Nano drives up land prices in Sanand, Ahmedabad
The much talked about Nano project has found a new home in Gujarat, driving the land prices there to an all time high with a 200 per cent hike in just one fortnight.
Father of newborn twin daughters, Shrenik Shah, a businessman, has lost lakhs of rupees in the last few months on the stock market and is looking for a safer option to secure the future of his daughters. His search ends at Sanand on the outskirts of Ahmedabad, where land has become as precious as gold after the Tatas chose this place for their high-profile Nano project.
“It is largely unsafe to keep money in stocks these days and real estate also in Ahmedabad is falling sharply. But I find investments in land in Sanand area since Tatas decided to setup Nano plant there is the best. Within three to five years of time, I am sure my investments made in land here will give me very high return and safe too,” said Shrenik.
Prices have also risen in surrounding areas like Nal Sarovar due to speculation that the Tatas may build residential colonies for their employees and vendors. Naturally, realtors are laughing all the way to the bank.
“We are flooded with enquiries since Nano announcement. People are making beeline to buy houses and land here and as a result of huge demand, prices are going up like anything,” said Kishen Shah, promoter, Nal Sarovar Real Estate.
“In fact, now what we are witnessing clearly shows that Gujarat’s real estate sector could be divided in two parts – before Nano and after Nano. Nano has brought in much cheer in this sector otherwise it was heading towards a disaster and people are now investing heavily in real estate in and around Sanand,” said Jaxay Shah, director, Savvy Builders.
The liquidity crunch has hit the real estate industry in Ahmedabad and other major cities in Gujarat. But here in Sanand, land is hot property. Things are really buzzing and even farmers are reaping the bounty brought by the Nano.
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