Property Options Starting Rs 20 Lakh In Vadodara
In early 2017, the Gujarat government gave an approval for a Special Purpose Vehicle (SPV) to handle the smart city projects in Vadodara. Therefore, we know that Vadodara is aiming towards a smart future but here's what makes the city truly dependable.
The cultural capital of Gujarat is one of the most commercialised cities in the country, with a wide base of pharmaceutical, chemical, refineries and industrial setups that employ a great number of people. Proximity to other economic centres such as Bharuch and Ankleshwar also helps Vadodara keep up its repute in terms of jobs and socio-physical infrastructure.
Moreover, with the Delhi-Mumbai Industrial Corridor passing through Vadodara, real estate of the city is expected to gain further. The entry of global giants such as General Motors, TOTO and Bombardier in the city further testify that Vadodara is a great option for those who wish to make an investment.
The residential market
There are over 1,500 projects to choose from, data available with PropTiger.com show. Capital values of property in the city have been fairly stable over the past two years, with existing values hovering around Rs 2,200 per square foot (sqft) on an average. For a 1BHK unit, average prices are close to Rs 15 lakh, while you would need to spend up to Rs 25 lakh for a 2BHK unit. Similarly, 3 and 4BHK units would be available in the broad price band of Rs 40 lakh to Rs 85 lakh, while standard sized plots would be available within Rs 50 lakh.
Dynamics within the market
Are you ready to make an investment in Vadodara? Here are other things that you need to know:
Branching development: Unlike most other cities where new developments follow a certain path, Vadodara boasts mushrooming of new developments across the city's peripheries. As a result, areas such as the Ajwa Road, the Sama-Savli Road have seen a great deal of residential developments in the recent past. Across the National Highway-8, Alamgir village, too, has seen certain new developments.
Other peripheral developments include Savli and Halol which are areas located over than 30 km from the city. However, the basic infrastructure in these areas has yet to be fully developed.
In the west and north-west of Vadodara, upcoming locations such as Gorwa, Chhani Jakat Naka, the Race Course Circle and Gotri have been popular. Those employed in and around Alkapuri find these localities easily accessible. Developments along the Undera Road (It is close to the Gujarat Refinery) have also worked well for real estate here.
If you are opting for south Vadodara, affordable housing projects are coming up in areas such as Tarsali. Other popular areas include Manjalpur, Makarpura and Alamgir.
Simplified environmental clearances: Although the Real Estate (Regulation & Development) Act, 2016, does not provide for single- window clearances, the state has attempted to simplify the process. Gujarat Chief Minister Vijay Rupani directed real estate developers to approach local authorities such as the Vadodara Municipal Corporation (VMC) for environmental clearances, and not the Gujarat Pollution Control Board (GPCB) .
No escape from property tax: For the first time in Vadodara's history, the VMC would be surveying properties within the city with the Geographical Information System (GIS) . Data regarding the status of the payment of their property tax, their area, purpose of their use can be accessed real time now. The GIS helped bring about 20-30 per more properties within the tax net, and the same is expected for Vadodara, say officials.
Last year, the VMC had introduced a door-to-door property tax collection facility, where property owners could simply call the civic body on a toll-free number to avail of this service.
More documentation, better safety: If you are a landlord in Vadodara who did not go for a police verification of your tenant, you are in trouble. The police are cautious these days in the wake of criminal offences. Hence, landlords could be booked for flouting rules if they have unregistered tenants.
Push to solar energy: To encourage more and more residents to use solar panels, the Gujarat government is rolling out subsidies. The government would give a subsidy of Rs 10,000 on the cost of setting up a solar unit which costs Rs 70,000.
Choose from over 1,500 projects in Vadodara.