Rajkot realtors eyeing uptapped areas

After having executed large number of realty project on western side on Rajkot, realtors are now turning to eastern parts of the city. Several commercial and residential projects are being developed in eastern Rajkot.

Traditionally, areas surrounding Kalavad and Jamnagar road in Rajkot are considered to be the most attractive locations for developing new residential and commercial properties. "With the expansion of the city, new realty projects have been planned in east Rajkot. The reason being cheaper land prices in eastern parts of the city, which include Gondal road, Morbi highway and Kuwadava road," Hitesh Bagadai, president, Rajkot Builder Association (RBA).

The land is available at Rs 3,000 to 5,000 per square yard in the eastern parts, while on western side, which include Kalavad and Jamnagar road, land prices are as high as Rs 25000-50000 per square yard.

With new projects coming in, real estate industry players expect land prices in east Rajkot to rise up to Rs 6000-6500 per square yard."Morbi road is also emerging as an educational zone. More than 30 colleges are coming up in this area. Large chunks of land are easily available on the eastern part of the city, has attracted many realtors," said Rajubhai Pobaru,MD,PrabhuRealty.Around eight years back Sahara Group had acquire land to develop a housing society on Morbi road but the project could not take off as Kalavad road area was flourishing faster at that point of time. However, the situation is quite different now. As per real estate industry players, there is more space available on the eastern side of the city and the land prices are also cheaper.Large number of non-resident Gujaratis (NRGs), whether UK or USA-based are looking at Gujarat's real estate sector. They have huge funds available with them. The interest shown by NRGs in real estate back home has forced many builders, even Rajkot-based, to set up overseas marketing offices to woo the wealthy Gujarati diaspora.