RESEARCH AND ANALYSIS OF WESTERN CENTRAL MICRO MARKET OF AHMEDABAD by Omkar Teli

Analysis of Western-central micro-market of Ahmedabad

AUMREAL695 – REAL ESTATE MARKET RESEARCH AND PROPERTY DEVELOPMENT PROCESS. FACULTY IN - CHARGE - PROF. SHEKHAR NAGARGOJE RESEARCH AND ANALYSIS OF WESTERN CENTRAL MICRO MARKET OF AHMEDABAD PSDA ASSIGNMENT - 2

Source - https://in.pinterest.com/

GROUP MEMBERS 8920001 – SHIVANI PANJ HAZARI 8920005 – ARADHANA S. KUMAR 8920025 – OMKAR B. TELI 8920026 – ADITYA A. KAMBLI 8920046 – SIDDHANT S. RATHOD

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Analysis of Western-central micro-market of Ahmedabad

ABSTRACT This report is based on circumstantiated study of Western-Central micro-market of Ahmedabad that comprises of Old Wadaj, New Wadaj, Naranpura, Navrangpura, Usmanapura, S.P stadium, Ambawadi, Paldi, Vasna , partial Bodakdev, Jodhpur Village, Vastrapur and Satellite area which is located on the western part of the river Sabarmati. After the Riverfront development in 1990s the areas along the banks of the river started booming and is witnessing as major landmark for its high end residential units and commercial properties and thus contributes increasingly to the state’s economy. Its proximity to Sanand adds it to the locational benefits. The location has many upcoming developments proposed such as shopping malls, commercial and office spaces, residential units and automobile showrooms. The report starts with the delineation study of Western-Central micro-market which suffices the knowledge about the geographical aspects of the market including profile, terrain, natural barriers and land cover of the location. It analyses the micro-market with the supporting information from demographics such as – population growth, density, sex ratio, literacy rates, and work participation rates. Onward sections of the report highlight the development of the city w.r.t historic growth, major economy drivers and linkages including the roadways, airways and railways. The area development authority, its rules and regulations, detailed infrastructure background, transportation study and concluded with urban fabric of the city and micro-market are highlighted in the delineation report. The report also highlights demand and supply analysis for all the major asset class in the micro-market – residential, commercial, retail and hospitality sector. It also highlights the conceptualization, impact and developments of GIFT City, Gandhinagar and various employment opportunities leading to increased investments; both domestica and foreign, increased exports due to various government tax benefits, regulatory freedom, and supportive infrastructure.

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Analysis of Western-central micro-market of Ahmedabad

CERTIFICATE

It is certified that the work content in the report file title ‘RESEARCH AND ANALYSIS OF WESTERN CENTRAL MICROMARKET OF AHMEDABAD’ By Ms. Shivani Panj Hazari Ms. Aradhana. S. Kumar Mr. Omkar Teli Mr. Aditya A. Kambli Mr. Siddhant Rathod has been carried out under my guidance

Prof Shekhar Nagargoje (Program Director) (October 2020- November 2020)

MRICS Amol Shimpi (Associate Dean and Director) RICS SCHOOL OF BUILT ENVIRONMENT, MUMBAI

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Analysis of Western-central micro-market of Ahmedabad

ACKNOWLEDGEMENT We sincerely want to thank and acknowledge all the resources who guided and abetted us in completing ‘Research and Analysis of Western Central micro-market of Ahmedabad’ We are beholden to our faculty for their constant support in the process of inspiration and knowledge foundation. We would certainly want to thank our guide and faculty Prof Shekhar Nagargoje for his enriching knowledge sharing and inspiration throughout the process.

We have been extremely fortunate to RICS School of Built Environment, Mumbai for providing us endless apprehension and opportunity to discover, learn and grow in spite of this pandemic situation which has determinably taught us academically but also propelled us with critical thinking and managerial skills, which has opened and widened doors towards rigid and conservative mindset of Institutional learnings.

We grateful to our family, friends, and classmates for their constant support all along.

THANKYOU.

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Analysis of Western-central micro-market of Ahmedabad

Table of Contents ABSTRACT ................................................................................................................................ 2 CERTIFICATE ........................................................................................................................... 3 ACKNOWLEDGEMENT............................................................................................................. 4 LIST OF ABBREVATIONS ........................................................................................................12 AIM ...........................................................................................................................................14 OBJECTIVE ..............................................................................................................................14 METHODOLOGY......................................................................................................................14 Primary Survey ......................................................................................................................14 Secondary Survey .................................................................................................................14 1.1.1.Scope of the Project ..................................................................................................14 Limitations .............................................................................................................................14 Roles and Responsibilities.....................................................................................................15 2.

Micromarket Delineation ....................................................................................................16 1.1Introduction.......................................................................................................................16 1.1.1.Location ....................................................................................................................16 1.2.Micro-Market: Western Central Micro-Market ..................................................................16 1.3.Geography Of The Market ...............................................................................................17 1.3.1.Terrain ......................................................................................................................17 1.3.2.Natural Barrier ...........................................................................................................18

2. Demographics .......................................................................................................................19 2.1Demographics of the city and Western-Central micro-market ...........................................19 2.1.1Population of Ahmedabad ..........................................................................................19 2.1.2Population of micro-market ........................................................................................20 2.1.3Population household of western-central micro-market ..............................................21 2.1.4Sex ratio in the city and micro-market ........................................................................23 2.1.5Literacy rate of the city and micro-market ...................................................................24 2.1.6Informal and Formal Housing .....................................................................................25 2.1.7Population growth of the city and micro-market ..........................................................25 2.1.8Work Participation Rate..............................................................................................26 2.1.9Occupation Mix ..........................................................................................................27 2.1.10Population Age make-up ..........................................................................................29 2.1.11Population Forecast .................................................................................................29 5 | Page

Analysis of Western-central micro-market of Ahmedabad

3. Historic Growth .....................................................................................................................30 3.1. Proposed City’s Growth ..................................................................................................32 4.

Regional Linkages .............................................................................................................33 4.1. Present Linkages – Ahmedabad City ..............................................................................33 4.1.1. Airways ....................................................................................................................33 4.1.2.Railways And Metro Linkages ...................................................................................33 4.1.3.Road Linkages ..........................................................................................................34 4.1.4.Proposed Linkage .....................................................................................................35

Economy Drivers................................................................................................................36 5.1Economy Drivers of Ahmedabad ......................................................................................36 5.2.Economy Drivers in Micro-Market: ...................................................................................38 5.2.1. Bodakdev .................................................................................................................38 5.2.2 Navrangpura: ................................................................................................................39

5.2.3.Jodhpur Village: ...............................................................................................................40 5.2.4.Paldi: ................................................................................................................................40 5.2.5.Pralhad Nagar ..................................................................................................................41 Crown Plaza Ahmedabad City Centre ...................................................................................41 5.2.6.Usmanpura ......................................................................................................................41 Hyatt Regency .......................................................................................................................41 5.2.7. Satellite.......................................................................................................................41 AB Miniplex ...........................................................................................................................41 5.2.8.Gurukul ............................................................................................................................42 Kahaani Sport Academy ........................................................................................................42 6. Development plan / zonal plan ..............................................................................................43 6.1. Introduction.....................................................................................................................43 6.2 Development plan (Under AMC Limits) ............................................................................43 6.2. Development plan (Under AUDA Limits) .........................................................................44 6.3. Plan – Western Central Micro Market of Ahmedabad .....................................................45 6.4. DEVELOPMENT RULES ................................................................................................47 6.4.1.Floor Space Index (F.S.I.) .........................................................................................47 6.4.2.Minimum area requirement for different categories of building ..................................47 6.4.3.Building Height ..........................................................................................................48 6.4.4.Road margins – Side and rear margins .....................................................................48 6.4.5.Basement in a Building-unit .......................................................................................49 6 | Page

Analysis of Western-central micro-market of Ahmedabad

6.4.6.Requirements for fire tender movement ....................................................................50 6.4.7.Provision for Podium .................................................................................................50 7.

Municipal and Urban Development Authorities ...................................................................51 7.1. Ahmedabad Municipal Corporation (AMC)......................................................................51 7.1.1 Mandatory responsibilities ............................................................................................52 7.1.2 Voluntary Responsibilities .............................................................................................52 7.2. Ahmedabad Urban Development Authority (AUDA) .......................................................53 7.2.1. Introduction ..............................................................................................................53 7.2.2. Key Responsibilities .................................................................................................53

Development and Trends ...................................................................................................54 8.1.Residential Asset Class ...................................................................................................54 8.1.1.Prime Developers in the Micro-Market ......................................................................54 8.1.2Key Drivers for Residential Sector ..............................................................................54 8.1.3 Population increase and its Trends ...........................................................................55 8.1.4Analysis of Launches or Supply .................................................................................56 8.1.5Analysis of Sales ........................................................................................................57 8.1.6Price Trends over the Years .......................................................................................58 8.1.7Unsold Inventory ........................................................................................................58 8.1.8New Upcoming Projects in the Micro market ..............................................................59 8.1.9Case Study of New Launches in the Micro-market .....................................................63 8.1.10Primary Survey for Residential Market Study ...........................................................71 8.1.11Conclusion ...............................................................................................................74 8.2. Commercial asset class ..................................................................................................75 8.2.1. Introduction ..............................................................................................................75 8.2.2. Significant projects planned and under construction .................................................76 8.2.2.1. Key transactions in Ahmedabad ............................................................................77 8.2.3. Micro – Market Commercial trends ...........................................................................78 8.2.3.1. Office spaces in the micro market .........................................................................79 8.2.3.2. Part A - Mapping ...................................................................................................79 8.2.3.3. Part B - Mapping ...................................................................................................80 8.2.3.4. Part C - Mapping ...................................................................................................82 8.2.3.5. Part D - Mapping ...................................................................................................84 8.2.3.6. Detailed study of commercial buildings in the micro market...................................86 8.2.3.6.1. Observations ......................................................................................................87 7 | Page

Analysis of Western-central micro-market of Ahmedabad

8.2.3.7. Case Studies of Commercial spaces. ....................................................................89 8.2.3.7.1. Case study 1 ......................................................................................................89 8.2.3.7.2. Case study 2 ......................................................................................................90 8.2.3.7.3. Case study 3 ......................................................................................................91 8.2.3.7.4. Case study 4 ......................................................................................................92 8.2.4. Survey form observations.........................................................................................93 8.2.5. Demand and Supply analysis ...................................................................................95 8.2.5.1. Demand ................................................................................................................95 8.2.5.2. Supply ...................................................................................................................96 8.2.5.3. Conclusion ............................................................................................................96 8.2.6. Conclusion ...............................................................................................................97 8.3.Retail Development And Its Trends .................................................................................98 8.3.1.Indian Retail Market Overview...................................................................................98 8.3.2.Category Wise Split Of The Retail Market .................................................................99 8.3.3.Retail Development And Its Trend In Micromarket ...................................................100 8.3.4. Drivers For Retail Sector In Micromarket ................................................................101 8.3.5.Growth Drivers ........................................................................................................102 8.3.6.Main Attractions8.3.7. Retail Sector In Micromarket ..............................................102 8.3.8Retail Format In The Micromarket ............................................................................103 8.3.9.Malls In Central Western Ahmedabad .....................................................................104 8.3.10.High Street In Central Western Ahmedabad: .........................................................105 8.3.11.Key Leasing Transcations In The Micromarket : ....................................................106 8.3.12.Ahmedabad One Mall- Case Study .......................................................................107 8.3.12.1.Floor Wise Plan ..................................................................................................108 8.3.12.2.Category Wise Split Of The Mall.........................................................................112 8.3.13.Product Category Split Of The Micromarket: .........................................................113 8.3.14.Brand Wise Split Of Retail In The Micro-Market: ...................................................114 8.3.15.Location Preferred And Time Spend In The Malls: ................................................114 8.3.16.Spending Pattern & Preference Of Facilities In Mall ..............................................114 8.3.17.Demand Supply Gap Of Micro-Market...................................................................115 8.3.18.Upcoming Mall In The Micromarket: ......................................................................117 8.4 Hospitality Sector...........................................................................................................118 8.4.1The Indian Economy ................................................................................................119 8.4.2Introduction ..............................................................................................................120 8 | Page

Analysis of Western-central micro-market of Ahmedabad

8.4.3City trend: ................................................................................................................123 8.4.4CASE STUDY..............................................................................................................127 8.4.4.1Case Study 1: Lemon Tree Hotel ..........................................................................127 8.4.4.2Case Study 2: Hyatt Regency ...............................................................................128 8.4.4.3Case Study 3: Radisson Blu ..................................................................................129 8.4.4.4Case Study 4: Hotel Novotel: ................................................................................130 9. Infrastructure development..................................................................................................131 9.1. Introduction...................................................................................................................131 9.2. Physical Infrastructure ..................................................................................................131 9.3 Social Infrastructure .......................................................................................................134 9.4. Environmental infrastructure .........................................................................................136 9.4.1. Water supply ..........................................................................................................136 9.4.2. Sewerage facility ....................................................................................................136 9.4.3 Solid waste management ........................................................................................136 9.4.4. Electricity supply ....................................................................................................137 9.5. Digital Infrastructure .....................................................................................................138 9.6. Smart city mission ........................................................................................................140 9.6.1. Introduction ............................................................................................................140 9.6.2. PAN City Project ....................................................................................................141 9.6.3. ABD Project ...........................................................................................................143 9.7. Key Infrastructure Projects In The Micromarket ............................................................144 9.8. Conclusion....................................................................................................................145 10.URBAN FABRIC ................................................................................................................146 11. Traffic and Transportation .................................................................................................148 11.1.Traffic Volumes during Peak Hours: ............................................................................148 11.2. Conclusion: .................................................................................................................151 12. Future Growth Potential of City ........................................................................................152 12.1.Sprouting Suburbs .......................................................................................................152 12.2.Growth Opportunities: ..................................................................................................152 14. SWOT Analysis of micro-market .......................................................................................154 14. Socio-economic Profile......................................................................................................156 14.1. Social Profile...............................................................................................................156 14.2.Economic Profile..........................................................................................................157 14.2.2.Classification of micro-market on population density .............................................158 9 | Page

Analysis of Western-central micro-market of Ahmedabad

14.2.3 Classification based on price value of apartment...................................................159 14.3.Lifestyle of Micro-market ..........................................................................................161 14.4.Income Potential of household .................................................................................162 15.GIFT City ...........................................................................................................................163 15.1.Introduction..................................................................................................................163 15.1.1.About GIFT City ....................................................................................................163 15.1.2.Smart objectives, Vision, Concept and Basic Principle of GIFT City ......................164 15.1.3.Fact-file of GIFT City .............................................................................................165 15.1.4.Global and National Comparison ...........................................................................166 15.2. Importance of Strategic Location ................................................................................167 15.2.1.Why Gujarat? ........................................................................................................167 15.2.2.Strong Location Advantage ...................................................................................168 15.3. Advantages of GIFT City ............................................................................................169 15.4. Potential Economic Drivers .........................................................................................170 15.4.1.GIFT’s target business segments ..........................................................................170 15.4.2 Global Benchmarking ...........................................................................................171 15.5. Board of Directors .......................................................................................................172 15.6.Business Structure ......................................................................................................173 15.7 GIFT Master Plan ........................................................................................................175 15.7.1 Land-use distributiuon ...........................................................................................175 15.7.2.GIFT Implementation (Phase-wise) .......................................................................177 15.8.Smart and Unique Infrastructure ..................................................................................178 15.9.Physical Smart Infrastructure .......................................................................................179 15.10.Operational buildings in the city .................................................................................184 15.10.1.World Trade Center GIFT ....................................................................................185 15.11.Transport and linkage ................................................................................................186 15.11.1.Internal Transportation ........................................................................................187 15.11.2. Multi Level Parking (MLP) ..................................................................................187 15.11.3. Central Command and Control unit ....................................................................189 15.12.Social Infrastructure ...................................................................................................189 15.13.Urban Features of GIFT City......................................................................................190 15.14.GIFT SEZ- IFSC ........................................................................................................191 15.14.1. IFSC Regulatory Framework ..............................................................................191 15.14.2. Tax framework for IFSC .....................................................................................191 10 | Page

Analysis of Western-central micro-market of Ahmedabad

15.14.3. Subsidies and exemptions..................................................................................192 15.14.4. Tax Incentives (IFSC & Non-IFSC Units)............................................................193 15.14.5.Market Activity and Business Growth ..................................................................193 15.15.Companies Operating in GIFT City ............................................................................194 15.16.Emerging Business Opportunities in IFSC .................................................................195 15.17.Current Status of the Project......................................................................................196 16.References.........................................................................................................................197

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Analysis of Western-central micro-market of Ahmedabad

LIST OF ABBREVATIONS •

AMC- Ahmedabad Municipal Corporation

•

AUDA- Ahmedabad Urban Development Authority

•

CTT- Common Transaction Tax

•

CBD- Central Business District

•

CSR- Corporate Social responsibility

•

DDT- Dividend distribution Tax

•

DTA- Domestic Tariff Zone

•

GDCR- Gujarat Development Control Regulations

•

GIFT- Gujarat International Financial Tec-City

•

GIFTCL- GIFT Company Limited

•

GIFTUDA- Gujarat International Financial Tech-city Urban Development Authority

•

GNFC- Gujarat Narmada Valley Chemicals and Fertilizers Ltd

•

GoG- Government of Gujarat

•

HDFC- Housing Development Finance Corporation

•

ICSE- Indian Certificate of Secondary Education

•

ICT- Information and Communication Technology

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Analysis of Western-central micro-market of Ahmedabad

•

IDBI- Industrial Development Bank of India

•

IFSC- International Financial Service Center

•

IOCL- Indian Oil Corporations Limited

•

IRDA- Insurance Regulatory Development Authority of India

•

IT/ITeS- Information Technology/ Information Technology enabled services

•

LTCG- Long term capital gain

•

MAT- Minimum Alternate Tax

•

R&D- Research & Development

•

RFP- Request for Permission

•

SEBI- Securities and Exchange Board of India

•

SEZ- Special economic Zone

•

SIDBI- Small Industries Development bank of India

•

TCS- TATA Consultancy Services

•

WTP- Water Treatment Plant

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Analysis of Western-central micro-market of Ahmedabad

AIM To understand and comprehend The Real Estate development and orientation of Western-Central micro-market, Ahmedabad with respect to all asset-classes and analyze the future potential of the micromarket underlining the unique features and impact of GIFT city.

OBJECTIVE •

Analyze the western-central micro-market, Ahmedabad by examining various factors with secondary market research by demand forecast analysis, demand, and supply analysis for all the asset classes.

METHODOLOGY Primary Survey • •

Conducted market survey to understand the current market scenario. Interviewed and consulted brokers to gauge the asset class performance in the micro-market.

Secondary Survey • • • •

Census of India 2001 and 2011. Adduced Development control and by-laws for the micro-market analysis Adverted IPC reports and articles to gauge the performance of micro-market and trends. Referred news articles.

1.1.1.

Scope of the Project

To understand the circumstantiality for the performance of the city and micro-market with respect to all the aspects and detailed analysis on the asset class considering the following: • Residential asset class analysis • Commercial asset class analysis • Retail asset class analysis • Hospitality asset class analysis • Impact of upcoming projects like GIFT city on the micro-market.

Limitations • •

Data for demographic analysis is considered from the census of India 2011 and forecasted further. Thus, may vary from the actual population. Study of asset class is limited to the boundary of the micro-market only.

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Analysis of Western-central micro-market of Ahmedabad

Roles and Responsibilities Name

Shivani Panj Hazari

Aradhana S Kumar

Omkar Teli

Aditya Kambli

Siddhant Rathod

Roll No-

8920001

8920005

8920025

8920026

8920046

Responsibilities

1. SWOT Analysis

1. Demographics

1. Infrastructure development

1. City Profile

1. SWOT Analysis

2. Traffic and transport

2. SWOT Analysis

2. Historic Growth

3. Regional Linkage

3. Socioeconomic Profile

3. Municipal Urban Development authorities

3.Regional Linkage

4.Residenti al Asset class analysis

4. Economy Drivers of city

4. Development Planning/Zonin g Plan

4. SWOT Analysis

5. GIFT City

5. Commercial Asset Class Analysis

5. Urban Fabric

2. Future growth Potential 3. Economy Drivers of micromarket 4. Hospitality asset class analysis

6. Retail Asset class analysis

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Analysis of Western-central micro-market of Ahmedabad

1. Micromarket Delineation 1.1Introduction 1.1.1. Location

Figure 1 Map of India with Location OF Gujarat (Source: India Map) Figure 3 Gujarat Map (Source: India Map) Figure 2Ahmedabad Map (Source: Google Earth)

600 year old- Ahmedabad, the commercial capital of Gujarat and administrative capital of Ahmedabad district, is the largest and the most developed city in the state that seats the Gujarat High court prevails to be the 7th largest metropolitan cities in India. Humongous booming contribution of industries makes Ahmedabad titled as ‘Manchester of East’ widely known for its textile industries. This city located on the western part of the country has major governance under Ahmedabad Municipal Corporation (AMC) and the planning authority under Ahmedabad Urban Development Authority (AUDA). River Sabarmati bifurcates the city into western and eastern parts. Forbes (2010) titled Ahmedabad as the ‘3rd fastest growing city in the World’ and major epicenter of the growth is because of its impeccable focus in infrastructure and manufacturing industries to the growing GDP. There has been immense IT growth because of the magnificent higher education institutes in the city that continues to attract professional. GIDC plans three more industrial estates in the region with existing four SEZs. The proposed infrastructure projects like GIFT City, Motera stadium, metro rail, Delhi Mumbai Industrial Corridor (DMIC) and many more in and around the city marks its mamoth potential in the coming decade.

1.2. Micro-Market: Western Central Micro-Market Micro-market is in the western part of the Ahmedabad city. It is 12 km from the Sardar Vallabhbhai Patel airport and 6 km from Ahmedabad junction and 8 km from Sabarmati junction. Metro line passes through the micro market which is divided into two sections the East-West corridor and North-south corridor (Metro, 2015). The micro-market is very well linked to the relevant roads and BRTS Bus service network .During the time, the area has developed due to the presence of premium hotels in the area like Radisson Blu hotel, Artilla Inn, Fortune park, etc making it a prime location Figure 4Western Central micro-market (Source: Google Earth)

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Analysis of Western-central micro-market of Ahmedabad

1.3. Geography Of The Market 1.3.1. Terrain

Figure 5Terrain map (Source: http://en-in.topographic-map.com)

Terrain of Ahmedabad, the entire city is almost flat except for the small hills of Thaltej Jodhpur Tekra, From the above image it is seen that the topography of the micro market indicates that region falls within a range of flat terrain areas of a range 48m to maximum 76 m in Thaltej Tekra area. The micro market has a sandy loamy to sandy soil type.

Figure 6Section of Micro-Market Terrain (Source: Google Earth Pro)

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Analysis of Western-central micro-market of Ahmedabad

1.3.2. Natural Barrier

Figure 7Natural Barrier (Source: Base map - Wikimapia)

The Sabarmati river divides the Ahmedabad city into western and eastern parts, but during the summer the river is perennial, and a small stream of water flowing is seen. The Sabarmati river flows from northern side to the southern side from Aravalli hills and then enters Gujarat state and then connects to the Gulf of Khambhat in the south (Sabarmati River: Origin, 2017). The river flows on the east side of the micro market which acts as barrier. The Sabarmati river’s average width is 382m (1080ft). The highest portion in the Ahmedabad city is Thaltej-Jodhpur Tekra which is about 34m from the riverbed.

