Vadodara : Upcoming projects brace New Alkapuri’s growth
If you are looking to invest in a property in Vadodara, New Alkapuri could be the end of your search. The location, developing 6-km from Alkapuri, hosts more than a dozen new residential projects at various stages of construction. While most of the projects are nearing completion, a few are still under-construction.
“The locality is almost 30 per cent occupied. Majority of the projects are still at the finishing stage and will take time to be ready-to-use. With Alkapuri turning into a major commercial destination, development and habitation started spreading towards New Alkapuri. Today, the locality is touted to be one of the beneficial investment destinations in the city,” says Vrajesh Soni of Re Future Management Pvt Ltd, a city-based realtor.
Presently, there are ongoing projects by developers such as Pratham Enterprises, Shreekunj Corporation, CJ Infrastructure and Shubham Developers, among others. Property buyers can invest in plotted development, multi-storey apartments, independent houses or villas in New Alkapuri.
Currently, the multi-storey apartments and houses are available within Rs 2,300-2,500 per sq ft. Residential plots are also not available in plenty but the limited inventory available is within Rs 2,500-3,000 per sq ft. Most of the plots are sized between 700-5000 sq ft area. Independent houses and duplex villas are available in sizes ranging from 1150-5000 sq ft and can be bought within Rs 50 lakh to Rs 1.5 crore.
The locality has recorded decent returns on investments in the past. “The property values in New Alkapuri have appreciated by almost 15-20 per cent in the last one year. A 1000-sq-ft apartment which is now available for Rs 25 lakh was then available within Rs 20-21 lakh. With increasing demand from end users and projects nearing possession, the locality is expected to reap similar returns in future,”
“In order to reap higher returns, buyers can invest in new launches and wait until possession before exiting the investment,”
While you may eye higher returns and prefer new launches, it is advised that you do a thorough research on the reputation of the builder. You should also check if all approvals for the project have been obtained.
Source : Magicbricks.com Bureau