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Rajkot is located in Gujarat, and the city is gearing up to become the next hot destination for various service sectors such as IT and ITES. It is a strategic location, which also connects other significant locations that are prominent in the Gujarat realty market. The city has been witnessing an increase in demand of residential as well as commercial properties, so let us take a look at the current scenario prevalent in the Rajkot real estate market.
Commercial Property Prices
Today, you can see exclusive multistoried hotels, large business houses, and ostentatious shopping malls in the city, which clearly indicate the boom in Gujarat as well as all over the country.
Non-resident Indians and Gujaratis are looking forward to investing large funds in Rajkot properties; interest of the NRGs (non-local residents) has been attracted by many prominent developers too.
Prices of commercial properties in Rajkot have gone way higher than the rates that prevailed during the recession period (around the year 2008-2009).
A good commercial property measuring 1000 sq. ft. that can be used for business or retailing purposes would cost you somewhere in the range of 32 to 35 lakhs. The pricing starts at INR 3,000 and goes up to as high as INR 13,000/sq-ft depending upon the locality and other contributing factors.
Developers feel that this city will grow big in the realty map, as almost 50,000 new immigrants are adding up to the population on an annual basis. Currently almost 12,000 residential units are constructed by the developers every year, and the demand is expected to grow even further in the next couple of years.
Residential Property Market and Prices
Investments from top realty players have increased the Rajkot property prices in all the segments.
Prices in residential locations like Kalavad Road and University Road stand at around Rs. 1,400 sq. ft., which has almost doubled over the past 3 years. When you compare them to the previous year’s pricing of Rs. 800-Rs 900 sq. ft., you’d observer a steady 40%-60% hike in prices in just one year.
Following the same trend, the prices of residential properties are expected to rise by 20 to 40 percent in the upcoming year.
Residential plots measuring around 1000-1200 sq. ft. in Rajkot are priced around 15 to 20 lakhs, and Pravish Enterprise is one of the famous real estate developers offering very good deals at the moment.
Residential plots in Rajkot are priced at Rs 100 psf (per square feet) in the city center, and they become quite affordable as you move away from the city.
Rudra Developers, Pravish Enterprise, Hapani Builders Pvt. Ltd, Shilpan Villa, Anmol Properties are the major developers in Rajkot’s real estate market. They are specialized in retailing and building offices, commercial places, lands, 1 BHK, 2 BHK, 3 BHK flats, as well as villas in the city.
Upcoming Real Estate Projects in Rajkot
There are several upcoming Rajkot real estate projects in the pipeline, which have grabbed the attention of investors from all over the state; here are some of them –
IT Park: Parsvnath Developers Ltd, one of the reputed developers in Rajkot is coming up with different real estate projects like Group Housing, Townships, IT parks and Commercial Complexes at Vadodara, Rajkot, Ahmedanagar and Jamnagar.
The company has signed memorandum with the Gujarat government to develop this project. Consequently, you can expect to see a good increase in the land prices in the vicinity, making it a good spot for investment in the Rajkot real estate market.
DLF has shown interest in investing funds for airport, port and various infrastructural development programs in Gujarat. Therefore, company is eyeing to purchase lands in various cities like Rajkot, Surat, Vadodara and Ahmedabad.
Retail Market in Rajkot
The city of Rajkot no longer carries the conservative image, and it has undergone mega lifestyle changes in the past couple of years; with the appearance of big food courts, large exclusive malls, and beverage chains, the retail market in the city is going the metro fashion. Consequently, you can invest on a piece of Rajkot property located in a central spot, or close to an IT park, and expect good returns over the next few years.
Rajkot real estate properties are also in high demand because of the low interest rates in the state, high mutual fund returns and other favorable conditions.
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