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Analysis of Western-central micro-market of Ahmedabad

2. Demographics 2.1 Demographics of the city and Western-Central micro-market 2.1.1 Population of Ahmedabad According to (Census, 2011), the population of Ahmedabad Municipal Corporation grew by 24.08% from 2001 to 2011 and became the fifth most populated city in India. After the Urban Agglomeration, the count reached to 63.5 Lakhs which is the 7th most populated urban agglomerated city in India. 2011

2001

Population

55,77,940

45, 25,013

Urban agglomeration

63, 57,693

Males

29, 38,985

23, 98,256

Female

26, 38,955

21, 26,757

POPULATION IN LAKHS Population in Lakhs

DESCRIPTION

40 30

29.38

26.38

23.98

21.26

20 10

0 2011 Males

2001 Females

Table 1- Population Growth from 2001 to 20011 (Source- Census of India 2011 & 2001) Figure 8- Population Growth from 2001 to 2011 (Source- Census of India 2011 & 2001)

The population density for the city of total area 466sq.km is nearly equal to 11,948no.s/sq.km and distribution of male and females are 53% and 47% respectively within the city for the year 2001 and 2011. 2011 & 2001

DESCRIPTION

MALES

FEMALES

2011

53%

47%

2001

53%

47%

47% 53% Males

Females

Table 2- Male and Female distribution of city in 2011 &

Figure 9- Male and Female distribution of city

2001 (Source-Census of India 2011 & 2001)

(Source- Census of India 2001 &2011)

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Analysis of Western-central micro-market of Ahmedabad

2.1.2 Population of micro-market To make the highest and the best use of an area it is quintessential to understand the consumption capacity or potential that suffices the desired area. This can be done by analyzing the existing population and potential growth of population in that area which enables to understand the depth of consumers targeted. This includes population growth, household formations, sex ratio, lifestyle preferences, age group divisions etc. The micro-market chosen in Ahmedabad, comprises of Old Wadaj, New Wadaj, Navrangpura, Naranpura, S.P Stadium, Ambawadi, Paldi, Vasna, Jodhpur Village, Vastrapur and partial part of Bodakdev, which lies on the western part of Sabarmati river. For this ‘Western central micro-market’ of Ahmedabad, which are 42. Sq.km in area thus makes the density as 17,447 persons/sq.km. The population from census data of India 2001 to 2011 grew by 46%, with total population of 5, 00,083 in year 2001 to 7,32,772 in year 2011. The maximum population within the micro-market as shown below is Navrangpura and least populated location is partial part of Bodakdev. 2011 2001 LOCATIONS TOTAL POPULATION TOTAL POPULATION Paldi 83,109 52,160 Old Wadaj 75,687 56,765 New Wadaj 77,814 58,360 SP Stadium 75,051 56,288 Jodhpur Village 28,814 19,654 Naranpura 66,024 43,145 Vasna 32,311 21,534 Navrangpura 88,032 53,841 Ambawadi 80,638 51,650 Bodakdev-2 19,867 13,098 Usmanapura 35,918 24,276 Vastrapur 69,507 49,312 732,772 500,083 Table 3- Population Growth of micro-market from 2001 to 2011(Source- Census of India) 2011 Total Population

100,000 90,000 80,000

88,032 83,109 75,687

77,814

2001 Total Population

56,765

58,360

56,288 53,841

52,160

43,145

40,000 28,814 19,654

20,000

51,650 49,312

50,000

30,000

69,507

66,024

70,000 60,000

80,638

75,051

35,918

32,311 21,534

19,867

24,276

13,098

10,000 -

Figure 10- Population growth of micro-market from 2001 to 2011 (Source- Census of India 2001 & 2011)

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Analysis of Western-central micro-market of Ahmedabad

2.1.3 Population household of western-central micro-market

2011 TOTAL POPULATION

TOTAL SUPPLY. OF HOUSEHOLDS

TOTAL DEMAND OF HOUSEHOLDS

Paldi

83,109

18,855

20,777

Old Wadaj

75,687

16,290

18,922

New Wadaj

77,814

17,237

19,454

SP Stadium Jodhpur Village

75,051

16,979

18,763

28,814

7,968

7,204

Naranpura

66,024

13,829

16,506

Vasna

32,311

8,765

8,078

Navrangpura

88,032

23,100

22,008

Ambawadi

80,638

18,929

20,160

Bodakdev-2

19,867

4,762

4,967

Usmanapura

35,918

8,893

8,980

Vastrapur

69,507 732,772

14,479 170,086

17,377 183,193

Table 4-Population household of micro-market 2011 (Source- Census of India)

From the census data of 2011, above table shows that maximum population resides in Navrangpura, has maximum no. of households. The total household base for the micromarket is 4.3 as calculated below: Household base for the micro-market (values from above table) = Total Population of micro−market Total no.of house−holds

7,32,772 1,70,086

= 4.3≈ 4 (rounding-off)

Thus, demand for the households in the micro-market can be calculated by dividing the existing population of an area to this household base. With this household base of nearly 4, The Gap between the demand = Total demand of households- Total supply of households and supply of households = 1,83,193 - 1,70,086 = 13,107 no. of units According to (Census, 2011) total no. of households present in the micro market are 1,70, 086 and the total demand of the households with the household base as 4 is 1,83,19. Thus, 13,107 no. of household units were required more in no. so as to accommodate the population of the chosen micro-market. Similarly, total demand for the future potential households can be calculated with the projected population, which shall be detailed in the further chapter of trends in Residential asset class of the micro-market. 21 | Page

Analysis of Western-central micro-market of Ahmedabad

17377

Vastrapur

14479

8980

Usmanapura

8893

4,967

Bodakdev-2

4,762

20160

Ambawadi

18929

22008

Navrangpura

23100

8078

Vasna

8765

16,506

Naranpura

13,829

Jodhpur Village

7,204 7,968

18,763

SP Stadium

16,979

19,454

New Wadaj

17,237

18,922

Old Wadaj

16,290

20,777

Paldi

18,855

5,000

10,000

15,000

20,000

25,000

Total Demand of households Total Supply. of households

Figure 11- Population of Micro-market in 2001 & 2011 (Source- Census of India 2011 & 2001)

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Analysis of Western-central micro-market of Ahmedabad

2.1.4 Sex ratio in the city and micro-market According to the census data of India 2011 and 2001, the sex-ratio of the city is increased from 892 to 904 females per 1000 males and for the western –central micro-market, the sex ratio increasesed from 1000:713 to 1000:824. This increasing women population in the area shows a positive sign of diversity and inclusivity.

Total Sex Ratio of the City

2011 904

2001 892

Table 5- Sex ratio of the city (Source: Census of India)

2001 NO. OF MALES

NO. OF FEMALES

SEX RATIO

Paldi Old Wadaj New Wadaj

27,189 34,897 35,675

24,971 21,868 22,685

1000:918 1000:626 1000:635

SP Stadium Jodhpur Village Naranpura Vasna Navrangpura Ambawadi Bodakdev-2 Usmanapura Vastrapur

32,456 11,678 23,456 12,543 31,076 29,567 8,654 14,789 27,976

23,832 7,976 19,689 8,991 22,765 22,083 4,444 9,487 21,336

1000: 734 1000:681 1000:839 1000:716 1000:732 1000:746 1000:523 1000:641 1000:763 1000: 713

Table 6-Sex ratio of micro market in 2001 (Source: Census of India)

2011 Paldi Old Wadaj New Wadaj SP Stadium Jodhpur Village Naranpura Vasna Navrangpura Ambawadi Bodakdev-2 Usmanapura Vastrapur

NO. OF MALES 42,319 39,933 41,158 39,278 17,137 34,065 18,928 55,647 41,342 11,342 19,765 38,675

NO. OF FEMALES 40,790 35,754 36,656 35,773 11,677 31,959 13,383 32,385 39,296 8,525 16,153 30,832

SEX RATIO 1000:964 1000:895 1000:890 1000: 910 1000:681 1000:938 1000:707 1000:582 1000:950 1000:751 1000:817 1000:797 1000: 824

Table 7- Sex ratio of micro-market (Source- Census of India 2011)

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Analysis of Western-central micro-market of Ahmedabad

2.1.5 Literacy rate of the city and micro-market According to (Census of India 2011), literacy rate is the total count of the educated crowd of the area. It is important to understand the consumers of the area wrt. to literacy because higher is the literacy rate, it symbolises a path towards secure and stable financial future of that location. The Literacy rate of the city is 88%, out of that the male literacy is 92% and the female literacy is 84% and that of the micromarket is 76 %, out of which 72%males and 68% females are literate.

LITERACY RATE OF THE CITY IN 2011 12%

88% Literacy rate

MALE LITERACY OF THE CITY IN 2011

Illiteracy rate

FEMALE LITERACY RATE IN 2011

8% 16%

92% Literate Male

Illiterate male

84% Literate Female

Illiterate Female

Figure 12- Literacy rate of the city in 2011 (Source: Census of India 2011)

LITERACY RATE OF THE MICRO-MARKET IN 2011 Illiterate Population 24%

Literate population, 76%

MALE LITERACY OF THE MICROMARKET IN 2011

FEMALE LITERACY OF MICRO MARKET RATE IN 2011

28%

32%

68% 72%

Literate Male

Illiterate male

Literate Female

Illiterate Female

Figure 13- Literacy rate of micro-market 2011 (Source: Census of India)

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Analysis of Western-central micro-market of Ahmedabad

2.1.6 Informal and Formal Housing According to the (Census, 2011), out of the total population, 66% of the population reside in the formal type of housing, whereas 34% still reside in the rural areas or slums. When compared to the census data of 1991, the total slum population was 26% which reduced to 4.5% in the census data of 2011 for the city, which was because of several projects and plans brought in by Ahmedabad Municipal Corporation (AMC) and after the Sabarmati riverfront development, the banks of the river started booming and the slum population was regulated. Thus in 2010, Forbes magazine declared Ahmedabad as the fastest growing city in India and 3rd fastest growing city world-wide.

SLUM POPULATION IN % 30%

26%

25% 20%

15% 10%

4.5%

5% 0%

1991

2011

Figure 14- Slum Population declination (Source: Census of India)

2.1.7 Population growth of the city and micro-market 90

83.9

POPULATION IN LAKHS

68.7

70 55.6

60 45.2

34.3

40 25

30 20

17.6 2.7

3.3

1.2

1.6

14 5.8

3.9 3.9

4.74.7

5.8

16.6 7.5

2021P

2031P

0 1971

1981

1991

AMC

2001

2011

Rest of AUDA

Figure 15- Expected population growth of the Ahmedabad (Source: Census of India)

According to Census of India 2011, nearly 20 lakhs of the additional population is expected to be added by the year 2021P and similarly, approximately 30 lakhs of the population is expected to growth in the area of AMC, which clearly indicates that there is demand for household developments in the area, so as to accommodate this additional population. Similarly, according to the census data of 2011 and 2001, the population growth for the western-central micro-market of Ahmedabad is expected to grow to 15,73,339 by 2031(By CAGR method) 25 | Page

Analysis of Western-central micro-market of Ahmedabad

YEAR

POPULATION IN NO.s

POPULATION (IN NO.S)

2,000,000 1,573,339

2001

5,00,083

1,500,000 1,073,731 1,000,000

2011

7,32,772

2021P

10,73,731

732,772 500,083

500,000 -

2031P

2001

15,73,339

2011

2021P

Table 8- population Potential of Micro-market

Figure 16 Population Potential of Micro-market

(Source- Census of India)

CAGR = Compounded Annual Growth Rate CAGR = [(

Final population 1÷t

)

Initial Population

] − 1 =0.03895

2031P

Thus, According Census 2011, the potential population is expected to grow to 15, 73,339 by 2031 P

Projected population of 202I P = Base Population × (1 + CAGR)n = 7, 32,772 (1 + 0.03895)10 = 10, 73,731 No’s

2.1.8 Work Participation Rate

450000

403350

400000 350000 263798 300000

2001

250000 200000

2011

172529

2021P

150000 100000 50000 0

Western central micromarket Figure 17 Work participation comparison (Source: censusindia.gov.in)

According to Census data of 2011, the working population of the micro-market is 26,3,798 which is 36% of the total population for 2011 and 1,72,529 which is 36.5% of the total population for 2001. Thus, the expected working population of micro market by 2021P is 4, 03,350

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Analysis of Western-central micro-market of Ahmedabad

LOCATION

WORK PARTICIPATION RATE

Western central Micro-market

WORKING POPULATION

2021P

2011

2001

2021P

2011

2001

37.5%

36.0%

34.5%

403,350

263,798

172,529

Table 9-Work participation rate (Source: Censusindia.gov.in)

Main workers, marginal workers and nonworkers are classified on the basis of age group and education, such that main workers have permanent jobs for more than 6 months of working period (mostly 9-5 jobs); marginal workers work on the daily wages basis and do-not have fixed reference period for their work and Non – workers comprises of unemployed population that is students, children and elderly population.

2011 Males 57% 4.20% 38.50%

Main workers Marginal workers Non-workers

Females 34.70% 3% 62.30%

Table 10-Distribution of workers in micro-market 2011 (Source: mospi.gov.in)

Thus, according to (Census, 2011), from the work participation rates of the micro-market of 36% (above table), 57% of it comprises of the male main workers; 4.2% as the male marginal workers and 38.5% as the male non-workers. Similarly, 34.7% comprises of female main workers, 3% of the marginal workers and 62.3% as the female non –workers. 2011 FEMALES 34.70%

62.30%

2011 MALES 38.50%

Main workers

Marginal workers

Non-workers

4.20%

57%

Non-workers

Figure 18- Male and Female distribution of work for Census 2011 (Source -www.mospi.gov.in)

2.1.9 Occupation Mix OCCUPATION MIX Legislators, senior officials, managers Professionals Technicians and professionals Clerks

PERCENTAGE % 15.93 4.72 associated 6.39

Service workers, shop, and market workers Skilled agricultural and fishery workers Craft and other related workers Plant and machine operators, assemblers Elementary occupations

5.98 sales 17.25 0.73 trade 22.32 19.33 7.36

Table 11-Occupation mix of the City and micro-market (Source: Census of India 2011)

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Analysis of Western-central micro-market of Ahmedabad Legislators, senior officials, managers, 15.93, 16%

Elementary occupations, 7.36, 7%

Professionals, 4.72, 5%

Plant and machine operators , assemblers, 19.33, 19%

Technicians and associated professionals, 6.39, 7%

Clerks, 5.98, 6% Craft and other related trade workers, 22.32, 22%

Service workers, shop and market sales workers, 17.25, 17%

Skilled agricultural and fishery workers, 0.73, 1%

PERCENTAGE OF OCCUPATION % Legislators, senior officials, managers

Professionals

Technicians and associated professionals Service workers, shop and market sales workers Craft and other related trade workers Elementary occupations

Clerks Skilled agricultural and fishery workers Plant and machine operators , assemblers

Figure 19-Occupation mix of micro-market and city (Source: Census of India 2011)

Out of all the working population in the micro-market as mentioned above , the major occupation mix of the population as per (Census, 2011) is Legislators, senior officials, managers, professionals, technicians and associated professionals, clerks, service workers, shop and market sale workers, skilled agricultural and fishery workers, craft and other related workers, plant and machine operators with assemblers and elementary occupations with percentage distribution as shown above.

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Analysis of Western-central micro-market of Ahmedabad

2.1.10 Population Age make-up According to (Census, 2011), the population across the micro-market is such that the median age group of the population in the central portion of the micro-market is 27.4 years, that is in region of Paldi, Navrangpura, Ambawadi, Bodakdev , Vastrapur and Satellite area. This is because of more no. of college universities and institutes constrained in the location. The working age group (15-59) years within the micro-market is also high that is, 66.5%, which is almost equivalent to that of the State Gujarat (66.31%) and Urban India. (65.27%) INDICATOR Youth Working Age Group

MICRO-MARKET 19.26% 66.78%

STATE 19.85% 66.31%

INDIA 19.68% 65.25%

Table 12-Population Age-makeup (Source: Census of India)

2.1.11 Population Forecast YEAR

POPULATION (IN NO’S)

HOUSEHOLD SIZE

REQUIRED HOUSEHOLD

2011 2019 2020 2021 2022 2023 2024 2025

7,32,772 994,742 1,033,482 1,073,731 1,115,548 1,158,993 1,204,131 1,251,026

4.31 4.04 4.00 3.90 3.80 3.70 3.67 3.64

170,017 246,223 258,371 275,316 293,565 313,241 328,101 343,688

Table 13-Population Projection and household size projection of micro-market (Source- Census of India)

Conclusion: As observed from the population forecasted above, the population is increasing yearly household size is decreasing. This increase in population over the years is the projection of increasing economic activity within the area; mammoth infrastructure and development around the city are the prime reasons which attracted migrants. And to sustain that increasing population in the micro-market of Western -Central Ahmedabad, the requirement of households in the area is also increasing over the years.

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Analysis of Western-central micro-market of Ahmedabad

3. Historic Growth

Figure 13 Evolution of city (Source: AMC Maps &Photoshop)

According to (Corporation, 2020)Ahmedabad city is the famous settlement and started developing around the bank of river Sabarmati. Evolution of the city ‘Ahmedabad’ started from 11th century by Sultan Ahmed Shah, who identified the strategic location of Sabarmati river with flat terrain and encouraged development around it in 14th century. To define the city limits enclosing walls were built and thus wards were organized within the city limits and the city started growing slowly. The city was ruled by Mughals from 1572 to 1753 then by Marathas from 1758 to 1817 after which British rule came into existence. The city progressed in 18th century from railways, which started booming in the northeast and southeast directions and also the western developments of industrial and residential sectors started flourishing soon after the construction of first mill in 1861.Development in the eastern side accelerated after the construction of major 5 bridgesGandhi Bridge, The Nehru Bridge, Subhash, Ellis Bridge and Sardar Patel Bridge. After Independence, further spread of development happened after the formation of AMC in 1950. Development of various projects started after the formation of AMC in residential sector, Educational and Research Institutes, Chemical Industry, Schools, Colleges, Parks and Gardens. Various infrastructural projects started like Sabarmati Riverfront in 2004, BRTS in 2009 and Metro in 2015.The Western Central Micro-market has developed due to the presence of various premium Residential buildings, Premium Hotels, Stadium, Institutions, Parks and Gardens.

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Analysis of Western-central micro-market of Ahmedabad

Figure 14 Year 1984 (Base Map Source: Google Earth Pro)

Figure 15 Year1996 (Base Map Source: Google Earth Pro)

In the year 1984, the micro-market had majorly residential development around it, also power loom sector and Petro-chemical sector started developing during this period. In the year 1996, the city had residential development and major boost for commercial development and for economic reform investment in industries increased also increase in educational development.

Figure 16 Year 2006 (Base Map Source: Google Earth Pro)

Figure 17 Year 2016 (Base Map Source: Google Earth Pro)

In the year 2006 and 2016, there was a steady development growth in residential sector, commercial spaces, industrial sector as well educational institutes and it has majorly developed with mixed used spaces which includes commercial spaces with residential , Malls , 4 star hotels and easy connectivity to Railway Station , Metro Station and Airport which made it a premium micro-market.

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Analysis of Western-central micro-market of Ahmedabad

3.1. Proposed City’s Growth

Figure 18 Proposed City's Growth (Source: Google Earth & AMC Maps)

1.PROPOSED TRANSIT ORIENTED ZONE:

Figure 19 Proposed City's Growth (Source: AUDA Development: Maps)

Figure 20 Proposed Transit Oriented Zone (Source :AUDA maps)

2.PROPOSED CENTRAL BUSINESS DISTRICT :

According to (AUDA, 2020) 1.Proposed Transit Oriented Zone Includes: i) BRTS Transit Corridor ii) Metro Transit Corridor iii)Eastern high-density Corridor 2.Proposed Central Business District Zone (CBD): CBD is proposed in the western and eastern part of Sabarmati river to develop existing central part to a high density zone and it includes development with mixed spaces like retail ,offices and residential sector and easy connectivity to BRTS, Metro Stations and to draw business and tourism.

Figure 21 Proposed Central Business District Zone (Source :AUDA Maps)

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Analysis of Western-central micro-market of Ahmedabad

4. Regional Linkages 4.1. Present Linkages – Ahmedabad City Western Central micro-market is 12km from the Sardar Vallabhbhai Patel airport and 6km from Ahmedabad junction and 8km from Sabarmati junction. The micro-market is very well linked to the relevant roads and BRTS Bus service network. Metro line passes through the micro market which is divided into two sections the East-West corridor and North-south corridor (Metro, 2015)

4.1.1. Airways Sardar Vallabhbhai International Airport is one of the major Airport in Ahmedabad. It has well connectivity to major cities like Delhi, Jaipur, Kolkata, Hyderabad, Chennai, Bangalore, Coimbatore, Goa and Mumbai. It has well connectivity to other countries and nations like Europe, USA, Kualalampur, Muscat, Singapore and other Middle Eastern nations (Skyscanner, n.d.).

Figure 22 Base map Source: Wikimapia & AMC Maps

4.1.2. Railways And Metro Linkages Ahmedabad has around 60 Railway station and out of which Ahmedabad Junction Is one of the prominent Railway Station and it is well connected to station such as Sarkhej, Naroda, Vastrapur, Sabarmati junction and other parts of Gujarat. It is also well connected to metropolitan cities in India like Hyderabad, Mumbai, Delhi, Bangalore, Kolkata, Chennai, Trivandrum, Visakhapatanam , Indore, Ajmer and Gwalior. Rapid Transit System in Ahmedabad, commonly known as Ahmedabad Metro has three phases of construction of which the first phase connects the east west corridor and the other two phases which connect the GIFT city and Gandhinagar (Development, 2011).

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Analysis of Western-central micro-market of Ahmedabad

Figure 23 Base map Source: Wikimapia & AMC Maps

4.1.3. Road Linkages Road network of Ahmedabad has grown over the years in the form of circular rings comprising of 5 rings and 19 well defined radials, 11 in the west and 8 in the east. These roads connect streets, towns, and villages within and around the city to places like Jamnagar, Rajkot, Ankleswar, Vapi and Mehsana. The National Highway connects the city with Gandhinagar, Bharuch, Surat, Vadodara, and Mumbai. The AhmedabadVadodara Express way connects these two districts. The river Sabarmati forms a natural barrier between the cities and has 11 bridges facilitating the movement between the two parts of Ahmedabad (Benchmark, 2009).

Figure 24 Base map Source: Wikimapia & AMC Maps

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Analysis of Western-central micro-market of Ahmedabad

4.1.4. Proposed Linkage The two phases linking the GIFTcity with Gandhinagar are scheduled to begin operations by 2023 Around 2 million city dwellers are expected to use this rapid transit system to easily travel inside city at their ease and comfort (contributors, 2020).

Figure 25 Proposed Transit Oriented Zone (Source: AUDA Maps)

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Analysis of Western-central micro-market of Ahmedabad

Economy Drivers

5.1 Economy Drivers of Ahmedabad Traditional Manufacturing Base: Ahmedabad popularly named as ‘Manchester of East’ is known for its chemical, gems, jewelry and textile industries. These are the major economy drivers of the city. Two pharmaceutical companies have their landmark presence and headquarters in Ahmedabad i.e., torrent pharmaceuticals and cedilla healthcare. The city is home for many leading companies of India such as – Arvind, Adani Group and Nirma Group. According to (Knight-Frank, 2015), approximately 24-30% of total investments of the state come from here.

Existing Industrial Units:

Employment Opportunities from Industries:

Figure 26-Major landmarks of economy drivers in the city (Source: Base map- Google My maps, Images- Google images)

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Analysis of Western-central micro-market of Ahmedabad

8% 5%

32%

23%

27% 21%

1% 4% 2%

19% 6%

22%

4% 2%

Base metals and machinery equpments

Chemical and allied products

Ores, minerals, Lubricants, gases

other manufactured articles

Railways, airways, ships, road transport

Rubber, plastic, leather

Textile

Vegetable, horticulture

Wood, cork, paper and thermocol

Figure 27 Total units of Existing Industries (Source: dcmsme.gov.in) Figure 28 Total Employment Opportunities From Industries (Source :dcmsme.gov.in)

Emerging Automobile hub: As per (Knight-Frank, 2015), located at 30km from Ahmedabad, Sanand is the landmark home for Tata Motors and Ford India. Marti Suzuki, Honda Motorcycle and Scooter India have also opened their major showrooms across the city and thus developed as auto-hub. The presence of MSME and units across the district another major economy driver that employs major sections of the city and emergence of ATIRA (Ahmedabad Textile Industry’s Research) made it a textile thriving center and led to massive employment opportunities to the local communities.

IT / ITeS thrust: After the development of GIFT City at Gandhinagar, it plans the major IT park landmark of 5 lakhs sq.ft of commercial space with Tata Consultancy Services (TCS) is one of the major companies there, with total of 2.5 sq.ft of mixed commercial and residential land-use space.

Infrastructure and entertainment Zone Development: The Flea market around the Sabarmati Riverfront employs on an average 1200 permanent hawkers and 1000 temporary workers with many vending and business generating and employability activities planned. BRTS Janmarg has been integrated with the existing infrastructure of the city; rise in rider ships has Increased the road commutation because of the road connectivity and thus contributing to the income of the state. Upcoming infrastructure projects like Metro Link Express for Gandhinagar and Ahmedabad (MEGA) and Delhi Mumbai Industrial Corridor (DMIC) will improve the connectivity within and across the city. 37 | Page

Analysis of Western-central micro-market of Ahmedabad

Figure 29 Sabarmati Riverfront (Source : Google images)

Figure 30 Delhi Mumbai Industrial Corridor (Source : Google Images)

Figure 31 Janmarg BRTS Ahmedabad (Source: Google Image)

5.2. Economy Drivers in Micro-Market: 5.2.1. Bodakdev ISCON MEGA MALL The shopping center covers a massive region of 450,000 sq ft on 200 ft SG Highway. It has a forefront, spectacularly planned to face which draws in a great many individuals towards the shopping center. The majority of the top brands have their stores in the mall. The shopping center has Two enormous focal chambers of 11,878 sq. ft and 10,340 sq. ft which is ideal for promotions of different sorts like film promotions, item events, functions like Diwali party and so on. One of the most established shopping center administrators in the Gujarat property market, JP Iscon Ltd, plans to fabricate a 10 lakh square feet shopping center in Ahmedabad.

Figure 32 ISKON Mall (Source: Google Image)

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Analysis of Western-central micro-market of Ahmedabad

Rajpath Club Limited: Rajpath Club Limited is a Public Incorporated on 14 December 1973. It is delegated Guarantee and Association organization and is enrolled at Registrar of Companies, Ahmedabad. Its approved offer capital is Rs. 0 and its settled up capital is Rs. 0. It is associated with Sporting and otherecreational exercise. Figure 33 Rajpath Club (Source: Google Image)

5.2.2 Navrangpura: City Gold The Multiplex City Gold – One of the most widely recognized name when we talk Entertainment in Ahmedabad. Pioneers of the multiplex unrest in Ahmedabad, Gujarat: Launched first multiplex in 2000 at Ashram Road. Works 19 screens across 5 areas with an all out seating limit of 3,307. City Gold at Ashram Road is one of the biggest single area multiplex of Ahmedabad. Throughout the long term City Gold has accomplished the characteristic of accomplishing the best guidelines in the field of Entertainment with its spread extended completely in the geology of the Megacity.

Figure 34 City Gold Multiplex (Source: Google Image)

Motera Stadium: The Motera Stadium (authoritatively known as Sardar Vallabhbhai Patel Stadium) is a cricket arena in Ahmedabad, Gujarat, India. Starting at 2020, it is the biggest cricket arena in the world and the second-biggest arena in general, with a seating limit of 110,000 onlookers. It is possessed by the Gujarat Cricket Association and is a scene for Test, ODI, and T20I cricket matches. The Stadium was built in 1983 and was first remodeled in 2006. It turned into the standard scene for

Figure 35 Motera Stadium (Source: Google Image)

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Analysis of Western-central micro-market of Ahmedabad

global matches in the city. In 2015 the arena was shut and annihilated prior to being totally reconstructed by February 2020, with an expected expense of ₹800 crore (US$110 million) and an expansion in ability to 110,000. Aside from cricket, the Stadium has facilitated a few projects orchestrated by the Government of Gujarat. It has facilitated matches during the 1987, 1996, and 2011 Cricket World Cups. The pitch used to support bowlers beforehand yet has as of late facilitated serious games. Starting at 2020, the Stadium has hosted 12 Tests, 23 ODIs, and 1 T20Is matches.

5.2.3. Jodhpur Village: Vikram Sarabai Space Exhibition Center: The Exhibition center has been a piece of Space researcher and architect. Dr Sarabhai's inheritance who was the principle propeller in conveying different testing ventures and creating space innovation for the country's benefit. The Vikram Sarabhai Space Exhibition was specially settled in Ahmedabad given that the city is the old neighborhood of Dr Sarabhai. It has immense assortments of curios, things, photos and pictures, giving exhaustive look into the changed part of his exploration work and achievements. It is additionally home to various working models, live boards and clear media introductions that help people in general to acquire experiences on the current and past happenings which are generally difficult to get.

