increasing. The city is also projected to cater SEZ projects in the 2008-09 where many
multinational companies will start full-fledged operations from All this will really buzz
prevailing residential and commercial real estate values and for your information current residential
capital and rental values of few prime localities of are listed below.

Last Updated: May 2010

17000-27000
13500-36000
18000-27000
13500-18000

4000-5000
5000-15000
North(3) 6500-7000
East (1) 5500-6000

Source: Bricks-stones research for 2009/2010