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Prahladnagar has turned out to be the city’s realty hotspot with a number of high-end apartment schemes in the area. In terms of costliest flats in Ahmedabad, it is only second to Bodakdev which boasts of having flats in the range of Rs. 4.5 crore to Rs. 6.5 crore. Palash-9, the costliest apartment in the city, is a limited edition apartment with only nine units, while other areas including Prahladnagar have more number of flats.

In Prahladnagar the real estate prices range around Rs. 5,500 to Rs. 6,000 per square feet in high-end segment, while in average residential schemes, they are around Rs. 4200 per square feet. In one of the most super-luxurious schemes in the area, a three and four BHK flat costs around Rs5.50 crore.

In Bodakdev, the smaller size flat of around 4000 sq feet area is priced at Rs. 2.5 crore. Moreover, the costliest flat in Sindhu Bhavan area could be in range of Rs. 2.5 crore to Rs. 3 crore, while in Satellite it would be around Rs. 2 crore. Certain areas such as Drive-In Road, Navrangpura, Ellisbridge, Paldi, Ambli Road and Shilaj also have residential apartment schemes with a price tag of Rs. 1.5 crore per unit. Property prices in these areas are different and so are the area of the flats, said Hitesh Shah, chief executive (residential properties) of Space Management Ltd. Not all the properties priced in the Rs. 1 crore to Rs. 1.2 crore range are newly developed, but the price appreciation in realty market has put old properties in this range. Shilalekh apartments in Shahibaug will be benefited with the development of Sabarmati Riverfront, said Shah. The costliest flats in Memnagar, Usmanpura and Thaltej could be around Rs80 lakh to Rs1 crore, the reason being the smaller area of the house.

In the new schemes, the developers are providing amenities such as walking track and water bodies, apart from mini theatre, gymnasium and ultra modern security system. Experts believe that lifestyle of many people of Ahmedabad has become luxurious, in line with the growth of Gujarat’s economy. So, people want more amenities and don’t want to compromise on quality.

Commenting on experimenting with such upscale and classy schemes in the city, realty experts said that it’s not a scheme for everyone but it is a niche product for a particular class. One can also opt to build a bungalow cheaper, but then one has to go to the R3 zone that is slightly away from the city area, he said. However, people face problem of social networking and security in such areas. So they settle for luxurious flats in the range of Rs. 1 crore to Rs. 2 crore, said Yogesh Bhavsar, vice-president of Gujarat Institute of Housing and Estate Developers. Moreover, the developers have also launched schemes with central air conditioning system along with other facilities. One of the leading builders in the city has successfully completed two such high-end residential schemes, while another developer has recently launched such a scheme in Satellite area.

Via DNA India