Figure 36 Vikram Sarabai Space Exhibition Centre (Source: Google Image)

5.2.4. Paldi: Sabarmati Riverfront: The Sabarmati river is a taken care of stream which has an absolute catchment region of 21,674 square kilometers (8,368 sq mi) the yard is spread more than 40,000 square meters (430,000 sq ft) and can have more than 50,000 Peoples The riverfront is included in a few Gujarati just as Bollywood films

Figure 37 Sabarmati Riverfront (Source: Google Image)

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Analysis of Western-central micro-market of Ahmedabad

5.2.5.Pralhad Nagar Crown Plaza Ahmedabad City Centre Ahmedabad's Address for Business and Celebrations Crowne Plaza Ahmedabad City Center is the favored International Brand situated in the new advertisement center point offering upscale business facilities. Situated on Sarkhej - Gandhinagar Highway A developing business center of Ahmedabad, the lodging is effectively open to air terminal, corporate base camp, modern regions and the State Capital, Gandhinagar. Thee Hotel offers 200 rooms, welcoming guestrooms to browse. Discover all you require for a fruitful stay including fast Internet access, a business place and nine open gathering rooms.

5.2.6.

Figure 38 Crown Plaza City Centre (Source: Google Image)

Usmanpura

Hyatt Regency

Midway situated in the core of the Gujarat business capital and in the background of the Sabarmati Riverfront, Hyatt Regency Ahmedabad makes for an ideal objective for business and leisure travelers. The nearest fivestar Hotel to Ahmedabad Airport, and close to the principal UNESCO World Heritage City of India. Figure 39 Hyatt Regency (Source: Google Image)

5.2.7. Satellite AB Miniplex The First set-up at Ahmedabad open with a sum of 144 seats with two screens. The miniplex is likewise have uniform chair situates that lean back up to 150 degrees with a head rest and furthermore offer a café service with 50% occupancy

Figure 40 AB Miniplex (Source: Google Image)

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Analysis of Western-central micro-market of Ahmedabad

5.2.8. Gurukul Kahaani Sport Academy Begun by Dr. Manisha shah in 2006, Kahaani Sports academy is one of the best football academies in Ahmedabad city. Kahaani group conducts proficient training for all boys and girls. These training program have uncovered solid and rising level of interest in football among youth SKF India Ltd. furthermore, institute has met up to give free football training to oppressed children of Ahmedabad. Understudies from Municipal schools of specific territories who can't bear the cost of sports training, are given free training at the foundation. Other than this, their wellbeing and diet is additionally dealt with. A portion of these children have been chosen to play in ADFA group for Inter-precomputations. Furthermore, they have done amazingly well in those competitions.

Figure 41 Kahaani Sport Academy (Source: Google Image)

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Analysis of Western-central micro-market of Ahmedabad

6. Development plan / zonal plan 6.1. Introduction Ahmedabad city Development plan is prepared for a period of 10 years i.e. from 2021 – 2031 by AUDA worked in collaboration with the design firm HCP to come up with the development plan. The major factors taken into consideration while preparing the plan were increase in population of the city for the next decade and also the growth of economy for the same period. Proper survey was done followed by close study and analysis of the facts and figures.

6.2 Development plan (Under AMC Limits) The development plan clearly shows that Residential zone I covers the maximum area, which is followed by residential zone III, general agricultural zone, Industrial zone.

Figure 42: Development plan (Source: AMC)

LEGEND

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Analysis of Western-central micro-market of Ahmedabad

6.2. Development plan (Under AUDA Limits) • •

The development plan comprising of areas under AMC and AUDA is shown below. From the development plan and pie chart it is evident that prime agricultural zone and general agricultural zone cover upto 57.2% of the area while residential areas – Residential zone I, II & III collectively covers approx. 17.9% area.

LEGEND

Figure 203: Development plan (Source: AUDA)

Figure 44: Land use pie chart (Source: AUDA)

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Analysis of Western-central micro-market of Ahmedabad

6.3. Plan – Western Central Micro Market of Ahmedabad The micro market selected for the study is referred to as the western–central micro market owing to its location on the map of Ahmedabad. The micro market is located on the western bank of the Sabarmati river and spreads upto the Sarkhej – Gandhinagar highway. The total area of the micro market is 43.80 Sq. Km. EXTENTS OF THE MICRO MARKET The micro market has Sabarmati river as its eastern boundary from Subhas bridge in the north to Narol – Vishalla bridge in the south. The northern boundary of the micro market is defined by 132 feet Ring Road and Drive in road which has proposed metro line with MRTS corridor while its southern boundary is defined by 132 feet Ring Road and Vastrapur Station road. The western boundary is defined by the SG Highway. FACTORS CONSIDERED FOR CHOOSING THE MICRO MARKET were its strategic location and its economic importance. The selected site has a blend of commercial, retail, hospitality and residential areas which have developed near the eastern side while the western part is still developing with many new proposed projects. The micro market has many developed and proposed infrastructure projects the major being the Central Business District (CBD), Metro rail project and MRTS corridors. The site has a great potential for growth considering the future prospects and probable investments. The plan of the micro market is shown below with its area, geographical defining factors and key infrastructure projects. The areas covered in the selected micro market are – • Paldi • Old Wadaj • New Wadaj • S.P. Stadium area • Jodhpur village • Naranpura • Vasna • Navrangpura • Ambawadi • Bodakdev • Usmanpura • Vastrapur • Prahladnagar

MICR OE D A B A D AHM MARK ET Figure 45: Plan of Micro market (Source: SAS Planet)

Figure 46: Key plan of Ahmedabad showing micro market (Source: SAS Planet)

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Analysis of Western-central micro-market of Ahmedabad

The micro market is divided into 23 Town planning schemes as per Town planning and Valuation Department – Government of Gujarat. These T.P schemes are shown in the plan belowSR.NO NAME OF TP SCHEME

EAST AHMEDABAD

Figure 47: Town planning scheme (Source: https://townplanning.gujarat.gov.in/)

The development plan of the micro market is shown alongside with different land uses. From this plan it is evident that residential I land use takes up the major chunk of the micro market. Knowledge and institutional zone is the next major land use in the micro market which is followed by Central Business District (CBD) and other area. Residential II, water bodies, gamtal and agricultural areas being the other land use. LEGEND Residential I Knowledge and institutional zone Central Business District (CBD) Residential II Agricultural areas Other area Water bodies Gamtal `

Vejalpura 1

Vejalpura 3

Vejalpura 4

Vejalpura 5

Vejalpura 6

Vejalpura 24

Vejalpura 23

Vejalpura 27

Bodakdev 1A

Bodakdev 1B

Bodakdev 50

Vastrapur 1

Table 144: Legend – Town planning 13 University 31 Schemes (Source: https://townplanning.gujarat.gov.in/)

Ambawadi 21

Vasna north 26

Shahwadi 94

Paldi extension 22

Paldi 6

Gulbai tekra 20

20 Micro Market Memnagar 19 Western Central 21

Naranpura 29

Vadaj 15

Nava Wadaj 28

Figure 48: Development plan of micro market Source: (AUDA, 2020)

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Analysis of Western-central micro-market of Ahmedabad

6.4. DEVELOPMENT RULES As per (AUDA, 2020) some development rules to be followed in the micro market are listed below which are applicable for all categories of built structures– 6.4.1. Floor Space Index (F.S.I.) Floor Space Index for different categories in the micro market are regulated as per the table given below – Sr.no 1 2 3 4 5

Use zone Residential Zone I Residential Zone II Commercial zone Knowledge and Institutional zone Central business district

Code

BASE (Free)

FSI permissible Chargeable (40% of the Jantri rate)

Maximu m

1.8

0.9

2.7

1.2

0.6

1.8

0.9

2.7

KZ1

1.8

NIL

1.8

3.6

5.4

Table15: Use control and F.S.I. (Source: AUDA)

Areas not counted towards computation of FSI

•

Parking area at basement or any level; Open‐to‐sky spaces like utility ducts, chowk and courtyards; Staircase, Lift, lift cabin, stair cabin and water tank; pedestrian and vehicular ramps; electric substation and electric room; outdoor units for air conditioners or mechanical ventilation; Refuge area and double height foyer shall not be counted towards computation of FSI (AUDA, 2020).

6.4.2. Minimum area requirement for different categories of building For a building-unit the minimum area shall be 18sq.mt with minimum building width of 3.0 m. All

building units should abide by the requirements of land size and area which is shown in the table below. Sr. No 1 2 3

Use Merchantile - 2 Education - 1,2 Assembly 1,2,3 &4, institutional Education - 2 Assembly 1,2,3,4

Minimum area of building unit in sq.m. 500 1000 3500 (for AUDA only)

Sr. No 5 6 7

8 1500

Use Institutional Hospitality Fueling and eV station with service station Fueling and eV station w/o service station

Minimum area of building unit in sq.m. 750 1000 2000

500

Table 16: Minimum Building Unit Requirement and their use (Source: AUDA)

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Analysis of Western-central micro-market of Ahmedabad

6.4.3.Building Height The width of the city roads will regulate the height of the building which it abuts. Incase two buildings have different heights and are next to each other then the margin for taller building will be applied. The maximum permissible building height according to the width of the road is shown in the table below.

Less than 9m

9m & less than 12m

16.5

Building Heights (m.)

Width of Road 12m & less 18m & less than 18m than 36m 30

36m & Above

Table 17: Building Height with respect to road width (Source: AUDA)

6.4.4. Road margins – Side and rear margins In case of set-back, margins have to be kept after the set-back and land in the set-back may be part of road. Road margin - Side Road Width m Road side margin

≤7.5

>7.5 & ≤9.0

2.5

> 9.0 & ≤12.0 3

> 12.0 & ≤15.0 3

> 15.0 & ≤18.0 4.5

> 18.0 & ≤30.0 6

> 30.0 & ≤45.0 7.5

≥45.0 9

Table18: Road side Margin for different categories (Source: AUDA)

Building ht. upto (m) Margin between two building

10 4.5

16.5 4.5

25 6.0

45 9.0

70 12.0

Table 19: Margin between two buildings and margin from common plot (Source: AUDA)

Rear & Other Side Margins Area of SR. Use building unit NO. (PS) Sq. m. PS ≤25 PS > 25 & ≤80

Dwelling 1-2

Other than Dwelling 1-2 & Industria l use

PS > 80 & ≤150 PS>150 & ≤300 PS >300 & ≤500 PS > 500 B.H. ≤ 16.5mt. B.H. > 16.5 mt. & B.H. ≤25mt.

Required rear margin in m. Not Required

Required side margin in m. Not Required

remarks only G+1 floor 1.0 on any one side including rear side 1.5 on any one side including rear side

1.5 (Any one side)

2.0 (both side)

3.0 (both side)

For PS ≤ 750.0 sq.mt., required margins shall be 3.0 mts., for building height upto 25.0 mt.

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Analysis of Western-central micro-market of Ahmedabad

(Note: PS - Plot Size, BH - Building Height) Area of Required SR. Use building unit rear margin NO. (PS) Sq. m. in m. Other than B.H. > 25mt. 6 Dwelling 1-2 & B.H. ≤45mt. 2 & Industrial B.H. > 45mt. 8 use

Required side margin in m.

Remarks

(Note: PS - Plot Size, BH - Building Height) Table20: Rear and Side Margins for all Categories (Source: AUDA)

Permissible uses in Margin 1) Parking garage, servant quarter, and space for pedestrian ramp, access path. 2) Open staircase, cantilever staircase and fire escape staircase. 3) W.C. and bathroom along with percolation well, bore well, underground water tank and pump room. 4) Electrical sub-station, meter room, section feeder pillar, box-type transformer, transformer room and auxiliary power back-up system which are a part of electrical infrastructure shall be permitted. 5) Porch of minimum height 4.5 m, maximum 3.0 mt height of portable structure and 2.4m x 1.8m security cabin. 6.4.5. Basement in a Building-unit Permissible uses A.C. plant, sewage treatment plant, grey water treatment plant, parking, water tank and safe deposit vault can be allowed in the basements. Margins and extents of basement

1) Side and rear side margins from the plot boundary - 3.00 m. 2) Proper structural safety should be checked of subterranean areas. 3) Expect road side margin of built unit, a combined shared basement parking shall be permitted. 4) Permissible Minimum area of the basement – 250sq. m. Height of basement

1) Maximum clear Height of the Basement - 4.50 m. 2) Minimum clear height - 2.80 m (The height can be calculated from the finished floor level of the basement to the bottom most soffit of beam/slab)

Figure49: Basement details (Source: AUDA)

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Analysis of Western-central micro-market of Ahmedabad

6.4.6. Requirements for fire tender movement 1) Building height requirement for the access of fire tender H ≥ 15 m. above ground level.

2) For fire tender, • Permissible minimum width – 6m. • Permissible turning radius – 9m. 3) Movement of fire tender around the building, • For buildings floor area A ≤ 10,000 sq. m, at least 1/3 of the perimeter of the building. • For buildings floor area A > 10,000 sq. m, at least 1/2 of the perimeter of the building. 6.4.7. Provision for Podium Uses permitted

The podium can be used for parking of vehicles, fire and building services/utilities, light, ventilation and fire safety requirements. The upper portion of the podium can be used as landscaped area. General Requirements 1) Permissible area required for podium A ≥ 4000 sq. m.

2) Maximum permissible Ht. of podium - 10.00 m from ground level. 3) Space for the movement of fire tender should be left and site setbacks should be left. Only then the podium shall be permitted. Type of Vehicle Light Motor Vehicle Light Commercial Vehicle Heavy Motor Vehicle Fire Tender

TYPE OF RAMP One way Two way One way Two way One way Two way -

WIDTH OF RAMP 3 6 4.5 9 6 12 7.5

Table 21: Width of Ramp for Vehicle (Source: AUDA)

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Analysis of Western-central micro-market of Ahmedabad

7. Municipal and Urban Development Authorities 7.1. Ahmedabad Municipal Corporation (AMC) In 2005, Ahmedabad was declared a Mega city by the central government. The administration of the city is carried out by Ahmedabad Municipal Corporation (AMC). Gujarat state government appoints the AMC commissioner who is an Indian Administrative Service (IAS) officer whereas the Mayor of the city heads the corporation. The total area of the AMC is 464.16 Sq.km. and is comprised of 30 Gram Panchayats and 19 other municipalities. The administrative executive powers are reserved by the AMC commissioner. Under the Bombay Provincial Corporation Act, 1949, AMC was established in July 1950. (AMC, 2020)

Figure 50: AMC logo (Source: AMC)

EVOLUTION OF AMC

1873

1926

1950

Ahmedabad Municipality was founded

Became borough Municipality

Upgraded to Ahmedabad Municipal Corporation

VISION “Vibrant, Productive, Harmonious, Sustainable and environmentally friendly, clean, and livable city having a responsive local government offering its citizens a good quality of life.’’ (Corporation, 2020) The city is at present divided into 6 zones for the purpose of administration. The zones are NORTH ZONE 12 Wards AREA – 41.54 Sq. Km.

SOUTH ZONE 10 Wards AREA – 94.26 Sq. Km.

EAST ZONE 13 Wards AREA –75.52 Sq. Km.

WEST ZONE 10 Wards AREA – 57.53 Sq. Km.

CENTRAL ZONE 9 Wards AREA –16.60 Sq. Km.

NORTH WEST ZONE 10 Wards AREA –178.76 Sq. Km.

There are total 54 wards and 4 corporators represent each ward who are elected after every 5 years. Some of the highlights of Ahmedabad Municipal Corporation are – • Revenue generation and management has been an attribute of the AMC which has paved its way to become first municipality to get high credit points (AA+ by Care) in Asia. • Using and promoting environmentally friendly mode of commute has been an objective of AMC and it has taken strong steps in that direction by operating 220 CNG buses with future plans to add more 180 buses. It has effectively reduced its cost of operation by 33% by this move. • A zero-litigation record was set by the city and became the largest city to take steps in that direction by Ahmedabad was the first large city in India to have enacted property tax refinement. 51 | Page

Analysis of Western-central micro-market of Ahmedabad

Some of the responsibilities of AMC are as following-

7.1.1 Mandatory responsibilities • • • • • • • • •

Regulating the area and maintaining law and order in the city by curbing injustice and restoring peace. Provision of healthcare facilities along with hygiene services to all. Preservation and conservation of historic monuments and keeping the streets/areas of the city clean and tidy. Proving basic amenities to the citizens like regular water supply and drainage services. Taking sufficient care to prevent and hamper growth of diseases and pandemics by educating people about them and thereafter providing relief to them. NOT only carrying out construction of infrastructure and maintaining them but also demolition of unsafe structures and removal of dilapidated buildings. Proving education to all children upto an age of 14 years. Providing street lighting facilities. Maintaining funeral and burial grounds.

7.1.2 Voluntary Responsibilities • • • • • • •

Organizing sports events and exhibitions. Surveying open barren land along with checking the status of buildings. Constructing and providing houses to poor and homeless people in the city and also giving them relief. Maintaining public areas and buildings like community halls, exhibition centers, public parks, theatres, etc. Upkeeping maternity centers and women welfare centers. Regulating the industrial activities and auditing their waste disposal. Roadside tree plantation.

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Analysis of Western-central micro-market of Ahmedabad

7.2. Ahmedabad Urban Development Authority (AUDA) 7.2.1. Introduction Ahmedabad Urban Development Authority (AUDA) administers the urban and suburban areas of Ahmedabad. On 1st February 1978, Gujarat Government formed AUDA with an aim of regulating the growth and development of the area outside AMC in sustainable manner. It also includes 169 villages and 5 growth centers – Kalel, Dahegam, Sanand, Mahemadabad, Bareja in the Ahmedabad district. With an urbanized area of more than 150 Sq.km., the total area of AUDA is 1866 Sq.km. of which 464.16 Sq.km. area is of AMC. Figure 51: AUDA logo (Source: AUDA)

MISSION “To transform outskirt of Ahmedabad into a city where all citizens have access to basic services and all development takes place in a planned manner, supporting rapid, selffinanced and sustainable economic growth.” (AUDA, 2020)

7.2.2. Key Responsibilities • • • • • • • • •

Regulating the development of the urban agglomeration in the city by preparing physical development plans. To execute the proposed projects as per the development plan. Acquisition of land for projects at urban level. Carrying out micro level planning of the city by drafting plans for town planning scheme. Taking legal action against unplanned and illegal development and construction. Monitoring the development of individual plots by their concerned owners and avoiding trespassing. Planning and executing infrastructure projects like construction of roads, providing water supply, street lighting, etc. Identifying locations for disposal of solid waste and monitoring the same. At the same time keeping the city clean and maintaining hygiene. It also carries out certain social service activities like construction and allotment of affordable houses to people below poverty line, running free bus services in the area under its jurisdiction, tree plantation in various areas for keeping the area green, etc.

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Analysis of Western-central micro-market of Ahmedabad

8. Development and Trends 8.1. Residential Asset Class Residential sector of Ahmedabad has improved quite a lot over the years, with the rise of new chemical and textiles industries and IT/ ITES hubs emerging in the prime areas located in the central and western part of the city. It serves as the center for education with premier CEPT, IIM Universities and the advent of IT companies has dragged in the need for residential units in its close proximity, causing a booming trend of new residential launches as apartments, independent villas, gated communities and townships. As the land being limited and the migration of people to these locations has shot up the demand, the need for vertical development was on high peaks in areas of central-western Ahmedabad which are Satellite, Prahladnagar, Bodakdev, Vastrapur, Navrangpura and Ambawadi, eventually resulting in increase of the value of land asset.

8.1.1. Prime Developers in the Micro-Market

• Sheetal Infrastructure • Shilp Group • Swara Group • Pacifica • Bakeri Group • Soham Group • A. Shridhar Group

• Merlin Infra • Shivalik Infrastructure 8.1.2 Key Drivers for Residential Sector The sales of residential units taking place in the micro-market is driven by the close proximity of the micro-market to schools such as Ahmedabad and Gandhi International Schools and the most reputed premier institute of all the times is the IIM, which is located in between the central-western Ahmedabad. The S.G Highway in the western periphery which was previously serving as the bypass has emerged as the present day IT hub, allowing commuters to reach Gandhinagar, the capital of the Gujarat State. With the IT parks located alongside this highway a major boom in the residential and retail market was witnessed, resulting in the upsurge of capital values of all the localities within close proximity. With this a whole new town came up with hospitals, entertainment centers, financial institutes, healthcare centers, corporate offices and drove in the demand for residents to snuggle down by its side. The intercity rapid transit metro approved in the year 2014 will be available for commuters by 2023, a phase of which passes the micro-market i.e., the East-West corridor and the North-South 54 | Page

Analysis of Western-central micro-market of Ahmedabad

corridor are likely to cause an inflation in the present price values of the real estate assets (GMRC, 2020).

IIM Ahmedabad

SG Highway

Metro

Parimal Garden

One Mall Ahmedabad

IT Hub

Figure 52 Residential Drivers of Western-Central Micro-market, Ahmedabad (Holidify, 2020), (Huffletonpost, 2020), (Tripadvisor, 2020), (Realty Solutions, 2020), (Rail Journal, 2020)

8.1.3 Population increase and its Trends The population trends in the Central-West micro-market are expected to show a linear variation with time according to the Censes Board, Ahmedabad Municipal Corporation (AMC, 2011). The population from the Census 2011 is 7,32,772 and population from Census 2001 is 5,00,083. Using the Compounded Annual Growth Rate (CAGR) formula the CAGR is 3.89%. The average size of the households according to 2011 census is 4.3 and assuming the size of the households as 4 for year 2020, the size of households has decreased by 0.008% from 2011 to 2020.

Year

Size of Household

Population

Required Households

Demand

2011

4.31

732772

170016.7

2019

4.04

994395

246137.4

76121

2020

1033076

258269

12132

2021

3.9

1073263

275195.6

16927

2022

3.8

1115013

293424.5

18229

2023

3.7

1158387

313077.6

19654

2024

3.67

1203448

327915

14838

3.64

12050262

343479

15564

2025

Table 22 Population Projection and Demand Estimation Source: (AMC, 2011)

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Analysis of Western-central micro-market of Ahmedabad

Figure 53 Graph showing population growth for the years 2011 to 2025 Source: (AMC, 2011)

The population is projected to the upcoming years and when plotted shows a linear variation, upon dividing this projected population with the decreasing number of households gives the required number of household units. Using the demand forecasting technique and by calculating the difference of two consecutive household units gives the demand of household units for that year. The demand for new households units or apartments is obtained as 15,265 units per year, which depicts the immediate need for growth of residential sector in the Central-Western micro-market. The reason for this escalating demand has been due to the well connectivity of the micro-market with Gandhinagar, and other industrial hubs, airport, bus stops, religious, government, educational and entertainment institutions.

8.1.4 Analysis of Launches or Supply The supply has been continuously increasing owing to development of large scale industries, banking institutes and IT services requiring more and more number of people. The centralwestern Ahmedabad consists of major educational institutes, which draws in more and more people to snuggle down near close vicinity of these institutes and their workplaces. In order to cater to the growing demand of residential units, major launches took place as and when required (Knight Frank India, 2020,2019,2018,2017,2016). This increased the capital and the rental value as well. The number of new launches in the centralwestern micro-market have been calculated by using weighted average method. The number of launches in the central-western Ahmedabad together constitute to a major part of the total launches of city. The above bar graphs represents the number new launches coming in by the end of a half year for both Ahmedabad and the micro-market. It is observed that the number of new launches are increasing gradually and the highest number of launches is observed in H2 in 2019. The average number of launches increased by 1500 units every half yearly. The supply has come down during the covid-19 pandemic i.e., H1 of 2020, majority of the launches of this time were launches in Q1, post which the construction industry faced shortage of labour and almost all the construction activities were halted as part of nation-wide lockdown. 56 | Page

Analysis of Western-central micro-market of Ahmedabad

Figure 54 Bar graph showing the new launches of Ahmedabad City and Micro-market Source: (Knight Frank India, 2020,2019,2018,2017,2016)

The high end segment i.e., the luxury housing and villas are primarily located in localities such as Ambawadi, Bodakdev, Vastrapur, Satellite and Prahladnagar with the capital value ranging from 1 Crore to 3 Crores majorly with 3BHK and 4BHK configuration. The middle end segment project launches were noticed in Vasna, Paldi, Usmanpura, Narayanpura and Wadaj of majorly 2BHK and with less number of units of 3BHK.

8.1.5 Analysis of Sales The number of sales can serve the purpose of an indicator for demand, the more residential units which get sold in an area helps determining the demand of an area. The major sales of luxury units took place in the localities in and near S.G Highway which bears major IT parks, schools, health care and financial institutes making it one of the most desired places to purchase a

Figure 55 Bar graph showing the Sales of Ahmedabad City and Micro-market Source: (Knight Frank India, 2020,2019,2018,2017,2016)

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Analysis of Western-central micro-market of Ahmedabad

property. Most of the high end luxury villas and apartments are found in Satellite, Navrangpura, Bodakdev, Vastrapur and Ambawadi usually of configuration of 3BHK, 4BHK and above. The affordable housing can be observed in Vasna, Usmanpura and Narayanpura which are majorly of 2BHK configuration. From the graph we can infer that sales do not follow a pattern as it depends on the customer behaviour and other factors. The maximum sales in the micro-market were observed in H2 of 2019 of 1420 which is the highest sales ever (Knight Frank India, 2020,2019,2018,2017,2016). The capital values during the sales transactions have remained unchanged for most of the quarters, and the maximum sales price per unit is about 2-3 Crores for high end segment and less than 1 Crore for middle end segment.

8.1.6 Price Trends over the Years The bar graphs shows the average price per square feet values of Ahmedabad city as whole is almost consistent and is ranging from a minimum of Rs.2770 – Rs.2896 per sq.ft while for the micro-market the average price per sq.ft is about Rs. 5000 per sq.ft which is quite higher than the average of Ahmedabad city. So it is clear that the central-western micro-market is contributing to the most of the Ahmedabad city’s revenue (Knight Frank India, 2020,2019,2018,2017,2016).

Figure 216 Bar graph showing the price per sq.ft value of Ahmedabad and Micro-market Source: (Knight Frank India, 2020,2019,2018,2017,2016)

8.1.7 Unsold Inventory Unsold inventory of the micro-market shows a gradual decrease over the years with the increasing population, urbanization of the people from the rural areas to urban areas as all the IT firms, industries started to accumulate in the western part of the city has driven people’s need to reside near workplace has caused them to invest in residential units and resulting in more sales (Knight Frank India, 2020,2019,2018,2017,2016). Thus the unsold inventory decreased by 63% from 2017 to 2019, in the upcoming quarters the unsold inventory are going to get low even further as there are wide range of projects coming which could be beneficial for fence sitters. 58 | Page

Analysis of Western-central micro-market of Ahmedabad

The number of unsold units at the end of every year decreased when compared to the unsold units at the end of H1. A slight increase in the unsold inventory has been observed from H1 to H2 of 2019 this may be due to the increased capital values in H1 2019 causing less sales and increase in the unsold inventory from H1 to H2.

