Property was always considered a reasonably safe investment, but the latest boom in real estate goes much beyond the safe escalation of prices. India is undergoing an economic and cultural transformation with lesser known towns and cities acquiring an all new urbane character once associated only with metros.
Kolkata, Chandigarh, Jaipur, Ahmedabad, Kochi, Nagpur, Nasik,
Indore, Bhopal.... and now Vadodara. The ‘banyan’ city is quickly moving towards becoming a ‘knowledge’ city, as IT, biotech and NRIs combine to push Vadodara into the limelight.
Statistics reveal a 50% appreciation in residential property prices in Vadodara over the last 2 years.
Commercial property in Vadodara has doubled its rates over the
same period, prevailing around Rs. 2500 to Rs. 3000 per sq. ft.
presently.
Vadodara’s Strengths - IT and Biotech
The state government is laying out the red carpet for biotech, IT companies and NRIs to invest in Vadodara, while roping in reputed real estate builders to support their efforts with adequate infrastructure.
An IT SEZ at an investment of Rs. 2,600 crore is scheduled
to come up in Vadodara on 550 acres of land in Nimeta, in joint
collaboration with a Singapore based company. The 1st phase of
the SEZ would be ready by mid-2008, and the facilities that the
township will create are expected to be a big draw for NRI investors,
entrepreneurs, and home seekers in the city
Vadodara is successfully partnering Ahmedabad and Gandhinagar
to develop into a mega biotech cluster, with pharma, chemical
and agro-industry setting up multi-crore projects in the city.
Anhox Biotech, BDR Pharmaceuticals, M J.Biopharm, Md. Bio, Oxygen
Healthcare, Total Potential Cells and Zntex Bio tech have set
up niche research projects in Vadodara.
The Gujarat government is promoting the fully loaded, state-of-the-art
Biotechnology Park, or the Gujarat Integrated Bionetwork (GIBioN)
at Savli on 700 acres in collaboration with the M.S.University
of Baroda.
Advantage Vadodara
Vadodara enjoys unique locational advantages of being close to
Surat and Ahmedabad. As the cultural capital of Gujarat, Vadodara
has the most literate and cosmopolitan population.
The Jawaharlal
Nehru Urban Renewal Mission has sanctioned Rs. 3,000 crore for
the city’s development to the Vadodara Municipal Corporation and the Vadodara Urban Development Authority.
NRI investment is forthcoming into several projects in Vadodara.. The demand for retail and commercial property in Vadodara is expected to climb, as investors are showing interest in the neighbourhoods of Sindhrot, Waghodia Road, Padra Road, Ajwa Road and Sewasi.