Figure 57 Bar Graph showing Unsold Inventory Source: (Knight Frank India, 2020,2019,2018,2017,2016)

8.1.8 New Upcoming Projects in the Micro market A large portion of the new launches were concentrated on the western part of the micro-market near the SG Highway and the rest of the launches were few in number spread across the rest of the micro-market. Many of the new project launches were scheduled in year 2020 but due to the advent of pandemic these projects got delayed. The below mapping shows the locations of various existing and proposed residential units in the micro-market. Many of the proposed residential units are mostly in and around Vastrapur, Ambawadi, Navrangpur and Bodakdev (99acres, 2020). The unsold inventory has been continuously decreased as the year passes it suggests that more residential units are getting sold and there might be more demand for residential units in near future, so developers are striving to meet the demand of consumers and many new projects are being proposed. Most of these projects are high-end luxury and villas, the average price per square is also quite high which is favourable for the developers. Below is the mapping of the existing and some upcoming projects in the Western-central Micro-market.

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Analysis of Western-central micro-market of Ahmedabad

Figure 58 Mapping of Existing and Proposed residential Project in the micro-market Source: (99acres, 2020)

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Analysis of Western-central micro-market of Ahmedabad

List of Existing Residential Units in the Western-central Micro-market S.no . 1

Name of the Project

Status

Table 15 Location

Chanchal Saransh

Completed

No. of Floors

Units

Towers

Price per Sq.ft

Vasna

250

5220

5400

Ambience 2

Kala Kunj

Completed

Paldi

DVJ Juhi Apartments

Completed

Paldi

Friendsville Lifestyle

Completed

Ellisbridge

6810

Dharmadev

Completed

Vasna

271

3110

4830

Swaminarayan Park 6

Advance Le Jardin

Completed

Law Garden

166

3550

Trilokesh Riverside

Completed

Vasna

400

2800

Completed

Vasna

240

5200

Sun Centrum

Completed

Navrangpura

5996

Azad Apartments

Completed

Ambawadi

2800

GB Madhupuri

Completed

Paldi

5000

Park 8

Rajyash Sahaj Solarium 1 & 2

Radiance 12

Yash Pinnacle

Completed

Paldi

193

4500

Casa Vyoma

Completed

Vastrapura

554

6300

Abhijyot Greens

Completed

Satellite

6000

Riviera Blues

Completed

Prahlad

208

5300

Nagar 16

Zaveri Amara

Completed

Bodakdev

6828

Zodiac Marquis

Completed

Bodakdev

7500

Kamnath Sepal

Completed

Prahlad

8500

Solitaire

Nagar

Magnolia Residency

Completed

Jodhpur

110

6000

Vraj Oriana

Completed

Prahlad

6315

Nagar 21

Vishwanath Aman

Completed

Bodakdev

5800

Rajyash Richmond

Completed

Bodakdev

8097

Goyal Orchid Mayfair

Completed

Prahlad

5775

Nagar

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Analysis of Western-central micro-market of Ahmedabad

List of Proposed under construction projects in the Western-central Micro-market S.no.

Name of Project

Status

Ward

No. of Floors

Units

Tower

Price per Sq.ft

Sheetal Westpark

Under

Vastrapur

326

7550

Bodakdev

10579

Vastrapur

380

6500

Satellite

280

7240

Vasna

250

6682

Ambawadi

6000

Paldi

6440

Paldi

6900

Ambawadi

235

7000

Vastrapur

380

5300

Paldi

5500

Construction 2

Shivalik Avenue

Under Construction

Shilp Shaligram

Under Construction

Indraprasth Greens

Under Construction

Chanchal Saransh

Under

Ambience

Construction

Sheth Serenita

Under Construction

Tirth Grandeur

Under Construction

Shubh Aashish

Under Construction

Shivalik Sharda

Under

Harmony

Construction

Shilp Shaligram

Under Construction

Grand Riviera

Under Construction

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Analysis of Western-central micro-market of Ahmedabad

8.1.9 Case Study of New Launches in the Micro-market Case Study 1 SHEETAL WESTPARK RESIDENCY S.No. 1 2 3 4 5 6 7 8 9 10 11

Particulars Project Name Developer Name Type of Project Location Status Launch Year Possession Price per sq.ft Total Area Number of Towers Number of floors

Details Sheetal Westpark Residency Sheetal Infrastructure Residential Vastrapur Under Construction Aug, 2017 Dec, 2021 5.96 K/sq.ft 3.16 Acres 7 14 Product Mix

13 14 15

Super Built-up area Carpet area Price Total no. of Units Total no. of Unsold units Percentage of Unsold units

3BHK 1585-2020 sq.ft 903-920 sq.ft 94.82 L - 1.2 Cr

4BHK 2415 sq.ft 1378 sq.ft 1.44 Cr 326 104 32%

Table 23 Sheetal Westpark Residency Source: (Sheetal Infrastructure, 2020)

Amenities and Facilities:

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Analysis of Western-central micro-market of Ahmedabad

Amenities in Vicinity:

Figure 59 3BHK Floor Plan Source: (Sheetal Infrastructure, 2020)

Figure 60 4BHK Floor Plan Source: (Sheetal Infrastructure, 2020)

Figure 61 Sheetal Westpark, Vastrapur Source: (Sheetal Infrastructure, 2020)

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Analysis of Western-central micro-market of Ahmedabad

Case Study 2 SHIVALIK AVENUE S.No.

Particulars

Details

1 2 3 4 5 6 7 8 9 10 11 12

Project Name Developer Name Type of Project Location Status Launch Year Possession Price per sq.ft Total Area Number of Towers Number of floors Super Built-up area

Shivalik Avenue Shivalik Group Residential + Commercial Bodakdev Under Construction Feb, 2018 Apr, 2021 6.40 K/sq.ft 1.26 Acres 3 7 3272sq.ft – 3311sq.ft

14 15 16

Super Built-up area Carpet area Price Total no. of Units Total no. of Unsold units Percentage of Unsold units

Product Mix Commercial (3) 472 283 sq.ft 70 lakhs 58 3 5%

4BHK (37) 3272 sq.ft -3311 sq.ft 1904 sq.ft 1.98Cr – 2.5Cr 63 37 58%

Table 24 Shivalik Avenue Source: (Shivalik Group, 2020)

Amenities and Facilities:

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Analysis of Western-central micro-market of Ahmedabad

Figure 62 3BHK Floor Plan Tower B Source: (Shivalik Group, 2020)

Figure 63 3BHK Floor Plan Tower A & C Source: (Shivalik Group, 2020)

Figure 64 Shivalik Avenue, Bodakdev Source: (Shivalik Group, 2020)

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Analysis of Western-central micro-market of Ahmedabad

Case Study 3 SWARA THE ORB S.No. 1 2 3 4 5 6 7 8 9 10 11 12

13 14 15

Particulars Project Name Developer Name Type of Project Location Status Launch Year Possession Price per sq.ft Total Area Number of Towers Number of floors Product Mix Details Super Built-up area Carpet area Price Total no. of units Total no. of Unsold units Percentage of Unsold units

Details Swara The Orb Swara Buildcon Residential Navrangpura Under Construction July, 2019 July, 2021 6.50 K/sq.ft 0.18 Acres 1 5 4BHK 3807 sq.ft 2094 sq.ft 2.86 Cr 10 50 50%

Table 25 Swara The Orb Source: (Housing.com, 2020)

Figure 65 Swara The Orb Source” (Housing.com, 2020)

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Analysis of Western-central micro-market of Ahmedabad

Amenities and Facilities:

Amenities in Vicinity:

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Analysis of Western-central micro-market of Ahmedabad

Case Study 4 MERLIN ORION S.No. 1 2 3 4 5 6 7 8 9 10 11

Particulars Project Name Developer Name Type of Project Location Status Launch Year Possession Price per sq.ft Total Area Number of Towers Number of floors Product Mix

13 14 15

Super Built-up area Carpet area Price Total no. of Units Total no. of Unsold units Percentage of Unsold units

Details Merlin Orion Merlin Group Residential Paldi Under Construction August, 2018 Sep, 2022 5.50 K/sq.ft 2.5 Acres 1 14 3BHK 1945 - 1980 sq.ft 1167 sq.ft 0.36 Cr 56 30 54%

Table 26 Merlin Orion Source: (Proptiger, 2020)

Amenities and Facilities:

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Analysis of Western-central micro-market of Ahmedabad

Amenities in Close Vicinity:

Figure 66 Merlin Orion Source: (Proptiger, 2020)

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Analysis of Western-central micro-market of Ahmedabad

8.1.10 Primary Survey for Residential Market Study

Figure 67 Primary Survey by Google forms

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Analysis of Western-central micro-market of Ahmedabad

Figure 68 Primary Survey by Google forms

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Analysis of Western-central micro-market of Ahmedabad

Figure 69 Primary Survey by Google forms

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Analysis of Western-central micro-market of Ahmedabad

A survey has been conducted through Google forms, which consisted of questions pertaining to the choice of home, their income levels and other related questions. The responses recorded were mapped into graphs and the results show that more than half of the respondents were residing in their independent 2BHK or 3BHK apartments and the rest half were renting a house at from a price range of 10,000 to 20,000 per month. In the survey it was found that people were more willing to prefer 3BHK and villas over 2BHK houses, that too within a price range of 85lakhs – 1Crore, within the city near to their places of work. The average size of households is in between 3 and 4, with around almost half of them had two income producers. The total annual income levels of these people were within 12lakhs to 18lakhs. The respondents were aspiring to own a 3BHK or a Villa in the near future, most of the people opted for loan from banks for this future endeavor. The most preferred locality by the households was Vastrapura, Bodakdev, Navrangpura, Ambawadi and Paldi, with metro stations, schools, bus stops, malls, parks, IT hub and airports are in close proximity so that they would be able to utilize these facilities whenever required. With their premises they also expected to have a good landscaping, kid’s ply area, a gym and a swimming pool. On analyzing the above data from Google forms it can be seen that people were more willing to invest in a property close to Bodakdev, Navrangpura, Vastrapura and Prahladnagar which are the IT hubs for the western-central micro-market.

8.1.11 Conclusion From the sales and supply analysis it is observed that there has been a gradual increase of sales except for a dip in H1 2018, simultaneously tremendous increase in the price per sq.ft is observed as more and more people are willing nearby the IT hub and the upcoming metro rail, an infrastructure development project has up surged the price per sq.ft value of the land in the micromarket. There are more number of middle income and high end luxury housing but there are very less number of affordable housing and product mixes which incorporate commercial and residential spaces together. The micro- market being very sound in commercial and residential sector, new product mixes can be incorporated by the developers to serve the needs of all. From the survey it is found that people are willing to reside in localities on the western part of the micromarket so there can be a huge demand for residential spaces and product mixes in the western part of the micro- market, and we may encounter high price per sq.ft values in the near future in Bodakdev, Prahladnagar, Ambawadi, Vastrapura and other nearby localities.

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Analysis of Western-central micro-market of Ahmedabad

8.2. Commercial asset class 8.2.1. Introduction Commercial asset class is an emerging market in the city of Ahmedabad with many opportunities for new businesses along with an upsurge of supply in the commercial spaces.

ABSORPTION As per (Cushman and Wakefield, 2019), there was a net absorption of 2.20 Mn. sf. while 5.75 Mn. sf. was added to the commercial spaces in Ahmedabad. The absorption increased by approximately 200% while the supply increased by approximately 188% y-o-y in 2019. This can be attributed to the large supply of office spaces which have good quality. The supply has steadily increased from 2017 after its fall in 2016.

ABSORPTION 7 6 5 4 3 2 1 0

2016

2017

2018

NET ABSORPTION (Mn. sf.)

2019

Q1 2020

NEW SUPPLY (Mn. sf.)

Graph 1: Ahmedabad absorption area of offices Source: (Cushman and Wakefield, 2020)

The net absorption in the Ahmedabad commercial market has constantly fluctuated over the years. The office owners have started leaving their grade B office spaces and shifting to grade A office spaces due to projects which are characterized by better services and construction quality. The owners are getting small – medium – large size office spaces as per their demand. The upcoming net absorption will be influenced greatly by this factor. Looking at the transactions which happened in 2019 as per (Cushman and Wakefield, 2019), SG Highway South (Makarba, Prahladnagar and parts of SG Highway south to Ambli road) dominated with 63% transaction activities and was followed by the SG Highway North (Bodakdev, portion along SG highway north to Ambli road uptil Science City Road) with a 25% share. As per Knight Frank H1 2019 & H2 2019 reports and the share of the BFSI sector saw an upsurge of 32% in 2020 while other services saw a fall of 36% during the same period. The IT/ ITeS sector share shot up in H2 2019 by almost 29%. On the other hand, manufacturing sector’s share diminished by 25% for the same period. It is expected that IT/ITeS and BFSI firms shall remain active in the upcoming quarters.

H1 2019

H2 2019

4 19

2 55

27 43

BFSI

IT/ ITeS

Graph 2: Sector-wise Split of Manufacturing Other Services transactions (H1 2019) Source – Knight Frank report

BFSI

IT/ ITeS

Graph 3:Sector-wise SplitServices of Manufacturing Other transactions (H1 2019) Source – Knight Frank report

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Analysis of Western-central micro-market of Ahmedabad

1,297 sq. m. (13,963 sq. ft.)

2024 sq. m. (21, 789 sq. ft.)

42 Deals

44 Deals

Note - 1 sq m = 10.764 sq ft

Average deal size and number of deals Source: Knight Frank Research

Looking at the overall vacancy rate of Q1 2016 to Q1 2020, there has been a considerable increase in the vacancy rate in the year 2019. As per (Cushman and Wakefield, 2019) the vacancy rate dropped from 43.9% to 40.5% in Q1 2020.This drop of 3.4% can be attributed to the increased number of transactions in the commercial market of Ahmedabad. But at the same time, it is interesting to note that this decrease is uneven across the sub – markets.

Percentage

OFFICE VACANCY 50 43.9 41 40.5 40 45 38 37.5 37.1 40 32.6 42.5 31.7 41.1 30.8 35 39 36.1 34.2 30 31 30.2 25 20 15 10 5 0

Quarters

Graph 4: Ahmedabad office market vacancy Source: (Cushman and Wakefield, 2020)

The new supply in the areas of SG Highway North and CBD led to this drop in vacancy rate as the companies and firms occupied these newly completed spaces while some companies and firms shifted from their old offices in the SG Highway South. Two – third of the upcoming supply (by 20220) will be added to the submarkets of SG Highway North & SG Highway South. As per (Cushman and Wakefield, 2019) it is projected that a supply of 8.2Mn. sf. will be added. Thus, it is quite evident that the vacancy rate might rise or at least get stagnated.

As per (Cushman and Wakefield, 2019) rents are quite stable across the submarkets. There has not been much change in the rental value of the commercial spaces in Ahmedabad. Due to huge supply of office spaces which give a lot of flexibility to the tenants to choose from, there is pressure on the rental rate and seem to remain unchanged for some time in future.

INR / SF/ MONTH

NET RENTAL RATES

43 42 41 40 39 38 37 36 35 34 33 32 2013

2014

2015

2016

2017

2018

2019

YEAR

Q1 2020

Graph 5: Net rental rate of offices in Ahmedabad Source: (Cushman and Wakefield, 2020)

8.2.2. Significant projects planned and under construction It is estimated that by 2022, 8.2 Mn. Sf new commercial spaces will be added to the Ahmedabad real estate market as per (Cushman and Wakefield, 2019). Some of commercial properties are listed on the next page.

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Analysis of Western-central micro-market of Ahmedabad

8.2.2.1. Key transactions in Ahmedabad Some of the key transactions which took place in the commercial market of Ahmedabad from Q2 2019 to Q1 2020 are listed below. CBD West is the most preferred Business and commercial hub of the city with SG highway being the backbone of the commercial activities. Bodakdev, Satellite area, Prahladnagar, Makarba, CBD are some of the parts which fall in the Western – central micro market of Ahmedabad which had significant office transactions during the period. Some of the Key transactions that will be done in near future are listed below. PROPERTY SUBMARKET TENANT Sq. ft. COMPLETION DATE Satyamev Eminence SG Highway North NA 194,300 Q2 2020 One World West SG Highway South NA 158,000 Q2 2021 Sun Central Park SG Highway North NA 128,800 Q2 2022 Table 16: Significant projects planned and under construction_Source - (Cushman and Wakefield, 2020)

Some of the Key transactions that took place in the last four quarters (Q2 2019 – Q1 2020) are listed below. PROPERTY Binori Bsquare 1* Ratnaakar Nine Square* West Gate – B* BVR Ek* Indraprasth Business Park

SUBMARKET SG Highway SG Highway SG Highway CBD SG Highway

TENANT Azilan Technologies Manubhai & Shah LLP Byju’s EIE Instruments Craft Silicon

Sq. ft. 23,230 20,000 19,000 8,900 8,050

TYPE Fresh Lease Fresh Lease Fresh Lease Fresh Lease Fresh Lease

Table 17: Key lease transactions Q1 2020_Source - (Cushman and Wakefield, 2020)

PROPERTY Indraprasth Business Park West Gate - Block A & B* Westgate Business Bay A* Privilon*

SUBMARKET SG Highway SG Highway SG Highway SG Highway

TENANT IMS The Address Mott Macdonald Bank Novo India

Sq. ft. 84,073 35,000 16,000 16,000

TYPE Fresh lease Fresh lease Fresh lease Fresh lease

Table 18: Key lease transactions Q4 2019_Source - (Cushman and Wakefield, 2019)

PROPERTY The First* Privilon* Mondeal Heights* Westgate Business Bay*

SUBMARKET Satellite/ Prahladnagar SG Highway SG Highway SG Highway

TENANT

Sq. ft.

TYPE

One Technologies

12,000

Fresh lease

N K Proteins Agrostar Perception Systems

7,700 7,000 4,600

Fresh lease Fresh lease Fresh lease

Table 19: Key lease transactions Q3 2019_Source - (Cushman and Wakefield, 2019)

PROPERTY Privilon*

SUBMARKET SG Highway

Ratnakar Nine Square*

SG Highway

BVR Ek* BVR Ek*

CBD CBD

TENANT E&Y Regus Business Center SBI Bank Bajaj Finance

Sq. ft. 20,000

TYPE Fresh lease

15,000

Fresh lease

11,000 8,000

Fresh lease Fresh lease

Table 20: Key lease transactions Q2 2019 _Source - (Cushman and Wakefield, 2019)

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Analysis of Western-central micro-market of Ahmedabad

8.2.3. Micro – Market Commercial trends The Western central micro market of Ahmedabad as the name suggests is on the western part of Sabarmati river and houses many commercial activities. From the adjacent figure it can be clearly seen that – 1) There are 201 – 300 jobs / km in the areas like Navarangpura, Naranpura, paldi, Ellisbridge and Ambawadi in the central and Eastern part of the micromarket. Thus these jobs are concentrated in the CBD and adjoining areas. There are major Grade A,B and C offices in this area. 2) There are around 51 – 200 jobs / km in Bodakdev, Ramdevnagar and Prahladnagar. As this area is very close to the SG highway this area has better connectivity with the state capital – Gandhinagar. 3) New Wadaj area, Vasna and Vastrapur all have 1-10jobs/ km. These areas are the emerging commercial areas with sufficient infrastructure.

MICRO MARKET Figure 22: Map of Ahmedabad Showing jobs/ km (Source: Times of India dated 3rd November 2020)

Growth drivers The major growth drivers of the commercial spaces in the micro market are – 1) Existing Ahmedabad BRTS and proposed MRTS corridors and AhmedabadMetro. 2) CBD (Central Business District. 3) SG Highway which has emerged as PBD. 4) 132 Feet Ring road, Ashram road, CG road. Rental rates of commercial spaces

1) It can be seen that Satellite and Prahladnagar which have new inventories charge low rental rates and provide ample opportunities to new office owners. 2) CG road has the high rentals in the micro market withfluctuation between 4348 Rs./ Sq.ft./ month.

60 INR/ SQ.FT./ MONTH

The average commercial rental rates for the important areas/ roads in the micro market are shown in the adjacent graph.

50 40 30 20 10 0 2015 C.G. ROAD S.G.HIGHWAY

2016

2017

2018

2019

Year ASHRAM ROAD SATELLITE / PRAHLADNAGAR

Graph 6: Average commercial Rental rates (INR/ Sq.ft./ month) Source: Ciril 2019 report.

3) Ashram road on the eastern part and SG highway on the western part show similar rental rates. But when looked at the quality of office spaces, there are more Grade A offices on SG highway. Many office owners are moving to these properties.

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Analysis of Western-central micro-market of Ahmedabad

8.2.3.1. Office spaces in the micro market The offices in the catchment area have been mapped to understand the nature of office spaces in the micro market. The criteria for mapping the office spaces 1) Floor plate area - a > 6000sq.m. 2) Number of floors - b ≥ 5 usable office floors 3) Availability for lease or sale. For the ease of mapping, the micro market is divided into four parts – A, B, C & D.

8.2.3.2. Part A - Mapping Part A of the micro market includes the areas – Old Wadaj, New Wadaj, S.P. Stadium area, Naranpura, Usmanpura and Navrangpura as the major areas.

Figure 24: Key plan of micro market

Figure 23: Micro market - part A (Source – SAS planet, http://magicbricks.com/, https://www.99acres.com/ ) )

OBSERVATIONS • • • •

From the projects mapped, it can be seen that there is a blend of new and old projects. The Upcoming/ underconstruction projects are in proposed CBD area near the Sabarmati river in Navarangpura and 132 ft. Ring road. The proposed projects in CBD area have an FSI of 5.4 and thus have more floors. The CBD, Usmanpura and Ambawadi area has around 201 – 300 jobs/ km. on an average. Thus this area has a great potential for future commercial spaces.

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Analysis of Western-central micro-market of Ahmedabad

SR. NO.

NAME OF THE BUILDING

Soch Altimus

D and C Dynasty

Kraft Solitaire Sky

D and C Phoenix Savani 3 World Center Aarya Epoch

Satya One

8 9

Abhijeet 3/4 Popular house

Under construction Under construction Under construction Completed Under construction Completed Under construction Completed Completed

Saumya Aniket

TYPE

WARD

FLOOR

Retail + Commercial

Navarangpura

3 to 19

Retail + Commercial

Navarangpura

4 To 13

Retail + Commercial

Usmanpura

2 To 13

Retail + Commercial

Navarangpura

3 To 13

Retail + Commercial

Navarangpura

3 To 18

Retail + Commercial

Naranpura

3 To 7

Retail + Commercial

Vastrapur

2 To 12

Retail + Commercial Commercial

Ellisbridge Navarangpura

2 To 9 1 to 9

Completed

Retail + Commercial

Navarangpura

1 to 8

Sankalp Square 3B

Completed

Retail + Commercial

Vastrapur

4 to 18

Shivalik Square

Retail + Commercial

Old wadaj

3 to 7

SKDS Surya Icon

Completed Under construction

Retail + Commercial

Naranpura

3 to 13

STATUS

Table 21: Legend - Buildings in Micro market - part A (Source: Project official websites)

8.2.3.3. Part B - Mapping Part B of the micro market includes the areas – Bodakdev, Vastrapur, Satellite and Jodhpur as the major areas.

Figure 25: Key plan of micro market

Figure 26: Micro market - part A (Source – SAS planet, http://magicbricks.com/, https://www.99acres.com/)

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Analysis of Western-central micro-market of Ahmedabad

SR. NO. 1

NAME OF THE BUILDING Abhishree Detriot Ratnaakar Nine Square The First Amrapali Lakeview Tower Sheetal Westpark Imperia Shivalik Shilp 2 Shilp Corporate Park Akshar Square Shilp Epitome Shilp Satved Stellar Zion Z One Orbit Alpha Business Park Shilp Arista

STATUS

TYPE

WARD

FLOOR

Completed

Retail + Commercial

Vastrapur

2 To 12

Completed

Retail + Commercial

Vastrapur

3 To 13

Completed

Commercial

Vastrapur

4 To 11

Completed

Retail + Commercial

Vastrapur

2 To 10

Under construction

Retail + Commercial

Vastrapur

4 To 9

Under construction

Retail + Commercial

Satellite

3 To 13

Under construction

Commercial

Under construction Under construction Under construction Completed Under construction Completed

Retail + Commercial Retail + Commercial Retail + Commercial Retail + Commercial Retail + Commercial Retail + Commercial

Bodakdev Bodakdev Bodakdev Bodakdev Bodakdev Bodakdev

4 To 13 1 To 13 4 To 6 3 To 6 1 To 13 3 To 6

Under construction

Retail + Commercial

Bodakdev

4 To 6

Completed

Retail + Commercial

Bodakdev

3 To 8

Titanium One Avirat Silver Radiance Maruti Crystal Complex

Completed

Retail + Commercial

Bodakdev

4 To 13

Completed

Retail + Commercial

Bodakdev

3 To 6

Completed

Retail + Commercial

Bodakdev

2 To 5

Patron

Completed

Retail + Commercial

Bodakdev

3 To 6

Shilp Aaron

Completed

Retail + Commercial

Bodakdev

1 To 6

Completed

Commercial

Bodakdev

GF To 4

Completed

Retail + Commercial

Bodakdev

2 To 7

Arista at Eight One World Capital Salister

Under construction

Retail + Commercial

Bodakdev

4 To 12

Elanza Vertex

Under construction

Commercial

Bodakdev

Completed

Retail + Commercial

Jodhpur

Completed

Retail + Commercial

Jodhpur

2 To 7

27 28

Venus Amadeus Krish Santorini Square Vivan Square Shivarth The Ace

GF To 13 2 To 11

Completed Completed

Retail + Commercial Commercial

Jodhpur Bodakdev

3 To 11 GF to 12

Privilon

Completed

Commercial

Bodakdev

G To 23

Binori Bsquare 2

Completed

Retail + Commercial

Bodakdev

3 To 13

2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

Bodakdev GF To13

Table 22: Legend - Buildings in Micro market - Part B (Source: Project official websites)

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Analysis of Western-central micro-market of Ahmedabad

OBSERVATIONS • • • •

From the projects mapped, it can be seen that there is a blend of new and old mixed use projects with great variations in building heights. The Upcoming/ underconstruction projects are in Vastrapur, Bodakdev and Satellite area. The completed projects in these areas are quite recent and have modern amenities and have a great potential to attract businesses. As the SG highway passes through this area from bodakdev it is one of the most important factor driving the commercial occupancy in the area.

8.2.3.4. Part C - Mapping Part C of the micro market includes the areas – Navrangpura, Ambawadi, Paldi, Vasna, Ellisbridge, Nehrunagar and Vishala as the major areas.

Figure 27: Key plan of micro market (Source: SAS Planet)

Figure 28: Micro market - Part C (Source – SAS planet, http://magicbricks.com/, https://www.99acres.com/)

OBSERVATIONS • •

From the projects mapped, it can be seen that there are very few underconstruction/ planned projects in the area with average height of the buildings being 8-9 floor. Ambawadi and Ellis bridge areas have the major commercial projects while Paldi, Vasna & Vishala have residential properties. 82 | Page

Analysis of Western-central micro-market of Ahmedabad

SR. NO. 1

NAME OF THE BUILDING Sun Westbank

STATUS

TYPE

WARD

FLOOR

Completed

Retail + Commercial

Navarangpura

01 To 13

Sivanta One

Completed

Retail + Commercial

Navarangpura

1 to 14

Bakeri Sakar IX

Completed

Retail + Commercial

Navarangpura

2 to 12

BVR Ek

Completed

Retail + Commercial

Navarangpura

5 To 13

Sun Square Complex

Completed

Retail + Commercial

Navarangpura

4 To 11

City Gate

Completed

Retail + Commercial

Vishala

GF To 7

Rajyash Rise

Completed

Vasna

GF- 14

Sankalp Square ll

Completed

Retail + Commercial + Residential Commercial

Paldi

GF To 5

Addor Aspire

Completed

Retail + Commercial

Ambawadi

2 To 13

Completed

Retail + Commercial

Paldi

2 To 7

Completed

Retail + Commercial

Ambawadi

3 To 8

Completed

Retail + Commercial

Ambawadi

2 To 5

Completed

Retail + Commercial

Ambawadi

3 To 7

Completed

Retail + Commercial

Ambawadi

1 To 5

Retail + Commercial

Ambawadi

1 To 6

Retail + Commercial

Navrangpura

1 To 14

Completed

Retail + Commercial

Ellisbridge

3 to 14

Completed

Commercial

Ellisbridge

1 to 7

Completed

Retail + Commercial

Ellisbridge

2 to 6

Completed

Retail + Commercial

Navarangpura

3 to 7

Merlin Pentagon Heritage Chambers Ashwamegh Elegance - 2 JP 12th Business Hub Ashwamegh Elegance - 1 Ashwamegh Elegance - 3 Aaryan Workspaces 2 Sheth Corporate Tower Dream Icon Amarnath Business Centre Vishwanath North View Sun Time Square

Retail + Commercial

Ellisbridge

2 to 9

Utpal Block 554

Retail + Commercial

Ellisbridge

3 to 7

Venus Stratum

Completed Under construction Under construction

Retail + Commercial

Nehrunagar

3 to 16

Completed

Retail + Commercial

Navarangpura

3 to 7

Completed

Retail + Commercial

Ambawadi

4 To 12

11 12 13 14 15 16 17 18 19 20

24 25

Amarnath Business Centre 2 Sun Avenue One

Under construction Under construction

Table 23: Legend - Buildings in Micro market - Part C (Source: Project official websites)

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Analysis of Western-central micro-market of Ahmedabad

8.2.3.5. Part D - Mapping Part D of the micro market includes the areas – Prahladnagar, Ramdevnagar, Jodhpur and Nehrunagar, as the major areas.

Figure 29: Key plan of micro market (Source: SAS Planet)

SR. NO. 1 2 3 4 5 6 7 8

10 11 12 13

NAME OF THE BUILDING Pinnacle Business Park Mondeal Square Goyal Palladium Shapath V Infinity Towers Safal Pegasus Solitaire Westgate - Block B Venus Atlantis Corporate Park 31 Five Savvy Shapath 4 Shivalik Abaise Mondeal Heights

Ratnanjali square

Sun Gravitas

16 17

Iscon Elegance Athens

Shilp Zaveri

Figure 30: Micro market - Part D (Source – SAS planet, http://magicbricks.com/, https://www.99acres.com/)

STATUS

TYPE

WARD

FLOOR

Completed Completed Completed Completed Completed Completed Completed Completed

Retail+Commercial Retail+Commercial Retail+Commercial Retail+Commercial Retail+Commercial Retail+Commercial Retail+Commercial Retail+Commercial

Prahladnagar Prahladnagar Prahladnagar Prahladnagar Prahladnagar Prahladnagar Prahladnagar Makarba

1 To 13 3 To 11 GF To 13 4 To 19 2 To 12 2 To 9 3 To 11 2 To 22

Completed

Retail+Commercial

Prahladnagar

3 To 11

Completed Completed Completed Completed Under construction Under construction Completed Planned Under construction

Retail+Commercial Retail+Commercial Retail+Commercial Retail+Commercial

Prahladnagar Prahladnagar Prahladnagar Ramdevnagar

2 To 13 2 To 9 1 To 12 1 To 17

Retail+Commercial

Jodhpur

3 To 10

Retail+Commercial

Jodhpur

3 To 13

Retail+Commercial Retail+Commercial

Prahladnagar Ambawadi

GF To 9 4 To 13

Retail+Commercial

Nehrunagar

4 To 13

Table 24: Key plan of micro market (Source: Project official websites)

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Analysis of Western-central micro-market of Ahmedabad

OBSERVATIONS • • •

From the projects mapped, it can be seen that there are many completed projects (recently) in Prahladnagar. As these projects have proximity to SG Highway they are part of the SG Highway commercial hub. Jodhpur and Nehrunagar areas have upcoming commercial projects.

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Analysis of Western-central micro-market of Ahmedabad

8.2.3.6. Detailed study of commercial buildings in the micro market Some of the key commercial projected in the micro market are listed below. With the help of primary and secondary data, the rental and sale rates; vacancy and occupancy rate; built up area of the office spaces; type for these spaces; location of their sub market and number of commercial units etc. have been detailed out. The data was documented for the period October – November 2020, from property portals and contacting real estate agents from the micro market. Name of the building Iscon Elegance

Type

SUPER B.U.A. of building

SUPER B.U.A. of Office

Commercial & Retail

384490

344405

Shapath V

Commercial & Retail

539900

475330

Mondeal Square

Commercial & Retail

129,960

73,550

31 FIVE

Commercial & Retail

109150

87620

WestgateBlock B

Commercial & Retail

252900

210650

Ratnaakar Commercial Nine & Retail Square

463357

298507

Commercial

300000

Binori Commercial Bsquare 2 & Retail

150700

118360

Sr. No. 1

7 8

The First

Rental Rate

Type

Sale Rate

35 - 54 59 - 86 41 - 52 55-65 30 - 45 51 - 57 29 - 36 42 - 51

Bare shell Warm shell Bare shell Warm shell Bare shell Warm shell Bare shell Warm shell

6600 - 7200 7600 - 7700 7100 - 8200 6500 - 7550 7500 - 8450 6200 - 7250 8000 - 8550

32 - 42

Bare shell

6850 - 8050

53 - 67

Warm shell

9600 - 9900

43 - 54

Bare shell

6200 - 7400

58 - 79

Warm shell

8450 - 8650

32 - 41

Bare shell

54 - 60

Warm shell

32-38 55 - 66 34 - 42 54 - 66

Bare shell Warm shell Bare shell Warm shell

7200 - 8000 10500 11000 6400 - 6500 6150 - 7000 -

41 - 60

Bare shell

59 - 79

Warm shell

33 - 37

Bare shell

55 - 62

Warm shell

Arista at Eight

Commercial

56500

Privilon

Commercial

444880

Phoenix

Commercial & Retail

92360

78150

Addor Aspire

Commercial & Retail

255250

213120

31 - 40 43 - 56

Bare shell Warm shell

6500 - 7500 11000 11500 7200 - 7800 10000 10900 6800 - 7800 -

Venus Stratum

Commercial & Retail

456400

268700

Bare shell

6300 - 6500

Table 25: Details of commercial projects from the micro market (Source: Project official websites, http://magicbricks.com/, https://www.99acres.com/ )

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Analysis of Western-central micro-market of Ahmedabad

Sr. No.

Name of the building

Commercial Units

Location

Floor

1 2 3

Iscon Elegance Shapath v Mondeal Square

95 144 119

Prahladnagar Prahladnagar Prahladnagar

GF To 9 4 To 19 3 To 11

4 5 6 7 8 9 10 11 12 13

31 FIVE Westgate- Block B Ratnaakar Nine Square The first Binori Bsquare 2 Arista at Eight Privilon Phoenix Addor Aspire Venus Stratum

152 204 342 384 121 40 240 110 121 294

Prahladnagar Makarba Vastrapur Vastrapur Bodakdev Bodakdev Bodakdev Navarangpura Ambawadi Nehrunagar

4 To 13 2 To 22 3 To 13 GF To 13 3 To 13 GF To 4 GF To 23 3 To 14 2 To 13 3 To 16

Table 26: Details of commercial projects from the micro market (Source: Project official websites)

8.2.3.6.1. Observations From the above tables, some of the important observations can be made -

Rental rates • • • • •

Prahladnagar shows a significant rental variation for both bare shell and warm shell spaces. In this area, the warm shell rental is in the approx. range 45 – 86 Rs./ Sq. ft. while the bare shell rental is in the approx. range 29 –54 Rs./ Sq. ft. Westgate – Block B in Makarba follows similar average rental rates. In Vastrapur, the warm shell rental is in the approx. range 54 –79 Rs./ Sq. ft. while the bare shell rental is in the approx. range 32 –54 Rs./ Sq. ft while in Bodakdev it is approx. 55 –79 Rs./ Sq. ft. and approx. 32 – 60 Rs./ Sq. ft. respectively. The eastern part of the micro market that is Navarangpura has the warm shell rental approx. 55 –62 Rs./ Sq. ft. while the bare shell rental is in the approx. range 33 – 37 Rs./ Sq. ft. In Ambawadi, it is approx. 43 – 56Rs./ Sq. ft. and approx. 31 –40 Rs./ Sq. ft. respectively. It can be deduced that the rental rates for buildings in eastern and western sub market is more when compared to the central sub market. This can be attributed to be SG highway and CBD.

Graph 7: Rental rate comparison of the selected buildings (Source: http://magicbricks.com/, https://www.99acres.com/ )

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Analysis of Western-central micro-market of Ahmedabad

Rental rates •

The micro market has the bare shell sales rate in the approx. range of 6200 – 7800Rs./

•

Sq. ft. with the maximum sales rate in Prahladnagar. The warm shell sales rate on the contrary shows a greater variation and approximately ranges from 7650 – 11500 Rs./ Sq. ft.

Graph 8: Sales rate comparison of the selected buildings_ (Source: http://magicbricks.com/, https://www.99acres.com/ )

Vacancy and Occupancy rate

•

The average vacancy rate and occupancy rate of the selected buildings intuitively is 30.5% and 69.5% respectively. The reason for this will depend upon the amenities of the buildings, its connectivity, appeal to the public etc. The eastern part of the micro market has the most occupancy when compared to western part. VACANCY AND OCCUPANCY

Rate

•

100 90 80 70 60 50 40 30 20 10 0

Ocuupancy

Vacancy

Graph 9: Occupancy and Vacancy rate of the selected buildings (Source: http://magicbricks.com/, https://www.99acres.com/ )

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Analysis of Western-central micro-market of Ahmedabad

8.2.3.7. Case Studies of Commercial spaces. Case studies of four commercial buildings from the micro market are done to understand the attributes of the commercial asset class in an explicit manner.

8.2.3.7.1. Case study 1 Sr.No. 1 2

Particulars Name of the Project Type of Building

Project Details Privilon Commercial

Location

Ambli BRT Road, Iscon Crossroads, Bodakdev, Ahmedabad

4 5 6 7 8 9

Micro Market Year Built Name of the Developer Total Area (Sq. ft.) Typical Floor Area (Sq. ft.) Floor Description

Ahmedabad City - Others SBD 2018 Privilon Leasing and Infra LLP 241,500 10,500 3B+G+23 (24 Storey)

Major occupiers

Mobiquity IT Solutions, CERA Office, Opulence Office, E & Y, N K Proteins, Bank Novo India

Rent Rate (INR/ Sq. ft./ Month)

Sale Rate (INR/ Sq. ft.)

13 14 15 16

Absorption rate = 57.5% No of office units Office Floor Location Current status

Available amenities

Bare Shell = 41 - 60 Warm shell = 59 - 79 Bare Shell = 6500 Warm shell = 11000 7500 11500 Vacancy = 42.5 % 240 Ground Floor - 23rd Floor For Lease & Sale Centrally air-conditioned offices through VRV Power backup Valet parking along with tenant / owner and visitors parking Fully equipped conference room Separate service elevators and High-speed multiple elevators

Available Facilities

Concierge services, Sunken courtyard, Outdoor dining, Lawn

Physical Connectivity

Bus Stand - 0.1 KM, Ahmedabad Domestic and International Airport - 18.6 KM

Table 27: Case study of Privilon (Source: http://magicbricks.com/, https://www.99acres.com/, http://zaverirealty.com/project/privilon/ )

(Image source: http://zaverirealty.com/project/privilon/ )

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Analysis of Western-central micro-market of Ahmedabad

8.2.3.7.2. Case study 2 Sr. No. 1 2

Particulars Name of the Project Type of Building

Location

4 5 6 7 8 9

Micro Market Year Built Name of the Developer Total Area (Sq. ft.) Typical Floor Area (Sq. ft.) Floor Description

Major occupiers

Rent Rate (INR/ Sq. ft./ Month)

Sale Rate (INR/ Sq. ft.)

13 14 15 16 17

Absorption rate = 82.03% No of office units Corporate House Location Office Floor Location Current status

Available amenities

Available Facilities

Physical Connectivity

Awards

Project Details The First Commercial Nyay Marg, I I M, Satellite, Ahmedabad, Gujarat 380015 Ahmedabad City - Vastrapur 2019 Synthesis Corporation 300,000 25,000 3B+G+11 (12 Storey) Lendingkart, Scintel technologies, Teleysia Networks, One Technologies Bare Shell = 32 - 41 Warm shell = 54 - 60 Bare Shell = 7200 Warm shell = 10500 8000 11000 Vacancy = 17.97% 384 Ground Floor - 2nd Floor 3rd Floor - 11th Floor For Lease & Sale CCTV Camera, Security Alarm Power backup Inhouse tenant / owner and visitors parking Fully equipped conference room Separate service elevators, High-speed multiple elevators Gymnasium, Cafeteria,24 hours water supply. Bus Stand - 0.7 KM, Ahmedabad Domestic and International Airport - 15 KM Crisil Real Estate Star Gradings

Table 28: Case study of ‘The First‘ (Source: http://magicbricks.com/, https://www.99acres.com/, https://www.synthesisrealty.in/)

(Image source: https://www.synthesisrealty.in/)

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Analysis of Western-central micro-market of Ahmedabad

8.2.3.7.3. Case study 3 Sr.No. 1 2

Particulars Name of the Project Type of Building

Location

4 5 6 7 8 9

Micro Market Year Built Name of the Developer Total Area (Sq. ft.) Typical Floor Area (Sq. ft.) Floor Description

Major occupiers

Rent Rate (INR/ Sq. ft./ Month)

Sale Rate (INR/ Sq. ft.)

13 14 15 16

Absorption rate = 83.36% No of office units Office Floor Location Current status

Available amenities

Available Facilities

Physical Connectivity

Speciality

Project Details Phoenix Commercial + Retail Vijay Cross Roads to Commerce Six Roads, Navrangpura, Ahmedabad, Gujarat 380009 Ahmedabad City - Navarangpura 2018 D and C Developers and Arazo Group 92,360 7,105 2B+G+14 (15 Storey ) Uncubate CoWorking Space, Maximus Infinity, Archer Art Gallery, zoetry wellness. Bare Shell = 33 - 37 Warm shell = 55 - 62 Warm shell = 10000 Bare Shell = 7200 - 7800 10900 Vacancy = 13.64% 110 3rd Floor - 14th Floor For Lease & Sale 24 X 7 Water and Electric supply Power backup for common utilities Mechanical parking - Tenant / owner and visitors parking High speed multiple elevators Dedicated WiFi zones CCTV Camera, Security Alarm Personal toilet for each office Business center, Roof Top Café & Recreational area, Business Library Bus Stand - 0.1 4KM, Ahmedabad Domestic and International Airport - 11.4 KM Sun controlled façade with sliding folding shutters.

Table 29: Case study of Phoenix (Source: http://magicbricks.com/, https://www.99acres.com/, https://www.dandc.in/phoenix.html) (Image source: https://www.dandc.in/phoenix.html)

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Analysis of Western-central micro-market of Ahmedabad

8.2.3.7.4. Case study 4 Sr.No.

Particulars

Project Details

1 2

Name of the Project Type of Building

Location

4 5 6 7 8 9

Micro Market Year Built Name of the Developer Total Area (Sq. ft.) Typical Floor Area (Sq. ft.) Floor Description

Major occupiers

Rent Rate (INR/ Sq. ft./ Month)

Sale Rate (INR/ Sq. ft.)

13 14 15 16

Absorption rate = 47.55% No of office units Office Floor Location Current status

Available amenities

Available Facilities

Physical Connectivity

Speciality

West Gate - Block B Commercial + Retail 4, 100 Feet Rd, Makarba, Ahmedabad, Gujarat 380015 Ahmedabad City - Others SBD 2019 True Value Nirman Pvt. Ltd. 252,900 210,650 2B+G+22 (23 Storey) Byju’s, TATA Teleservices Limited, Tecvivid, Datainox, Global Gene Corp pvt. Ltd, BudgetOK Internet Pvt. Ltd. Bare Shell = 32 - 42 Warm shell = 53 - 67 Bare Shell = 6850 Warm shell = 9600 8050 9900 Vacancy = 52.45 % 204 2nd Floor - 22nd Floor For Lease & Sale BMS system (automation). Power backup mechanical & valet car parking - Tenant / owner and visitors parking Fully equipped conference room Intercom facility, Broadband, Landline connection in each office. CCTV Camera, Security Alarm Fire Sprinkler system IBS system for seamless mobile connectivity Separate service elevators, High speed multiple elevators Conference room, hi – end gymnasium with steam & sauna, cafeteria. Bus Stand - 0.1 KM, Ahmedabad Domestic and International Airport - 19.6 KM 100% VASTU compliant building.

Table 30: Case study of West Gate - Block B (Source: http://magicbricks.com/, https://www.99acres.com/, https://www.truevaluenirman.com/projects/west-gate-b-block/)

(Image source: https://www.truevaluenirman.com/projects/west-gate-b-block/)

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Analysis of Western-central micro-market of Ahmedabad

8.2.4. Survey form observations A google survey form was floated to understand the views of the residents of Ahmedabad. An attempt was made to know the commercial market views of the public and the buyers choice while selecting a commercial property. The survey form was filled by 29 respondents (23-26th November 2020) The questions asked in the survey and the received responses are given below – Q1. How old are you?

Q2. Where do you stay in Ahmedabad? 6 5 number of Residents

3.5 17.2

79.3

5 4

4 3 3 2

2 1 1 0

18 - 20

21 - 25

26 - 35 36 and above Graph 11: Pie chart showing Age group of respondents

Location

Graph 10: Location of residences of the respondents

Q3. What is the average distance you travel?

Q4. What is your opinion about Coworking spaces? (a workplace where we share the same work environment) Will you prefer that?

24 38

> 1KM

> 2.5 KM

> 5 KM

> 10 KM

> 15 KM

> 20 KM

> 7.5 KM

Graph 13: Average distance travelled by the respondents to their offices

YES

Graph 12: Views of the respondents on Co – working office spaces.

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Analysis of Western-central micro-market of Ahmedabad

Q5) Which mode of transport do you use to commute to your office?

Q6) Which are the basic Amenities you will look at while purchasing an office space?

Landscaped area/ recreational area

Cafeteria

48 12

Amenities

Gymnasium

Intercom facility, Broadband, Landline connection in each…

Fully equipped conference room

Mechanical or valet car parking Tenant / owner and visitors…

Power backup Ahmedabad BRTS Auto / Rickshaw Personal vehicle Ola / Uber etc.

Graph 15: Mode of transport used by the respondents

BMS system (automation)

15 0

10 15 20 25 Number Graph 14: Attributes of office spaces taken into consideration while purchasing it.

OBSERVATIONS The Western - Central micro-market has some major posh areas like Ambawadi, Bodakdev, Prahalad Nagar, Satellite area with stronger grit of infrastructure core and transit connectivity advantages with befitting linkage of highway roads and regional roads. The area encompasses majorly middle- and high-income groups, thus preference of localities reaching their offices is from their own vehicle with average distance from their home to office ranging from 5-7.5kms which lime lights the resilient linkage to their office premises. Also, the average age of the micro-market as reflected is 25 years because of no. of educational institutes like IIM Ahmedabad, CEPT etc, which makes it as educational hub. The demand for co-working spaces is increasing in the micro-market which implies that companies are seeking to flexibility which will soften the blow in long term benefits. Also, the survey shows that people prefer travelling by personal vehicles but at the same time people travelling by BRTS is considerably large. A better-quality public transportation in the form of Metro can guide their decision in near future after it is operational. People have started preferring offices which are modernized and equipped with digital services along with recreational areas. The public choice of commercial spaces and their attributes will define the future supply of commercial market in near future.

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Analysis of Western-central micro-market of Ahmedabad

8.2.5. Demand and Supply analysis 8.2.5.1. Demand The demand for the commercial asset class can be derived from the working population of the city and the Western central micro market of Ahmedabad. So, from the work participation data calculated in the Demographics section, the work participation, i.e., working population can be calculated. This would eventually give us the absorption of commercial spaces. Thus, by projecting the population for the year 2019 by Compounded Annual Growth Rate (CAGR) method, Final population 1÷t

CAGR = [(Initial Population) 263798 1÷10

= [(172529)

]−1

CAGR = 0.04337= 4.33% Projected population of 2019 P = Base Population × (1 + CAGR)n = 263798 (1 + 0.04337)8 = 370,510 No. As per (Knight Frank, 2016) , by thumb rule, office space per employee globally is 100 sq ft. For 2019, office space absorption = Working population (2019) x Office space per employee = 370510 x 100 = 37051000 sq. ft So, the total demand for 2019 = 37051000 sq. ft. Similarly, working population and absorption rate from 2020 - 2030 can be calculated as shown in the table below -

YEAR 2001 2011 2019P 2020P 2021P 2022P 2023P 2024P 2025P 2026P 2027P 2028P 2029P 2030P

POPULATION (Nos) 500,083 732,772 994,742 1,033,482 1,073,731 1,115,548 1,158,993 1,204,131 1,251,026 1,299,748 1,350,367 1,402,957 1,457,596 1,514,362

WORKING POPULATION (Nos) 172529 263798 370,510 386,581 403,350 420,846 439,100 458,147 478,020 498,754 520,389 542,961 566,513 591,086

OFFICE AREA DEMAND (Sq. Ft) 37051000 38658113 40335000 42084600 43910028 45814700 47801965 49875443 52038920 54296121 56651300 59108622

Y-O-Y DEMAND(P) (Sq. Ft) 1607113 1676887 1749600 1825428 1904672 1987265 2073478 2163477 2257201 2355179 2457322

Table 31: Area of absorption for micro market (From 2001 – 2030). (Source: https://censusindia.gov.in/)

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Analysis of Western-central micro-market of Ahmedabad

As per (Cushman and Wakefield, 2019), there is an upcoming supply of 8.19mnsf till 2022 in the city. DEMAND ESTIMATION - 2019

DEMAND ESTIMATION - 2022

Population

9,94,742

Population

11,15,548

Working population

3,70,510

Working population

4,20,846

Per Capita Office Space(Sq. ft.)

100

Per Capita Office Space (Sq. ft.)

100

Total Demand (Sq. ft.)

3,70,51,000

Total Demand (Sq. ft.)

4,20,84,600

8.2.5.2. Supply There is an oversupply of office spaces in the city of Ahmedabad as studied earlier in the introductory section. As per (Cushman and Wakefield, 2019) the vacancy rate was 43.9% in Q4 2019. The adjacent table shows areas of the major 13 commercial properties in the city. Along with that the areas of other office spaces is also listed in the table from its supply in the city. This data was taken from IPC Reports of the city.

Sr. Super B.U.A. of Name of the building No. Offices (Sq. ft) 1 Iscon Elegance 3,44,405 2 Shapath v 4,75,330 3 Mondeal Square 73,550 4 31 FIVE 87,620 5 Westgate- Block B 2,10,650 6 Ratnaakar Nine Square 2,98,507 7 The first 3,00,000 8 Binori Bsquare 2 1,18,360 9 Arista at Eight 56,500 10 Privilon 4,44,880 11 Phoenix 78,150 12 Addor Aspire 2,13,120 13 Venus Stratum 2,68,700 14 Other offices* 6,30,74,790 TOTAL 6,60,44,562

Supply of commercial properties in Ahmedabad (Area) (Source: Commercial properties websites, http://magicbricks.com, https://www.99acres.com, Cushman and Wakefield, 2020)

8.2.5.3. Conclusion The adjacent table shows the Year Demand Supply Demand – supply demand-supply gap for commercial (Sq. ft) (Sq. ft) gap (Sq. ft) asset class. ( ‘-’ sign indicates that demand is 3,70,51,000 6,60,44,562 - 2,89,93,563 2019 less than supply for commercial 2022 4,20,84,600 7,42,34,562 - 3,21,49,962 properties) • There is a huge gap between demand and supply in the micro market in 2019 where inventory is lying vacant due to oversupply. • As per (Cushman and Wakefield, 2019) there is an upcoming supply of 8.19msf by 2022 in the city. • So, it is expected that the supply will continue to overpower demand in the coming quarters. • Thus, commercial asset class is not a feasible option for the micro market at the present scenario. 96 | Page

Analysis of Western-central micro-market of Ahmedabad

8.2.6. Conclusion •

Ahmedabad’s office market is quite new when compared to the other major seven cities in India like Pune, Mumbai, Hyderabad, Delhi NCR etc. The availability of physical and digital infrastructure, many developers have started coming up with commercial complexes to cater the need of local business.

•

There has been a continuous supply of office spaces, of all scales, and the number of Grade A offices is increasing in the micro market.

•

As seen in the case studies, these offices are equipped with all modern amenities and services like BMS system (automation), CCTV Camera, Security Alarms, fully equipped conference room, intercom facility, broadband, landline connection in each office, power backup, mechanical & valet car parking, fire sprinkler system etc.

•

Thus the upcoming Grade - A offices in the micro market and city are at par with Grade - A offices in other major Indian cities.

•

The average sales rate of bare shell and warm shell offices in the micro market is 6800 Rs./ Sq. ft. and 9200 Rs./ Sq. ft. which are still less when compared to the other seven giant cities which have similar infrastructure facilities for growth and development.

•

The general city trend of significant vacancy is quite evident in the micro – market which has put pressure on the rents and led to stagnancy with average bare shell rental as 40 Rs./ Sq. ft. and warm shell rental as 59.5 Rs./ Sq. ft. The bare shell prices are similar across the submarkets in the micro market.

•

The supply of commercial spaces will increase approx. 8.19msf by 2022 in the city as per (Cushman and Wakefield, 2019). So looking at the present supply and demand gap which shows that the supply is approx. 40.5% more, as per (Cushman and Wakefield, 2020) it can be concluded that there is hardly any need to propose new commercial spaces due to surplus inventory lying vacant.

•

So commercial asset class is not a feasible option for the micro market at the present scenario. The excess supply has given choice to the buyers and tenants.

•

The Proposed CBD has F.S.I. of 5.4 which would define the skyline of the city and have future growth concentration.

•

The building in the CBD and SG Highway area are getting taller (G+ 23 storey) with increased F.S.I.

•

The commercial growth drivers as discussed earlier like BRTS, SG Highway, 132 feet Ring road etc. and proposed MRTS corridors, Metro etc. will continue to add value to the commercial spaces and development.

•

Factors like businessmen’s choice of commercial spaces, the distance the employee’s want to travel, connectivity to physical infrastructure should be taken into consideration while supplying the new inventory (8.19msf). Innovations in design and approach, provision of hiend services, supplementary/ recreational amenities to the office owners, can be some of the approaches to attract the attention of the masses.

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Analysis of Western-central micro-market of Ahmedabad

8.3.Retail Development And Its Trends 8.3.1.Indian Retail Market Overview

According to India Brand Equity Foundation Retail Report 2019. ▪

“Rising income and demand for quality products to boost consumer expenditure.

▪

Total consumption expenditure is expected to reach nearly US$ 3,600 billion by 2020 from US$ 1,824 billion in 2017.

▪

Retail market in India is projected to grow from an estimated US$ 672 billion in 2017 to US$ 1,200 billion in 2021F”.

Figure 32 Consumer Expenditure & Retail Market in India (Source: India Brand Equity Foundation Retail Report 2019)

According to India Brand Equity Foundation Retail Report 2019, ▪

“The total market size of Indian retail industry stood at US$950billion in2018 and is forecast to reach US$1,200 billion by 2021 and US$1,750 billion by 2026.

▪

India will become a favorable market for fashion retailers on the back of a large young adult consumer base, increasing disposable income and relaxed FDI norms”. Figure 31 Consumer Expenditure in India & market Size (Source : India Brand Equity Foundation Retail Report 2019)

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Analysis of Western-central micro-market of Ahmedabad

8.3.2. Category Wise Split Of The Retail Market 0.5 2

According to Indian Brand Equity Foundation, ▪

“Apparel brand were the dominant in the retailer category in space take up followed by IT, Jewellery & accessories and Health & Environment”.

APPAREL & FOOTWEAR

2.7 9.8

CONSUMER DURABLES & IT JEWELERY & ACCESSORIES

3.7

HEALTH & ENTERTAINMENT HOME DÉCOR & FURNISHING BEAUTY & PERSONAL CARE 7.1

OTHERS 9.2

Figure 35 Category wise split of the retail (Source: Indian Brand Equity Foundation)

According to Indian Brand Equity Foundation, “The next generation format that has high growth potential is the online retail market. Online retail market is estimated to reach US$ 60 billion by 2020. The online retail market sales are forecasted to grow at the rate of 31 per cent year-onyear to reach US$ 73 billion in 2022”.

▪

▪ Figure 34 Source: Indian Brand Equity Foundation

According to Indian Brand Equity Foundation, ▪

▪

“Indian E-Commerce market is estimated to reach US$ 100 billion by 2020. India's ecommerce industry's sales rose 40 per cent year-onyear to reach US$ 200 in 2026.

Figure 33 Source: Indian Brand Equity Foundation

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Analysis of Western-central micro-market of Ahmedabad

8.3.3. Retail Development And Its Trend In Micromarket The central western micro market has a combination of all form of brand and product categories as the malls and high street make sure to maintain their level to attract the highest footfall. Increase in population, educational hub, high income residential zone are the key reasons for the growth of the retail sector because of which there has been increase in the number of people visiting in the malls and the high street. The area is also surrounded by the commercial properties which is also one of the factors for improving and increasing the quality of the retail sector in the micro market.

Figure 36 Retail sector in Micro-Market (Source: SAS Planet)

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Analysis of Western-central micro-market of Ahmedabad

8.3.4. Drivers For Retail Sector In Micromarket The chosen western-central micro-market has mammoth floating population and foreseeable tourist spot because of S.P stadium located within the boundary, which leads to capacious crowd expectancy in the malls around the micro-market as highlighted in the plan. Moreover, as mentioned in the earlier sections of the report the average age of the micro-market is 27.5 years and as highlighted the premises vigilantes educational hub with reputed institutes such as IIM Ahmedabad, Sharda University, CEPT University etc. and possess more than 175 schools as per Census 2011. Also, clustered high-income mass are located around posh areas such as Ashram road, CG road, Satellite road, Vastrapur road and Pralhad nagar which are extensive and chief reasons for developing retail malls and complexes so as to succor high demand areas, which eventually are responsible factors for the growth and demand of retail class in the micro-market.

Figure 37 Growth Driver for Retail Sector (Base Map Source: AMC Development Plan 2021)

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Analysis of Western-central micro-market of Ahmedabad

8.3.5.Growth Drivers

RESIDENTIAL MARKET

EDUCATIONAL HUB

SARDAR VALLABHB HAI PATEL STADIUM

•Common residential types -Apartments. •Apartments at Bodakdev Vastrapur,Pralhadnagar,Satellite area,Ambawadi,Navrangpura. • Mid Residential prices ranges from •High End Residential prices ranges from

•8 major universites like Gujarat university , ICFAI university,Nav Chetan university,Cept,Etc. •Including around 175 - Primary,Secondary schools and Colleges. •Average age of the Micro-Market is 27.5 years.

•Sardar Vallabhbhai Patel stadium Located within the micromarket. •It comprises mainly of floating crowd. •Demand usually arises in case of any events or matches in the stadium. •Capacity of the stadium is around 50,000.

8.3.6. Main Attractions

Figure 41 Sardar Vallabhbhai Patel Stadium (Source: Google photos)

Figure 38 IIM Ahmedabad (Source: Google Photos)

Figure 40 Residential Complex (Source: Google Photos)

Figure 39 Residential Building (Source: Google Photos)

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Analysis of Western-central micro-market of Ahmedabad

8.3.7. Retail Sector In Micromarket The micro-market has a significantly developed in the retail mix from organized retail format to malls.

08 04

05 07

LEGEND:

Figure 42 Retail sector in Micro-Market (Source: SAS Planet)

8.3.8 .Retail Format In The Micromarket

MALLS

HIGH STREETS

•Ahmedabad One Mall •Iscon Mega mall •Ahmedabad Central •Cg Square Mall •Gulmohar Park Mall •CG Road •Ashram Road •Satellite Road •Vastrapur Road •Pralhadnagar •Emerging as Premium retail retailer.

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Analysis of Western-central micro-market of Ahmedabad

8.3.9.Malls In Central Western Ahmedabad NO.

MALL NAME

ADDRESS

AREA (IN SQ.FT.)

STATUS

AHMEDABAD ONE MALL

VASTRAPUR

7,20,000

COMPLETED-2011

2. 3.

AHMEDABAD CENTRAL ISCON MEGA MALL

AMBAWADI BODAKDEV

1,30,000 4,50,000

COMPLETED-2009 COMPLETED-2012

CG SQUARE MALL

GULBAI TEKRA

1,14,500

COMPLETED-2014

GULMOHAR PARK MALL

SATELLITE ROAD

2,19,000

COMPLETED-2008

GRAND MALL

AMBAWADI

35,800

COMPLETED-2003

GALAXY MALL

AMBAWADI

1,22,500

COMPLETED-2009

SHAILS MALL

NAVRANGPURA

39,000

COMPLETED-2011

PHOENIX MALL

SG HIGHWAY

9,00,000

ONGOING -2022

Table 32 Malls in Micro-Market

AVERAGE MALL RENTAL RATE PER SQ.FT. PER MONTH AVERAGE MALL RENTAL RATE( INR /SFT/MONTH) 250

215

200 150

130

100

135

130 115

105 70

135

115

2015

2016

115

2017

2018

2019

50 0

0 2014

AHMEDABAD ONE

GULMOHAR

CG SQUARE

Figure 43 Average mall rental rate per sq. ft/month (Source: Ciril Report)

MALL SUPPLY AND VACANCY RATE: According to (Cushman and Wakefield, 2019), rents in shopping mall were balanced during 2019 ,except for Ahmedabad One Mall in Vastrapur where the rent was elevated due to the increasing occupancy and footfall. As retailers were seen leaving average malls and choosing mixed use property on major locations the mall vacancy increased because main street delivered better footfall. Figure 44 Mall Supply and Vacancy Rate (Source: Cushman & Wakefield 2019)

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Analysis of Western-central micro-market of Ahmedabad

8.3.10.

High Street In Central Western Ahmedabad:

NO.

HIGH STREET

RATE /SQ.FT./MONTH

Y-O-Y IN %

CG ROAD

150

3.23%

2 3

SATELLITE ASHRAM ROAD

135 110

0% 0%

PRALHADNAGAR

125

1.35%

VASTRAPUR ROAD

125

6.06%

Table 33 Average High Street Rental Rates per Sq.ft./month (Source : Ciril Report 2019)

Average High Street Rental Rates Per Sq.Ft./ Month AVERAGE HIGH STREET RENTAL RATES (INR/SFT/MONTH) 160

150 140

145

140

150

145

135 125125

140 120

110

100

110

95 95 95

2015

2016

115 110 105 100

110

80 80 80 80

80 60 40 20 0 2014 CG ROAD

ASHRAM ROAD

SATELLITE

2017 PRALHADNAGAR

2018

2019

VASTRAPUR

Figure 45 Average High Street Rental Rates per sq. ft./month (Source: Ciril Report)

▪

According to (Cushman and Wakefield, 2019), High street emerged as the chosen location and the retailers moved from mall space to high streets because of the increased footfall . ▪ Important retail spaces in the form of mixed used retail were added in the areas of Vastrapur, Pralhadnagar, Satellite as a result higher leasing activity were witnessed in this area which results in increase in demand in this area. KEY POINTS: ▪ ▪ ▪ ▪

Total operational mall space = 18,69,500 Sq. ft. Average rental of mall = 130 -150 per sq. ft. per month. (Ciril 2020) Prevalent Retail segment = Apparel brands, F&B retailers & Health and Fitness (Ciril 2020) 28.9 % is the vacancy rate in mall retails in the Western Central Market. (Cushman & Wakefield, 2019) ▪ Office retail Convergence = Office spaces developed with retail like Iscon Elegance ,Arista at Eight, Westgate, 31 Five, Addor Aspire , Binori Bsquare2,etc. ▪ Household income potential – MIG – Rs 12,56,160 to Rs 18,93,900 HIG – Rs 19,32,540 to Rs 24,15,690 105 | Page

Analysis of Western-central micro-market of Ahmedabad

8.3.11.

Key Leasing Transcations In The Micromarket :

BUILDING NAME DEV ARC RAJYASH RISE BLOCK B RAJYASH RISE WESTGATE BUSINESS BAY MULTIPLE OUTLETS AHMEDABAD ONE MALL AHMEDABAD ONE MALL CG SQUARE CG SQUARE YASH PINNACLE CAMPUS CORNER DEV AURUM RATNA HIGH RETAIL RETAIL RETAIL RETAIL CG SQUARE SHAPPIRE DEV ATILIER CITY GATE 100 FEET ROAD UNIZA PALLADIUM BUSINESS HUB SHIVALIK SHILP ALPHA ONE MALL

CLIENT

LOCATION

AREA (SQ.FT.)

LEASE / SALE

OSIA

SG ROAD

40000

LEASE

FUN CINEMAS OYO ROOMS

VASNA VASNA

34345 34000

LEASE LEASE

KIA MOTORS RELIANCE SMART

SG HIGHWAY

10000

LEASE

PALDI

12000

LEASE

BIG BAAZAR

VASTRAPUR

25000

LEASE

GO-SPORT MARK N SPENCER H&M RELIANCE MART MI STORE RELIANCE DIGITAL INDUS BANK AURELIA RELIANCE TRENDS BANANA LEAF TACCO BELL DECATHLON AURELIA TEA VILLA CAFÉ ICICI STARBUCKS STARBUCKS

VASTRAPUR

15000

LEASE

CG ROAD CG ROAD

15000 15000

LEASE LEASE

PALDI PRAHLADNAGAR

15000 2500

LEASE LEASE

PRAHLADNAGAR NARANPURA CG ROAD

11000 3000 1800

LEASE LEASE LEASE

CG ROAD AMBAWADI VASTRAPUR CG ROAD CG ROAD

18000 6000 5000 10000 1500

LEASE LEASE LEASE LEASE LEASE

PRAHLADNAGAR VASNA PRAHLADNAGAR SG HIGHWAY

8000 2400 2000 2000

LEASE LEASE LEASE LEASE

NEW CG ROAD SG HIGHWAY

12000 9000

LEASE LEASE

VASTRAPUR

1800

LEASE

PANTALOONS MACDONALD BOMBAY STORE

Table 34 Key leasing transactions (Source :Ciril Report)

The micro-market has mammoth floating population and foreseeable tourist spot because of S.P stadium, educational hub with reputed institutes and possess more than 175 schools as per Census 2011. Also, clustered high-income mass are located around posh areas such as Ashram road, CG road, etc. which leads to capacious crowd expectancy around the micromarket and the average age of the micro-market is 27.5.To increase the retail sector, the developers of the area have increased the retail store by growing the number of departmental stores below the apartments which we call mixed use growth. This has helped the retailers as well as developer in the retail market of Western Central Micro-Market. Above were some of the key transactions in market. 106 | Page

Analysis of Western-central micro-market of Ahmedabad

8.3.12. Ahmedabad One Mall- Case Study Ahmedabad one mall is located at Vastrapur, centre of Western Ahmedabad. Ahmedabad one mall is a mix of different categories of product which includes Shopping, Entertainment, Formal and Informal Dining, Book stores, Supermarket, Movie theatre, and many more entertainment and leisure activities. The mall consists of variety of mix spaces like Game zone, Food court, Stores like Electronics stores, Personal care, Footwear, Sportswear, Watches & Jewellery stores, and many other lifestyle service products. The mall is a mix of Foreign, International, and national brands. Ahmedabad One maall is an entertainment, lifestyle and leisure mall located adjacent to the Vastrapur Lake.

Figure 46 AHMEDABAD ONE MALL (SOURCE: GOOGLE PHOTOS)

It has various International as well as Indian brands which includes Wills Lifestyle, Guess, Puma, Nike, Biba, Timex, Lilliput and lots more . Key anchors like Shoppers Stop, Hyper city, Lifestyle and Cinepolis in order to make Ahmedabad One the ‘one’ destination. Ahmedabad One mall brings a variety of Formal and Informal dining with variety of special dishes and cuisines which also includes one of the most exclusive Gujarati Cuisine. It also Includes various Entertainment and Leisure activities for children’s which includes gaming in Fun city or to watch the latest movies at Cinepolis with 4d special effects. Ahmedabad one mall has a well connectivity from all sides including national highways and the mall consists of Retail, Entertainment, Hotel, Spa, etc. The developed area of the mall is around 12 lacs sq. ft. out of which the retail and entertainment comprises of 720,000 sq. ft. It is an perfect place at Ahmedabad for a ‘single destination gateway’ for the entire city (Malls, 2011).

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Analysis of Western-central micro-market of Ahmedabad

8.3.12.1. Floor Wise Plan LOWER GROUND FLOOR PLAN

Figure 47 Lower Ground floor plan (Source: Nexusmall.com)

LOWER GROUND FLOOR PLAN- Following are the list of retail stores on first floor of the mall. CATEGORIES

NAME OF BRANDS

APPAREL

TOTAL NO. OF BRANDS 4

KIOSK

SIMPLYSIZZL, OMBRE, BASKIN ROBBINS, MAMA MUKHWASWALA RELIANCE FOOTPRINT

FOOTWEAR 1 UPPER GROUND FLOOR PLAN

FBB, PANTALOONS, RELIANCE TRENDS, MAX,

Figure 48Upper Ground Floor Plan (Source: Nexusmall.com)

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Analysis of Western-central micro-market of Ahmedabad

UPPER GROUND FLOOR PLAN- Following are the list of retail stores on upper ground floor of the mall. Table

Category

Amenities

Hotel Radisson Blu

118

wifi, spa, fitness centre

2973/-

13 km

Hotel Novotel

222

Wifi, restaurant

2829/-

18 km

Fitness Center, pool, Spa

4132/-

18 km

wifi

3977/-

Courtyard By Marriott Krios Hotel

13 m 124 | Page

Analysis of Western-central micro-market of Ahmedabad

•

There are 7 Five-star hotels in the micro-market • • • • • • •

Existing 5-Star Hotels in Micro-market: Hyatt Regency, Usmanpura Regneta Central Antaram, Navrangpura Lemon tree hotel, Navrangpura Hotel Novotel, S.G Highway Radisson blu, Ambawadi Courtyard by Marriot, Satellite Hotel starottel

Upcoming Hotels in Micro-Market: • ITC Narmada, Vastrapur • Courtyard by Marriot

Figure 68 Mapping of Exixting and Ongoing hotel projects (Source: Google Map)

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Analysis of Western-central micro-market of Ahmedabad

OCCUPANCY

1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 12-month change Compound growth

RevPAR (Rs)

50.8% 55.8% 53.2% 53.8% 63.2% 68.3% 69.1% 67.9% 73.3% 61.2% 58.2% 54.3% 59.9% 53.7% 52.7% 53.9% 55.6% 61.1% 63.8% 63.9% -3.4%

AVERAGE RATE (Rs) 2,705 2,736 2.354 2,164 2,410 2,787 3,111 3,526 4,351 4,754 4,540 4,285 3,917 3,904 3,734 3,753 3,884 3,897 4,158 4,578 10.1%

RevPAR (US$$)

1,374 1,527 1,252 1,164 1,523 1,904 2,150 2,394 3,189 2,908 2,642 2,372 2,347 2,098 1,967 2,024 2,159 2,379 2,652 2,926 10.3%

AVERAGE RATE (US$$) 62 61 50 45 52 62 70 81 108 104 95 94 82 72 62 61 60 58 65 68 5.6%

0.1%

2.8%

3.9%

0.5%

1.7%

31 34 27 24 33 42 48 55 79 64 55 51 49 39 33 33 33 35 41 44 5.8%

Table 39 Key operating Statistics by Ahmedabad City (Source: Hotelivat)

YEARLY OOCCUPANCY RATE 80%

69.10% 73.30% 63.80% 68.30% 67.90% 70% 63.90% 61.10% 63.20% 61.20% 59.90% 55.60% 55.80% 58.20% 53.80% 53.90% 60% 53.70% 54.30% 53.20% 52.70% 50.80% 50% 40% 30%

20% 10% 0%

Figure 69 Yearly Occupancy Rate

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Analysis of Western-central micro-market of Ahmedabad

Occupancy rate in hotel rooms across Ahmedabad: The average yearly occupancy rate of Ahmedabad was recorded 73.30% in the 2007-08 which is the increase as compare to the previous years. And the lowest of 50.80%

8.4.4 CASE STUDY 8.4.4.1

Case Study 1: Lemon Tree Hotel

Sr. No 1

Particulars Name of the Project

Project Details Lemon Tree Hotel

Location

Navrangpura, Ahmedabad

3 4

Year of operation Micro Market

2008 Ahmedabad City

Industry

Hospitality

6 7 8

No. of Rooms No. of Floors Built up Area (Sq. ft)

99 10 NA

Available Amenities

Fitness Centre Restaurants Free Wi-Fi in all rooms

Transportation Airport Transfer Spa Domestic airport 12 kms (approximately 30 minutes) 10

Physical Connectivity

Rent Rate (INR/Per Night)

2,467/-

Name Of Developer

Patanjali (Patu) Keswani

Railway station 9 kms (approximately 20 minutes)

Table 40 Case Study Of Lemon Tree Hote (Source:https://www.lemontreehotels.com/lemon-tree-hotel/ahmedabad/hotel-ahmedabad)

Figure 70 Lemon Tree Hotel (Source: Google Image)

Figure 71 Lemon Tree Hotel (Source: Google Image)

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Analysis of Western-central micro-market of Ahmedabad

8.4.4.2 Case Study 2: Hyatt Regency Sr. No. 1 2 3 4 5

Particulars Name of the Project Location Year of operation Micro Market Industry

No. of Rooms

Types of Rooms

8 9

No. of Floors Built up Area (Sq. ft)

Available Amenities

Physical Connectivity

12 13

Rent Rate (INR/Per Night) Name of Developer

Project Details Hyatt Regency Usmanpura 2015 Ahmedabad City Hospitality 19 luxurious rooms 210 guest rooms 9 Meeting Rooms Regency Executive Suite Diplomatic Suite Presidential Suite Regency Suite King 11 12,518 Sq. ft. Fitness Centre Restaurant on-site Concierge Free Wi-Fi in all rooms Meeting Facilities Business Services Swimming Pool Spa Sabarmati Riverfront 20 minutes walking distance Airport 6 Km 3255/Hyatt Robert von Dehn Jack Dyer Crouch

Table 41 case study of hyatt regency (Source:https://www.hyatt.com/en-US/hotel/india/hyatt-regency-ahmedabad/amdhr)

Figure 73 Hyatt Regency (Source: Google Image)

Figure 72 Hotel Hyatt Regency (Source: Google Image)

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Analysis of Western-central micro-market of Ahmedabad

8.4.4.3 Case Study 3: Radisson Blu Sr. No. 1 2 3 4 5

Particulars Name of the Project Location Year of operation Micro Market Industry

No. of rooms

Types of Rooms

8 9

No. of Floors Built up Area (Sq. ft)

Available Amenities

Physical Connectivity

12 13

Rent Rate (INR/Per Night) Name of Developer

Project Details Radisson Blu Ambawadi NA Ahmedabad City Hospitality 8 Junior Suites 5 Precedential Suites 27 Business Class rooms 77 Superior rooms Precedential rooms Suite Junior Suite Superior Rooms Business Class room 8 9850 Sq. ft. Fitness centre Restaurant on-site Coffee Shop Free Wi-Fi in all rooms Kids Stay Free Business Centre with Internet Access Outdoor Swimming Pool Spa Distance from city centre 3 km 20 minutes from Airport 3,654/Edna Dickerson

Table 42Case Study Of Radissin Blu (Source:https://www.radissonhotels.com/en-us/hotels/radisson-blu-ahmedabad)

Figure 75 Radisson Blu (Source: Google Image)

Figure 74 Source: Google Image)

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Analysis of Western-central micro-market of Ahmedabad

8.4.4.4 Case Study 4: Hotel Novotel: Sr. No. 1 2 3 4 5 6

Particulars Name of the Project Location Year of operation Micro Market Industry No. of Rooms

Type of Rooms

8 9

No. of Floors Built up Area (Sq. ft)

Available Amenities

11 12 13

Physical Connectivity Rent Rate (INR/Per Night) Name of Developer

Project Details Novotel S. G, Highway NA Ahmedabad City Hospitality 222 Meeting Room Deluxe Room Master Suit Junior Suit Studio Apartment Premier Suite Superior Rooms Premier Room 10 15000 sq. ft. Restaurant Leisure and Sport Airport Shuttle Meeting/ Banquet facilities 15 km from Airport 2,829/Accor group

Table 43 cast study of hotel Novotel (Source: https://all.accor.com/hotel/8173/index.en.shtml)

Figure 76 Hotel Novotel (Source: Google Image)

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Analysis of Western-central micro-market of Ahmedabad

9. Infrastructure development 9.1. Introduction The city of Ahmedabad has witnessed a tremendous infrastructure advancement, postindependence, to provide basic facilities and services to its citizens for a better living. The infrastructure development in the city of Ahmedabad can be broadly classified into the following categories – 1)Physical infrastructure (Transportation projects- BRTS, Metro, highways etc.), 2)Social infrastructure (Educational institutes, Parks, hospitals, museums, sport facilities etc.), 3)Environmental infrastructure (Solid waste management, water supply, drainage etc.) and 4) Digital infrastructure (CCRS, CCTV surveillance, GIS, E-governance etc.).

9.2. Physical Infrastructure Ahmedabad is well connected in the form of different transportation networks intervened across the city. The city is constantly launching new projects to improve its infrastructure. Some of the physical infrastructure projects are shown below in the city map -

Figure 77: Proposed CBD at Ahmedabad (Source: https://www.hcp.co.in/)

Figure 79: Ahmedabad junction (Source: https://indiarailinfo.com/)

Figure 78: Ahmedabad city map showing key infrastructure projects. (Source: SAS Planet)

LEGEND SG highway

Proposed CBD

BRTS

Existing metro line

AMC limit

Proposed metro route

Figure 80: Sardar Patel International Airport (Source: https://www.aai.aero/) Ahmedabad Junction Sardar Patel International Airport

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Analysis of Western-central micro-market of Ahmedabad

Figure 81: SG Highway (Source: Google image)

Figure 83: Sardar Patel Ring Road (Source: Google image)

Figure 82: Ahmedabad BRTS (Source: Janmarg)

The city has one of the best Bus Rapid Transit System (BRTS) called Janmarg which has dedicated operational corridors and is equipped with intelligent transport management system. The Ahmedabad BRTS is operational across all its routes since December 2017 and is recorded to serve a population of 1,50,000 people daily (BRTS, 2020). The 76km long Sardar Patel Ring road encircles the city boundaries. The ring road is currently widened from four lanes to six lanes considering the increased commutation and its execution has started from Feb 2020 (AUDA, 2020). The city of Ahmedabad is connected to the state capital of Gandhinagar by 44.5 km long Sarkhej – Gandhinagar highway. The highway was planned and executed to bypass the traffic from the city of Ahmedabad but due to the low land prices, real estate boom was seen. The highway currently acts as a backbone for major commercial activities in the city with many corporate parks. There are plans to develop the entire stretch of the highway by Ministry of Road Transport and Highways (MORTH, 2020). The east and the west part of the city which is divided due to the Sabarmati river gets connected by eight bridges. The Swami Vivekanand bridge is the oldest (1892) while the Rishi Dadhichi bridge (2011) is the latest. The Nehru bridge is the busiest of them all. The city has total 20 flyover bridges which are planned to be redeveloped from this year along with 15 railways under-bridges.Sardar Vallabhbhai Patel International Airport (with single runway) is the dedicated airport in the city which also serves the city of Gandhinagar. Ahmedabad junction with its 12 platforms and 16 tracks is the biggest railway junction in the state and is in the heart of the city (IndianRailway, 2020). The city also has metro which is a rapid transit system for the cities of Gandhinagar, GIFT city and Ahmedabad. Currently a stretch of 6.5 km is operational between Vastral Gam and Apparel park. Phase 1 (40.03km.) which runs East-West is currently under construction while phase 2 (28.26km) which runs South-North is in the tendering phase (AhmedabadMetro, 2020). The city also witnessed the inauguration of India’s first seaplane services project from Ahmedabad to Kevadiya near Statue of Unity on 31st October 2020. This project will reduce the travel time from 4hrs to just 1hr between the two cities (SoUSS, 2020). The city has an upcoming central business district (CBD) development in the city center on the western bank of the Sabarmati river to make maximum use of its strategic location. An area of 127Ha is planned for this spectacular development focused on less building footprint and more sustainable development with a FSI of 5.4 (AUDA, 2020). AUDA has planned this project which would open up future prospects for many.

Figure 84: Ahmedabad Metro (Source: https://www.gujaratmetrorail.com/) :

Figure 85: Seaplane services project (Source: Google image)

Figure 86: Ellisbridge (Source: Google image)

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Analysis of Western-central micro-market of Ahmedabad

In 2016, the High-speed rail corridor project also referred to as bullet train was proposed by the National High-Speed Rail Corporation Limited from Ahmedabad to Mumbai for a distance of 508.09 km. At a top speed of 350km/hr the journey between the two locations can be covered in 2.07 hrs. Due to numerous problems, the project completion has been postponed to 2028 as of September 2020. This is one of its kind projects to be implemented in India at an estimated expenditure of ₹1.1 lakh crore. One of the world’s largest infrastructure project Delhi Mumbai Industrial Corridor (DMIC) is currently planned from Delhi to Mumbai to provide opportunities for setting up industries and businesses. This project will open up many job prospects for the citizens. The length of this corridor is 1483 km and an investment worth US$90 billion is estimated. This corridor passes through 6 state and Gujarat is one of them with Ahmedabad-Dholera Investment Region identified to be one of the nodes for development. the government of Japan has also made an investment in the project. Dholera Special Investment Region (DISR) - India’s first greenfield industrial city is proposed in the state of Gujarat which has a green area of almost 11%. The project aims to create an ideal city on sustainable features with a blend of business opportunities in the form of presence of industries and residential area well equipped with health care, education, recreation facilities. The construction work of residential and industrial zones for this project has started on a site 2250 ha at an estimated cost of ₹3000 crore. The city will be connected to Ahmedabad by a metro line and expressways. India’s first international financial service center in the form of GIFT city is currenting under progress. The city is not only located at a strategic location between Ahmedabad and Gandhinagar with all world class amenities but also is one of the greenfield developments across the globe. It is a smart city designed on a plot of 866 acre on the bank of the river Sabarmati with features like smart infrastructure, landscape, digitalization, security and surveillance, etc. This city will serve as IT and finance hub which would provide services domestically and internationally.

Figure 89: GIFT city (Source: http://www.giftgujarat.in/)

Figure 91: Dholera Special Investment Region (Source: http://www.dmicdc.com/)

Figure 87: Bullet train route (Source – Times of India)

Figure 88: High Speed rail (Source - https://www.nhsrcl.in/)

Figure 90: DMIC (Source: https://www.nicdc.in/)

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Analysis of Western-central micro-market of Ahmedabad

9.3 Social Infrastructure Ahmedabad municipal corporation has provided many civic facilities to its citizens for recreation, healthcare, education, safety, security, uplifting their standard of living etc.

Figure 92: Jama Masjid (Source: Google image)

Figure 93: CEPT university (Source: https://cept.ac.in/)

Figure 94: Kavi Nanhalal Municipal Pustakalay (Source: Google image)

The historic city of Ahmedabad was declared world heritage site by UNESCO in 2017. The city offers many monuments to its residents to feel proud of. Some of them being Jama masjid, Sidi Saiyyed Mosque, Teen Darwaza, Delhi gate, Bhadra Tower, Dada Harir Stepwell etc. Ahmedabad has a many educational institutes from pre-primary school to universities which attract crowd from all over India. Some of the key institutes being IIM Ahmedabad, CEPT University, Nirma university, etc. AMC has many public libraries and reading rooms which are completely free for students and citizens which presents them with educational books, magazines, and newspapers. Kavi Nanhalal Municipal Pustakalay, Jodhpur Municipal Vanchanala, the professional’s reading library, etc. being a few of them (AMC, 2020). Ahmedabad also has many gardens and parks which are spread all over the city which serve as recreational spaces for the inhabitants. The city also has many lakes which are maintained effectively by AMC. Kankaria lake front is the best example of rejuvenation of urban lakes. The lake soon going to launch adventure sports like balloon ride, high speed train ride etc (KankariaLakefront, 2019). The Sabarmati riverfront offers almost everything like leisure spaces, ferry rides, play areas, walking/ jogging tracks etc. for having a good time with dear ones. It is one of the best examples of riverfront development in the recent times. A stretch of 11km. of the river was developed and its channel was uniformed to a width of 263m (SabarmatiRiver, 2017)

Figure 95: Sabarmati Riverfront (Source: https://sabarmatiriverfront.com/)

Figure 96: Law garden (Source: Google image)

PARTICULARS Primary school

NUMBER 1337

Secondary school

255

Arts/ Science/ Commerce colleges (of degree level and above)

Medical colleges

Engineering colleges Management Institute/ colleges

6 19

Recognised Shorthand, Typewriting and vocational training institutions

Special School for Disabled

Public libraries

204

Reading rooms Municipal parks

28 202

Table 44: Details of social infrastructure

Figure 97: Kankaria lake front (Source: http://www.kankarialakefront.in/)

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Analysis of Western-central micro-market of Ahmedabad

Figure 99: Ahmedabad civil hospital (Source: Google image)

Figure 98: Gujarat high court (Source: https://gujarathighcourt.nic.in/)

Ahmedabad has many healthcare institutes like hospitals, dispensaries, nursing homes, child welfare centers which are equipped with IPD, OPD, ICU, diagnostic services, etc. The largest civil hospital in Asia is located in the city, namely Ahmedabad civil hospital which has all modern amenities (AMC, 2020). The City houses Gujarat high court which is located on Sarkhej – Gandhinagar highway. Along with this there is Sabarmati Central jail which is the key prison in Ahmedabad. Ahmedabad has many sports facilities like Gyms, swimming pools, sport complexes, skating rinks etc. World’s largest cricket stadium is located in the city – Motera stadium. It is located on a site of 63acre site which has a capacity of 110000 and was constructed at a cost of 800 crore, completed in January 2020 (GCA, 2020). The stadium hosted former US president Donald Trump on 24th February 2020 at the Namaste Trump event. The city has many community halls like Lalakaka Community Hall, Inderal Yagnik Community Hall, etc. which facilitates congregation and exchange of ideas amongst the masses; amphitheaters like Vastrapur Amphitheatre, Shreerangam Amphitheatre, etc. for outdoor functions and shows; auditoriums like Kushabhau Thakre Auditorium, Tagore hall etc. for stage shows performances, plays/skits (AMC, 2020). There are 27 museums in the city which have a large collection of artifacts, scientific / zoological specimens (AMC, 2020). Kite museum is one the most famous museums in the city as the localities’ have a large affinity with kites. There old age homes and orphanages in the city of Ahmedabad too. Also, the city has many nationalized, private commercial, co-operative banks.

Figure 101: Tagore hall (Google image)

Figure 100: Sabarmati Central jail (Source: Google image)

PARTICULARS

NUMBER

Hospitals (Allopathic & Others)

Dispensaries / Health Center Maternity and Child Welfare Center

Nursing Homes

Municipal Veterinary Hospital Charitable Hospital/Nursing Home Stadiums

Swimming pools

Municipal Gyms

Skating rink

Auditoriums

Community halls

Museums

Crematorium

Orphanage

Old Age Home

Banks

1489

Table 45:Details of social infrastructure (Source: AMC)

Figure 102: Sabarmati Ashram Figure 103: Motera stadium (Source: (Source: https://gandhiashramsabarmati.org/) https://gandhiashramsabarmati.org/)

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9.4. Environmental infrastructure Ahmedabad municipal corporation provides its local people with all the necessary environmental infrastructure like water supply to houses for drinking and domestic use; sewerage facility in the form of drainage lines for conveying, collecting and disposal of waste; solid waste management.

9.4.1. Water supply AMC aims at providing un-interrupted ‘24x7’water supply to its citizens at optimum pressure. 140L TO 160 L water / capita is supplied by AMC daily (AMC, 2020). The source for this water is Narmada main canal, Shedhi branch canal, treated water from treatment plants like Kotarpur, Jaspur and Raska along with water supply from overhead tanks (62.69 ML) and underground tanks (857.40 ML) (AMC, 2020). The raw water from Narmada water canal is treated at various WTP in the city and is tested by the central lab to adhere to the CPHEEO norms of potable water supply. AMC has installed flowmeters for auditing the smooth flow of water without any leaks to all the houses.

Figure 104: Narmada main canal (Source – AMC)

9.4.2. Sewerage facility AMC cleans and maintains the main storm water lines, sewerage treatment plants, sewage, and storm water pumping stations in the city. It also lays drainage network across the city to facilitate the transfer of grey and black water. This transferred water is treated at 9 sewage treatment plants and is pumped through 45 Sewage Pumping Stations which are connected to 2500 km long network of sewerage lines throughout Ahmedabad (AMC, 2020). The existing nine STPs treat water upto secondary treatment level. If the water is treated at tertiary level it can be used in Industries/ factories, watering gardens and released back in Lakes/River. One such project for TTP is under process for Narol Industries. The STP gas and the sludge (as manure) is sold by AMC.

Figure 105: Pirana sewage treatment plant (180 MLD) (Source: Google image)

9.4.3 Solid waste management The city of Ahmedabad generates solid waste upto 3700 Metric Tons and construction & demolition waste upto 300 Metric Tons on a daily basis (AMC, 2020). AMC keeps the city clean and tidy by collecting waste daily from houses and commercial areas as per its concept of Door / Gate to dump. More than 1300 MT of waste is collected by vehicles daily while 2000MT waste is collected from street sweeping and AMC dustbins. Around 1240 municipal dustbins are of capacity 90L and are installed at various locations in the city (AMC, 2020). Steps have been taken for planning of SWM in future by (AMC, 2020) like preparation of roadmap for zero waste by 20 31, Master plan of SWM upto 2031, Swachhata Jan Model (SJM), Solid Waste Recycling Centre (SWRC) etc.

Figure 106: Solid waste collection vehicle (Source: Google image)

Solid waste Management stages Generation

Collection

Transportation

Processing/ Treatment

Disposal 136 | Page

Analysis of Western-central micro-market of Ahmedabad

9.4.4. Electricity supply Ahmedabad Electricity Company owns and operates Torrent Power Limited which generates and distributes electricity to the city of Ahmedabad. (TorrentPowerLimited, 2020). To meet the growing demand of electricity of the city, (TorrentPowerLimited, 2020) uses 362 MW AMGEN power plant that has been upgraded regularly as per the regulations laid by the statutory body. This power plant is coal based. The electricity supplied to the residences, offices, etc is 230 V which is the standard Figure 107: AMGEN power plant voltage and has the frequency 50 Hz. The company is the sole (Source: https://www.torrentpower.com/) supplier of electricity to the city.

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9.5. Digital Infrastructure Ahmedabad Municipal Corporation through its E-governance department provides digital infrastructure facilities to the localites. AMC has been in the forefront of providing digital services. It has won many awards nationally and internationally for this. AWARDS: A few of the awards won by the city of Ahmedabad are listed below (AMC, 2020)– 1) The city of Ahmedabad was termed by (ICMA, 2004) as A Community Service Revolution and the city was awarded with International Best Practices,2004 as it was one of the best six practices selected. 2) AMC was awarded with GOLD Award to " E- City ", by (DARPG, 2009) for E- Governance. 3) AMC was awarded with "ICT Enabled Municipal Initiative of the Year" by press information bureau (PIB, 2018) at Hyderabad in 2018 for its E-Governance.

Figure 110: Base transceiver station (Source: Google images)

Figure 109: CCTV Surveillance (Source: Google images)

Figure 108: Data Centers (Source: Google image)

AMC runs 59 city Civic centers for the citizens to help them pay different types of taxes and bills like professional tax, property tax, electricity bills etc. through efficient use of Information Technology Enabled Services (ITES) (AMC, 2020). These civic centers were established to increase transparency in the working of AMC, and they all are connected with the main server. Some of the civic centers in the city are – Ghatlodiya civic center, Girdharnagar civic center, Amraiwadi civic center etc. AMC monitors the real-time services offered to the inhabitants through the base map of the city with the help GIS. This map was made by ISRO’s Space Application Centre (SAC) in 2015 (AMC, 2020). AMC also resolves the queries and issues faced by the citizens through their project CCRS (Comprehensive Complaint Redressal System). It effectively and efficiently tries to provide solutions to the hardships faced by the people. Many areas in city are under CCTV surveillance with installations due in some of the leftover areas by the E- Governance department of AMC. This provides safety and security to the inhabitants while roaming/ travelling in the city.

Figure 113: Optical fiber (Source: Google image)

Figure 114: Laying optical Figure 112: Free Wi-Fi Spot Figure 111: Ghatlodiya civic center (Google image) fiber network (Source: icon (Source: Google image) Google images)

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Ahmedabad has many free Wi-Fi connected spaces across the city which people can make use for internet surfing. More than 40 locations are available where people can get free internet (Wifi, 2020). The city has almost 5721 base transceiver station (BTS) for a better connectivity of mobile services of the users as of November 2019 (BTS, 2019). There are proposals to increase the number of BTSs in the city by the Telecom Service Providers. Gujarat Fiber Grid Network Ltd (GFGNL) is operational in providing the city with optical fiber network to provide broadband connectivity to the residents. In phase 1 the optical fibers were laid for a distance of 16000km and in phase 2 it was done for 36000km in March 2020 (GFGNL, 2020). Currently the entire city of Ahmedabad has a network of optical fibers. Gujarat state data centers (GSDC) has been stationed at Gandhinagar and is the first SDC to be operational in India with a server & storage area of 2600 Sq. Ft and a connectivity zone of 600 Sq.ft (NIC, 2020). GSWAN infrastructure connects GSDC with all government offices.

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9.6. Smart city mission 9.6.1. Introduction

Figure 115: Ahmedabad Smart City (Source: https://ahmedabadcity.gov.in/)

MISSION ‘We change behaviour through technology which eventually changes the city’ ‘AHMEDABAD SMARTCITY’

Under the smart city mission, Ahmedabad is striving to transform itself into a smart city by adopting the plans and guidelines set by the central government. It aims to become more efficient in terms of its deliverables to its citizens and country by upgrading its existing infrastructure and launching advanced urban projects for a better tomorrow. The city’s major objective is to grow in a sustainable way by implementing smart solutions and strategies for giving a superior quality of living to its residents. After being selected as one of the smart cities in 2016, it has been very active in implementation of the infrastructure projects and was ranked first in its execution (AMC, 2020). The city has many proposals for its advancement and many of them have already been executed. The city stands 6th for its smart plan in the country even after being the 2nd largest in the list. Smart City Ahmedabad Development Limited (SCADL), a Special Purpose Vehicle (SPV), was formed by AMC for the execution of the projects under this Mission for Ahmedabad. The mission is implemented under two major heads – Area based development (ABD) which is development of a specific area of the city and PAN city development by intervening and upgrading the basic infrastructure facilities of the entire city.

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9.6.2. PAN City Project INTELLIGENT TRANSPORT MANAGEMENT SYSTEM (ITMS) • •

•

ITMS is implemented in Ahmedabad BRTS by Spain based company GMV Sistemas S.A.U and Vayam GMV Intelligent Transportation Pvt. Ltd. in the year 2012. ITMS was introduced with an objective of making the public travel more reliable, safe, and informed with increased productivity of BRTS. The real time geographic position of buses is monitored by Ahmedabad Janmarg Limited (AJL). The payment can be made through prepaid RuPay card or smartphone.

Figure 116: ITMS (Source – AMC)

SAFE AND SECURE AHMEDABAD PROJECT • The objective of this project is to make the lives of the citizens more secure and safe by installing devices and technologies like CCTVs, IoT Sensors, LED display boards, free open Wi-Fi spaces, etc. • Integrated command and control center has been set up at Paldi as Figure 117: ICCC, Paldi the main center. (Source – AMC) https://smartnet.niua.org/ SMART TOILETS • Through PPP, SCADL has installed at least 200 smart toilets in the city to promote clean public amenities. • Project objective – To install automated modular public toilets which are capable of remote monitoring with smart digital solutions and also Figure 118: Smart toilets to operate them at minimum operational cost and energy. (Source – AMC) SMART ANGANWADI • Project objective – To enhance the learning experience of students by introducing learning methods which are practical and interactive in nature and also creating an online platform for education. • To make the process of learning more interesting by making the Figure 119: Smart students learn at their pace by having interactive classes. Anganwadi (Source – AMC) E- LIBRARY • SCADL is currently upgrading its existing libraries with digital and technological advancements to make the learning process simple. • Project objective – To introduce the concept of ‘Single integrated digital library platform’ in the municipal libraries to make all E-books, magazines, newspapers etc. available to all at one go and which are on different topics. Also making them accessible through mobile apps and E-portals to facilitate learning at home.

Figure 120: E - Library (Source – AMC)

SMART STREET LIGHTS • Project Objective – To upgrade current street luminaries into smart controlled and API integrable lighting solution with the help smart lighting apps and softwares. • This will facilitate better maintenance and operation of streetlights. Figure 121: Smart S. lights (Source – AMC)

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Analysis of Western-central micro-market of Ahmedabad

AMDABIKE • This is a smart initiative to facilitate public with bike and bicycle sharing options for a short period of time at a minimal fare. • Project objective – For a better connectivity from house to school/college/office for citizens in the form of electric bikes; geared and non-geared bi-cycles which are sustainable in nature. • MYBYK with its bi-cycles and YULU with its electric bikes are the Figure 122: Amdabike logo partners in this project. (Source – AMC) ELECTRIC VEHICLE CHARGING • Project Objective – To plan and execute infrastructure initiatives for EV Charging in the city to promote sustainable transit options for people. • To bring reform in the field of electric vehicles to minimize the stress on natural resources.

Figure 123: Electric vehicle charging (Source – AMC)

SMART PARKING • Project Objective – To improve the parking domain on the streets of Ahmedabad by developing a mobile application. • This application will be integrated with AMC – SEVA app to facilitate ease to the driver while parking vehicles with proper guidance given through this app.

Figure 124: Smart parking (Source – AMC)

COMMON CARD PAYMENT SYSTEM • Janmitra card is issued to the citizens of Ahmedabad for cashless payment. • Project objective – To facilitate the payment of property taxes another transactions at the civic centers in the city with the Janmitra card. Also, the card can be used for digital transactions and shopping activities.

Figure 125: Common card (Source – AMC)

WATER NETWORK • At key locations in the water distribution networks, installation of pressure transmitters and water flow meters is undertaken by SCADL. • Project objective – To regulate un-interrupted water flow and monitoring water supply and leakages if any in the pipelines through real time supervision.

Figure 126: Water Network (Source – AMC)

SMART HERITAGE • Project objective – To increase the number of tourists and visitors visiting heritage sites by arousing interest amongst them by creating a mobile application which would give 360 virtual tours of historic buildings and sites and notify them about specific historic events.

Figure 127: Smart Heritage (Source – AMC)

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Analysis of Western-central micro-market of Ahmedabad

9.6.3. ABD Project MAKING GARDENS • •

Objective – To develop city in a sustainable way by giving it an aesthetic look and upgrading its infrastructure character. To revolutionize the green areas in city by proper planning and making them more accessible to the public.

RETROFITTING OF AMENITIES •

Objective – To deliver all the basic amenities to its citizens which are essential for a healthy living like 24x7 water supply, drainage facilities, storm water services in ABD areas.

INTERMODAL HUB • •

To align and strategize the connectivity of different modes of transport with provision of secured pedestrian pathways. With the help of DBFOT – PPP model, promotion of economic activities in the urban areas like retail, setting up of markets, commercial etc.

UPGRADE ANGANWADIs Objective – To renovate and reform 446 Angawadis with modernized services and enhancing their current state by provision of educational things, playgrounds, etc.

PROJECT OF SMART BINs Objective – To modernize the municipal waste system by installing smart bins underground at 300 locations in the city, which are equipped with sensors. It also aims at providing hygienic environment to the citizens by handling the management by digitization.

REHABILITATION OF SLUMS Objective – To improve the living standard of the slum dwellers by providing them with approximately 8000 houses in selected localities under the PPP model. Thus, the concerned inhabitants will get access to basic amenities.

WATER ATM Objective – To monitor the quality of water supply at public places so that localites don’t face any issue related to water availability.

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9.7. Key Infrastructure Projects In The Micromarket

Figure 130: Proposed Ahmedabad Metro (Source: Google image)

Figure 128: Ahmedabad BRTS (Source: Janmarg)

Figure 129: Sabarmati Ashram (Source: https://gandhiashramsabarmati.org/ )

Figure 131: Vastrapur Lake (Source: Google image)

Figure 132: S.P. Stadium (Source: Google image)

Figure 133: Proposed CBD (Source: HCP Design)

Figure 134: Flower park riverfront (Source: Google images)

Figure 135: IIM Ahmedabad (Source: Google images)

Figure 139: SG Highway Figure 140: Health & Care (Source: Google images) foundation (Source: Google img)

Figure 136: Ambedkar Bridge (Source: Google images)

Figure 138: Vasna WTP (Source: Google image)

Figure 137: Law garden (Source: Google image)

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9.8. Conclusion •

Ahmedabad is a tier II city which fare the best on all the four major infrastructure segments.

•

The micro market has upcoming and existing infrastructure like BRTS routes, SG highway, 132 feet ring road, seaplane project, various flyovers and bridges etc. and proposed metro route and MRTS corridors which can help it thrive in economic aspects.

•

The micro market has many educational institutes like schools, colleges, universities; public libraries, municipal parks, hospitals, recreational areas, sports facilities, gyms, swimming pools, etc. for the public to make the most of it to evolve into a responsible and healthy human being.

•

The micro market also provides the citizens with necessary civic amenities like water and electricity supply, facilities for solid waste management and sewerage disposal, for leading a better life.

•

AMC has equipped the micro – market with E- governance and made the life of the locals easy, safe and secured with all facilities available at their finger tip.

•

Ahmedabad being one of the city chosen under Smart city mission is developing state of art infrastructure by adopting all advanced technologies to upgrade the city infrastructure.

•

Thus, the Western central micro market of Ahmedabad has a great potential for development considering the availability of good infrastructure.

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Analysis of Western-central micro-market of Ahmedabad

10.URBAN FABRIC The Western Central Micro-Market has been developing due to the industrialization around the surrounding area and also due to the emergence of major business conglomerates like Reliance, TATA, PepsiCo, Vadilal etc. built industrial and textiles across the river of the micro-market.The micro-market is near to the Sardar Vallabhbhai international airport and very well linked to the relevant roads and BRTS Bus service network and also the Metro line passes through the micro market Good connectivity of highways and sufficient public as well as private transport available. During the time, the area has developed due to the presence of premium 4 star and 5 star hotels in the area and commercial offices making it a prime location (Bricks, 2020) .

Figure 141 Evolution of city Source: Amc Maps & photoshop

“The Micro-market has basic facilities nearby such as hospitals, colleges, universities, and markets. Majority of the people living here are from HIG. It is located in the city center, near to the renowned schools, colleges, numerous hospitals, shopping centers , movie theatres , restaurants , cafe and many more. The famous shopping Mall which is Ahmedabad One Mall, Himalaya Mall and major Hospitals like Sanjivani Hospital ,Sterling Hospital and schools like IIM Ahmedabad ,Ahmedabad International School ,Retail market and Vegetable market makes this location a prime spot . It will be crowded in eekends due to shopping malls and entertaining activity at Vastrapur Lake “ (Bricks, 2020)

Figure 142 Micro-Market (Base map Source: SAS Planet)

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Timeline

Figure 150. 2. Sardar Vallabhbhai Patel stadium (1960)

Figure 152. 4.Nehru Bridge(1962)

Figure 156. 5.Sterling Hospital (2001)

Figure 154. 7.Gulmohar Park Mall (2008)

Figure 149.9. Alpha One Mall (2011)

Figure 143.11. Mondeal Square (2015)

Figure 148.13. Sheetal WestPark (2017)

Figure 144. 1.Gujarat University (1949)

Figure 151. 3. IIM Ahmedabad (1961)

Figure 153. 6.Iskon Mega mall (2004)

Figure 146 .8.BRTS (2009)

Figure 155.10. Radisson Blu (2012)

Figure 145 .12.West Gate (2017)

Figure 147.14. Swara Sapphire (2019) Source: Google photos

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11. Traffic and Transportation The traffic study of the micro-market is done by collecting traffic data from the Google maps for the weekends i.e., Saturday, Sunday and weekend i.e., Monday. Peak hours were selected for studying the traffic volumes.

11.1.Traffic Volumes during Peak Hours:

Figure 160 Weekdays – Monday 8am Source: Invalid source specified.

Figure 160 Weekdays – Monday 7pm Source: Invalid source specified.

Figure 160 Weekdays – Monday 5pm Source: Invalid source specified.

Figure 160 Weekdays – Monday 9pm Source: Invalid source specified.

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Figure 161 Weekends – Saturday 8am Source: Invalid source specified.

Figure 163 Weekends – Saturday 7pm Source: Invalid source specified.

Figure 162 Weekends – Saturday 5pm Source: Invalid source specified.

Figure 164 Weekends – Saturday 9pm Source: Invalid source specified.

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Figure 166 Weekends – Sunday 8am Source: Invalid source specified.

Figure 168 Weekends – Sunday 7pm Source: Invalid source specified.

Figure 165 Weekends – Sunday 5pm Source: Invalid source specified.

Figure 167 Weekends – Sunday 9pm Source: Invalid source specified.

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From the google maps it is observed that during the peak hours in the morning and in the evening almost all the roads in the central-western micro-market of Ahmedabad face quite a congestion. Most of the traffic congestion is observed on the roads connecting major IT Services Parks which are present in a large number in localities such as Navrangpura, Ambawadi, Paldi, Vastrapur, Bodakdev and Prahladnagar. During weekdays it is observed that in the afternoon less traffic flow was observed which gradually increased with time in the evening, which suggests that people travel more often during the evenings, software employees contribute to maximum of the traffic volume. This traffic congestion is observed until 9pm and then gradually decreases. During the weekends the traffic in the morning when compared to weekdays is quite low, only traffic during the evenings was observe and that too on the roads having major malls such as CG Square Mall, Galaxy mall, Iscon malls, Ellis bridge Shopping centre, Ahmedabad Central mall and One mall. Source: https://www.google.com/maps/place/Ahmedabad

11.2. Conclusion: Most of the roads in the micro-market were continuously facing traffic congestion issues, from the above images from google we can infer that major roads always showed high traffic volumes so there might be a need a new road extension towards the western part of micro-market i.e., Bodakdev, Prahladnagar, Vastrapura which have the clusters of IT parks. Along with this people should be educated about the importance of following traffic rules and not violate them.

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Analysis of Western-central micro-market of Ahmedabad

12. Future Growth Potential of City 12.1.Sprouting Suburbs The top Residential Localities in Ahmedabad are Bodakdev, Vastrapur, Prahlad Nagar and Thaltej in the west of the city, Shahibaug in the north and the regions in the south east, for example, Kankaria and Chandola Lake. Numbers of affordable houses are coming up in area like Ramol, Vastral, Narol, Vatva and Nikol. With ONGC office situated close by Chandkheda, lying in the northwest of Ahmedabad, this region has created as a valued Residential locality. Jasodanagar and CTM have advantage because of their nearness to the Ahmedabad-Vadodara express highway. The development passages are additionally on the Sarkhej-Gandhinagar Highway, the Sardar Patel Ring Road and Maninagar.

12.2. Growth Opportunities: Having organization like IIM, MICA and NID, Ahmedabad is a hotspot for young and knowledgeable graduates. The infrastructure improvement in and spherical Ahmedabad is one of the pinnacle reasons at the lower back of the town becoming a favored vacation spot for such premier institutes. Delhi Mumbai Industrial Corridor (DMIC) is moreover a key increase driver for job opportunities, alternate and investments in Gujarat. This project ambitions at growing industrial clusters throughout six states and envisages enchantment of industrial clusters and good cities with rail road, port and air connectivity. The economic capital of Gujarat would quickly get converted as the exceptional industrial hub in the state. The town has carried out of the normal extend over the final decade due to giant boom of trade, company and investments. The steep upward push in populace in modern years has accelerated the demand for actual estate. Infrastructure increase to be part of the suburbs of Ahmedabad will extend the demand for micro markets as commuting time will get reduced significantly. Commercial genuine property demand is already very excessive and with big distant places direct funding (FDI) coming into the GIFT city, it will alternate the appropriate estate market to a higher progressive increase zone. Affordable housing phase in Ahmedabad suburbs has a very robust prospect due to the growth of alternate and corporation activities.

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Analysis of Western-central micro-market of Ahmedabad

Sr. No.

Developer Name

Lovation

Price range

Signature Group

SG Highway

8.30 Lakhs

Kalapi Realty

Vastral

8.90 Lakhs

Maruti Developers

Naroda

10 Lakhs

Rashmi Engicon

Narolgam

11.3 Lakhs

Sawy Group

Jagatpur

15.80 Lakhs

Rudra Developers

Changodar

18.80 Lakhs

Prathana Buildcon

Gota

17.40 Lakhs

Goyal & Co.and HL Safal

Shela

18 Lakhs

Godrej Garden City

SG Highway

18 Lakhs

B Safal Group

Maninagar

19 Lakhs

Table 46 Affordable Housing Developers (source: Outlookindia.com)

West Ahmedabad: According to (Knight-Frank, 2015) Along with North Ahmedabad, the west Ahmedabad micromarket is witnessing a majority of new project launches. Its proximity to the upcoming auto hub of sanand adds to its locational advantages. Bodakdev, satellite and Vastrapur are same of the prominent locations in this part of the city. This micro-market has many new trends coming up on S.G. Road, such as residential units, shopping malls, commercial spaces and motor showrooms, some of the showrooms of major car brand present on this stretch are those of Porsche, BMW, Audi, Triumph, DC, Range Rover, Nissan, Volvo, Toyota, Honda, Skoda and Mercedes-Benz. New project launches in West Ahmedabad have spilled beyond the Sardar Patel Ring Road in the Sanand-Sarkhej Road

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14. SWOT Analysis of micro-market Strengths • • • • • • • • •

•

The Western-central micro-market has a wide range of IT office spaces, malls, hotels, and high-end luxury housing. Sardar Vallabhai Patel Airport within proximity Good connectivity with the rest of Ahmedabad via road and rail connectivity. Wide range of Bus Rapid Transport System within the micro-market. Civic amenities of infrastructure such as water, electricity, power, and education within the micro-market. Major Industrial corridor of Sanand Vikram highway for automobile hub in proximity to the micro-market that serves it well. (SH-17) The micro-market has comparative affordability to other metros and the robust growth in job opportunities that propels the housing demand. Initiatives such as ‘Housing for all’ is making the city slum free with abjuring rates of slum population to only 4.5% in 2011 census data. Proximity and direct connectivity to GIFT city with the micro-market is a feather addition to the cap with upcoming job opportunities in SEZ area and IFSC, where 68% of the World Trade center (premium brand of commercial space) has already been cobbled up and 87% of the area has been sold already. Tax benefits, regulatory freedom and supportive infrastructure of the GIFT City will lead to increasing employment opportunities within the city and micro-market.

Weaknesses • • • • •

Most of the inventory is left unsold and developers are striving hard to sale-out this unsold inventory. Several new projects have been stalled post 2016, that has reamed the demand-supply gaps within the micro-market. The uncertainty interest rates for bank loans has created a pressure for the low- and middle-income group which forbids them from property enquires or purchase. Less number of affordable projects. For GIFT City, it faces muted market trends in realty sentiments because of reforms imposed by govt on back-to-back basis that has put slump and hunch in the consumption pattern and liquidity crunch, the project normalization would take some while.

Opportunities • • • • •

The civic and social amenities are well defined, these draw more investors to invest in the Western-central micro-market projects. The upcoming metro of north-south corridor and east-west corridor can improve the connectivity and real estate market development around these metro lines. It has a very effective and self-sufficient BRTS transport, which is the preferred mode to transport for the residents of micro-market. New residential and commercial projects in the micro-market have increased owing to Smart City Mission. The development of Sabarmati riverfront has not only construction and embankment but also development of wide and long roads along the banks of the river, development of public gardens and promenades and round-the-year retention of river.

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Analysis of Western-central micro-market of Ahmedabad

• • • • •

Doors of expansion have broadened due to fast paced progress of Infrastructural projects in ana around the micro-market such as Delhi-Mumbai -Industrial-Corridor (DMIC) The city and the micro-market waves higher with several retail development projects of mega malls in the pipeline. Due to GIFT SEZ, it leads to increased investments both domestic and foreign, greater exports, large scale developments, and acts as employee generator for skilled and unskilled workforce. The incremental leasing and demand for grade A office spaces in GIFT City are unceasingly reducing the unused inventory. Exit of IL&FS makes GIFT City free from all the encumbrances, liens and security interest and third part claims, which gives lot of relief to the other stake holders.

Threats • • • • •

Increasing population can cause scarcity of available land. The rapid growth of the city has caused stress on the environmental infrastructure of the city. The reduction in available land can cause increase in price per sq.ft which is may be more than the average value of property. Unremitting delays in flagship projects such as GIFT City in Gandhinagar and DFC corridor impedes investor investments. GIFT City did take off as expected and in June 2018 , 50% stakeholder IL&FS is completely out of the picture as defaulted on the repayment of interest to the bond holders.

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14. Socio-economic Profile 14.1. Social Profile According to (Census, 2011) the social groups of an area are decided by following- Religious beliefs, social and cultural divisions, mother tongue and nativity and age& gender. According to census data of 2011, there are 4.39 lakhs population that live in the slums of Ahmedabad and out of all the rural population, 5.4% of the population is below poverty line. Major crowd of Ahmedabad is Gujarati speaking but it brings huge diversity of Punjabis, Sindhi, Malayalam speaking population. PERCENTAGE OF RELIGIOUS GROUPS OF CITY 3.62%

0.85%

0.24%

0.08%

0.04%

DESCRIPTION

TOTAL

PERCENTAGE

Hindu

4594859

81.56%

Muslim

760920

13.51%

Jain

203739

3.62%

Christian

47849

0.85%

Sikh

13768

0.24%

Buddhist

4261

0.08%

Others

1980

0.04%

13.51%

81.56%

Hindu

Muslim

Jain

Sikh

Buddhist Others

Christian

Figure 169- Religious Groups of the City (SourceCensus of India)

Table 47- Religious Groups of the City (Source- Census of India)

Ahmedabad city comes under Ahmedabad metropolitan city that has following demographic data: AMC TOTAL MALE FEMALE Population 6,361,084 3,350,582 3,010,502 Literates 4,979,856 2,739,346 2,240,510 Children (0-6) years 712,239 385,766 326,473 Avg literacy 88.16% 92.40% 83.48% Sex ratio 899 Child sex ratio 846 Table 48- Social background of Ahmedabad (Source-Census of India 2011)

According to (Census, 2011), social groups of Ahmedabad comprises of SC, ST, General, OBC and others, with following population: AHMEDABAD SOCIAL GROUPS General SC ST OBC Others

POPULATION % 59% 21% 11% 5% 4%

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MICRO-MARKET SOCIAL GROUPS General SC ST OBC Others

TOTAL POPULATION 49% 22% 18% 6% 5%

Table 49- Social Groups of Ahmedabad and Micro-market (Source-Census of India)

POPULATION % IN AHMEDABAD Others

OBC

Others

18%

22%

General

59%

General

21%

OBC

11%

POPULATION % OF MICRO-MARKET

50% 100% Population %

49%

20%

40%

60%

Total Population

Figure 170- Population % of social groups in the city and micro-market (Source-Census of India)

14.2. Economic Profile There are many indicators of economic profile of an area which can be classified based on Urban poverty ration that highlights the division between rural and urban area of a location, work participation rate, work status and distribution of workers- that indicates the working population and potential of the area while identifying the highest best use to an area.

INDICATOR

MICRO-MARKET (MUNICIPAL CORPORATION)

Urban Poverty Ratio

6.64%

Work participation rate Work status: Self-employed Salaried Employees Casual labor Sectoral Distribution of workers: Primary Secondary Tertiary

36% 50.56% 45.65% 3.8% 1.94% 47.76% 50.30%

Table 50- Economic indicators of micro-market as per Census 2011 (Source: www.smartcities.gov.in)

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The socio-economic profile of an area is dependent on various factors such as population density, standard of living, land value, location, condition and age of building, sale and rent value, types of vehicle owned and amenities and facilities. Based on the above factors, following analysis on western central micro-market is done.

14.2.2. Classification of micro-market on population density DENSITY (POPULATION/SQ.KM) 13,448 /sq.km 8500 /sq.km 9352/sq.km 7896/ sq.km 10,134 /sq.km 16,765/sq.km 19,546/sq.km 20,383 /sq.km 15,876/sq.km 15,654/sq.km 14,933 /sq.km 9876/ sq.km

LOCATIONS OF MICRO-MARKET Paldi Old Wadaj New Wadaj S.P Stadium Jodhpur Village Naranpura Vasna Navrangpura Ambawadi Bodakdev-2 Usmanapura Vastrapur

Table 51- Population density of micro-market (Source- Google earth Pro, Census of India)

Based on (Census, 2011), the population density of Navrangpura is the highest with 20,383 persons/sq.km and least density is of S.P Stadium with 7896 persons/sq.km. POPULATION DENSITY (PERSONS/Sq.KM) 8%

Paldi Dharam Nagar

Old Wadaj New Wadaj

16%

S.P Stadium

4% 6%

9% 12%

Jodhpur Village Naranpura Vasna Navrangpura Ambawadi Bodakvev-2 Usmanapura Vastrapur

Figure 171-Population density of micro-market (Source: Census of India, Google earth Pro)

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14.2.3 Classification based on price value of apartment As per the data by (makaan.com, 2019)& (Anon., 2018), S.P Stadium followed by Bodakdev and Navrangpura have the maximum price value (average) of apartment in the micro-market. The property prices in Bodakdev and Navranpura are higher because of the location benefits and linkage and the population density in those areas is also high, which traces to higher demand. LOCATIONS OF MICROMARKET Paldi Navrangpura Usmanapura Vasna Bodakdev S.P Stadium Vastrapur Ambawadi New Wadaj Old Wadaj Naranpura Jodhpur Village

AVG PRICE PER SQ. FT 6222/sqft 9765/sqft 6523/ sqft 4867 /sqft 9567/ sqft 9875 / sqft 6566/ sqft 7855 / sqft 4923 /sqft 4712/sqft 8279/ sqft 7835 /sqft

PRICE RANGE PER SQ. FT 5075- 8333/ sqft 6111-13,333/ sqft 6182-7836/ sqft 1100-5000 /sqft 5000-9722/ Sqft 5833-8642/ Sqft 5366-6907/ sqft 6192-7836/ sqft 2167-6433/ sqft 2098- 5600/sqft 2800-18,750 / sqft 3831-14000/ sqft

Table 52- Avg price per sq ft for Apartment of micro-market (Source- makaan.com)

AVERAGE SALE PRICE/SQFT

Avg sale price /Sq.ft

12000 10000 8000 6000 4000

9567

9765

9875

6523 6222

6566

8279 7855 7835

4867

4712 4923

2000 0

Figure 172- Average price of apartment in micro-market (Source: Makaan.com)

As per the analysis on various dependent factors of socio-economic profile, it is understood that areas such as Bodakdev, Ambawadi, Paldi, Navrangpura, Jodhpur village Vastrapur and S.P Stadium are the High Income Group areas; whereas Usmanapura, Naranpura, Vasna, Gurukul, New Wadaj and Old wadaj as middle income group areas.

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New Wadaj

Old Wadaj

Naranpura Usmanapur a Gurukul

Navrangpura

Bodakdev Vastrapur

Satellite Area Ambawadi

Jodhpur Prahlad

Nagar

Paldi

Vasna

HIG

MIG

Figure 173-Demarcation of HIG &MIG groups within micro-market (Base map- wikimapia)

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14.3. Lifestyle of Micro-market As per (makaan.com, 2019), some major posh areas of the central western micro-market are Satellite, Ambawadi, Bodakdev, Prahlad Nagar, mostly because located on the banks of Sabarmarti river, strong core of infrastructure, great transit connectivity and linkage, closeness to auto-hub location of Sanand and S.G road in the vicinity makes these areas as prime locations. SATELLITE AREA: Satellite area is located on the western suburbs of Ahmedabad between Bodakdev and Jodhpur and is one of the extreme posh areas of the city, which is also popularly called the ‘Boston of India’ which is because of its exemplary massive real estate that contributes to the well planned infrastructure of the area. It is one of the most desirable locations of the city with exquisite residential apartments, malls, museums etc. and have descent connectivity and commute. PRAHLAD NAGAR: Prahlad nagar is also an exquisite desirable location of Ahmedabad because of the former capital of Gujarat it vigilantes notable commercial and IT properties and KPOs that have boosted the popularity of the location. It is known for its well-executed building designs. Its vigilantes eminent well-planned infrastructure and all basic facilities with schools, malls, hospitals, etc. Also, it has location advantages of easy connectivity because of its reticence with S.G road, thus preferred by middle- and high-income groups. AMBAWADI: Amabawadi is known for its expensive properties because of the major landmark of Ahmedabad Central mall, Shaak bazaar and Parimal garden. The location has expediency in best infrastructure facilities. It is surrounded with star hotels, hospitals, schools, and convenient linkage. It is the land of entrepreneurs and has fascinating trading activities in and around. BODAKDEV: Bodakdev as a location is highly praised and one of the most preferred residential area by the upper segment of the society or the high-income groups mainly because of its location advantage of being connected to all the parts of the city by Sardar Patel ring road and 132 ft ring road with sturdy infrastructure and also adjacency to employment hub of Ahmedabad- Prahlad Nagar.It is mainly known for the low rise residential and luxury developments such as Shivalik Avenue and Earth Elegance. It has major realty manifolds to overture but has high probability of traffic congestions in future. NAVRANGPURA: Navrangpura has well developed locality with accomplished social infrastructure to support and has proximity to reputed educational institutes like IIM Ahmedabad and CEPT. The area faces traffic congestion problems during peak hours of traffic. Some well-planned areas of residential are Sun Centrum, Alpine heights, Lakshya Elite etc. It is encircled by many residential areas around the micro-market such as Ambawadi, Vastrapur, usmanapura and posses excellent connectivity via 132 ft ring road with adjacency to tech parks, which has contributed in general for the growth of the area.

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14.4. Income Potential of household INCOME POTENTIAL OF HOUSEHOLD MIG HIG

PARTICULARS Property cost (Rs Lakhs)- G Loan to value (HDFC) F

100

125

Loan eligibility (Rs lakhs) E= F*G

78.4

100

Rate of interest (HDFC)

8.50%

Term in years

41,872

63,130

64,418

80,523

40%

1,04,680

1,57,825

1,61,045

2,01,308

12,56,160

18,93,900

Income Available for EMI -D Loan to income ratio (HDFC)-C Gross annual Monthly Income (Rs)-B= D/C Gross annual household Income (Rs)- A=B*12

19,32,540

24,15,690

Table 53-Income Potential Calculation (Source: makaan.com)

As observed from the above table, MIG residential HOUSEHOLD INCOME POTENTIAL areas have property price ranging from 65 lakhs to 98 lakhs and HIG areas have property prices ranging on MIG Rs. 12,56,160-18,93,900 an average from 100-125 lakhs (discussed in detail HIG Rs. 19,32,540-24,15,690 under residential asset class). Thus, as per HDFC housing loan to property value of 80% with 8.5% Table 54- Average income Potential of Micromarket (Source: makaan.com) interest rates and tenure as 25 years, we can conclude with the income EMI available for the loan amount to be Rs. 41,872 -Rs 63,130 for MIG areas and Rs. 64,418 – Rs. 80,523 from HIG areas. Thus, on back calculating we arrive at the household income potential for MIG areas as Rs. 12.5 lakhs- 18.9 lakhs and HIG areas as Rs. 19.3 lakhs -24.15 Lakhs.

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15.GIFT City GIFT City (Gujarat International Finance Tec-City) is a globally gauged Smart city/International Financial Service Center (IFSC) which is envisioned as India’s first and only Global Financial hub which is handled, thrived and enrooted by Government of Gujarat (GoG) and is also a proposed CBD between Gandhinagar and Ahmedabad. The infrastructure, quality of life, technology, communication, and connectivity planned for the city along the banks of Sabarmati River is well established and world-class standard. The factor of sustainability for this green field project ensures the optimum usage of energy levels, water consumption, materials, and modern traffic management. All these world-class features from the project can be applied to other smart cities of the country at domestic levels.

15.1.Introduction 15.1.1.About GIFT City GIFT City is apprehended as IT hub and Global Financial Service center, which is conceptualized as the epicenter for growth of the state and country, is situated at Shapur Village between Gandhinagar and Ahmedabad as greenfield project, along the banks of river Sabarmati, at 12kms of distance from Gandhi nagar and at 25kms of distance from Sardar Vallabhai Patel International Airport, Ahmedabad.

SABARMATI RIVER

Figure 174-GIFT City (Source: Google Earth Pro)

Figure 175- Map of Ahmedabad (Source: GIFTGujarat)

Figure 176- Map of Gujarat (Source: Google images)

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According to (Anon., 2015), the project is a Joint venture under Govt. of Gujarat, GUDC (Gujarat Urban Development Company Ltd) and IL &FS (Infrastructure Leasing and Financial services Ltd) which incorporated as Gujarat International Finance Tech-City Company Ltd (GIFTCL). Although currently IL&FS have taken an exit. (discussed in detail under Status of the project.)

GOG GUDC

IL&FS

Joint – Venture-Agreement on Public Private Partnership Figure 177-Joint venture of GIFT City (Source: GIFT-Gujarat)

15.1.2.Smart objectives, Vision, Concept and Basic Principle of GIFT City The objectives and mission of the GIFT City are as follows:

Integration of building, technology and systems Energy management and optimiztion cost. Enhancing facilities operating efficiency. Real time performance. Ensuring user safety , security and comfort. According to (Anon., 2015), inspired from the booming and highly competitive economy, GIFT City is envisioned as an eco-city that will boom and serve entire western part of the country with its environmentally sensitive business.

GIFT VisionTo create an extremely competitive environment for global financial Tec-city.

GIFT ICT VisionTo create an edge of world class infrastructure with global competence to operate regionally and globally.

Basic Principle: The envisioned idea of developing GIFT City is to test all the innovations and reforms brought in place right from the planning, delivery, local government and infrastructure and provide opportunity for world class competence with satisfying employment.

Concept: Identifying Gujarat state’s potential of strong governance, the land between the commercial capital and administrative capital of the state was highlighted as CBD, and aimed to serve the ambience of high rise and density.

Source: GIFT-Gujarat

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15.1.3.Fact-file of GIFT City Tallest Tower in GIFT is 129 meters Automated waste collection

Connectivity with Metro and BRTS

Plans to use efficient district cooling system

Spread over 886 acres

Plans to compete with London and Tokyo in the next 10 years

60,000 Project

UN &IFS to open Offices

Crores

Plans to create 10,000 new jobs

Figure 178-Facts of GIFT City (Source-Giftcity-Gujarat)

Figure 179- Highlights of GIFT City (Source: Giftcity-Gujarat)

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15.1.4.Global and National Comparison According to (Telecom, 2007), ICT vision of GIFT city stands at excellent conditions, when compared to other global cities such as DIFC, DIC, SONGDO, Nnew WTC-New York , Canary Wharf –London, PudongShanghai, La Defense Paris , Singapore, London Stock Exchange, New york stock exchange and Tokyo.

Figure 180- Global ICT comparison with GIFT City (Source: British Telecom)

PARAMETERS

INDIAN CITIES

GIFT CITY

KEY INITIATIVES

Comparative scale of 10 Strategic Location

2.7

Good Quality Life

3.2

Stable background for politics

1.8

External & internal nodal connectivity Standard of residential, educational and recreational levels Investor friendly financial incentives with single window clearance

Attractive Economic background

2.1

Planned to be hub of future capital markets

Infrastructure

3.9

Art infra proposed at Gujarat uniqueness

Table 55-Indian Cities Comparison with GIFT City (Source: -Mckinsey Analysis)

According to (McKinsey, 2007), GIFT City stands at par and above the Indian cities when compared on the basis of parameters like Strategic location, quality of life, stable political background, economic background and infrastructure.

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15.2. Importance of Strategic Location 15.2.1.Why Gujarat? ONE GEOGRAPHY ONE STATE ONE ECONOMY where manufacturing Accounting for 25% That doubles itself growth is highest in country's growth : in every 7 years, the world, with with GDP rate 95% diamond annual growth rate more than 10% in exports from of more than 24% last 10 years Gujarat As per (Gujarat, 2015) the state Gujarat has 50% higher GDP growth rate as compared to national average, with world-class physical, social and industrial infrastructure of Power for all, major ports, rail and roads, Integrated gas , sustainable water supply , excellent air connectivity and intellectual educational capital. 56.4% higher per capita income when compared to national average thus, ranked as number one for “Economic freedom of the States of India 2012”. More than 38% of the DMIC investments are planned in Gujarat and are expected to rise by 60% and thus will have high industrial area Figure 181 Location of Gujarat impact on either side of Dedicated freight Corridor (DFC)

ONE ENGINE Powering growtrh of the Nation

•

• •

(Source: Google image)

KEY COMPETETIVE FACTORS People

Business Environment

Market access

Infrastructure

General Competition

GUJARAT The state has adequate employable pool and offers high potential for inward migration. The state has proved its strength in providing balanced business environment The state has new platform for growth of financial services It continues to contribute massively to the Economy Overall, the state stands tall in spite its IT Boom.

7.5% of India's GDP 10% of India's skilles force 10% of india's factories 25% of India's major exporting business 30% in India's Stock market Capitalization 40% of India's total Port Cargo handled Strong Political background

Table 56- Key Competitive factors of Gujarat (Source: Giftcity-gujarat)

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15.2.2.Strong Location Advantage

Figure 182-GIFT city (Source: GIFT-Gujarat)

❖ According to (Gujarat, 2015) the GIFT City is located at 12kms distance from Sardar Vallabhai International Airport and connected via 8 lane expressway. ❖ It is Located at 8kms distance from political capital of the stateGandhi nagar. ❖ It abuts the Delhi-Mumbai national highway 8, which develops the interstate commute. ❖ It also abuts fours national highways connecting Gandhinagar and Ahmedabad (LRTS and expressways to be developed) ❖ It is connected to Mumbai via direct primary travel node of air (1 hr flying time and 8 hours via train) ❖ It has strong connectivity of MRTS. Figure 183-Map of GIFT City (Source: GIFT-Gujarat)

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15.3. Advantages of GIFT City As per (Gujarat, 2015) (Anon., 2015) GIFT City is decisively located and has perks as discussed in the previous section. It has integrated development planned for the city that comprises of High class residential, commercial and offices spaces. The SEZ areas are divided into segments of processing and Nonprocessing areas. The city has more than 65% of area reserved for green cover and open spaces. GIFTUDA (GIFT Urban Development Authority) is only responsible for planned development of the area and a GIFT Notified committee is constituted for better management at the city level and thus have only single window for clearance. A

•Stratergic Location

•Integrated Development (Residential, Offices, Institutional)

•Multi Service special economic zone (SEZ)

•India's first International finance serivice enter

•Smart, Sustainable and Green structure

G E

•Single window clearance. •Quality of Life

Figure 184- IFSC at Gujarat (Source: WTC at gift city)

Figure 185- Integrated Infrastructure (Source: WTC-gift city)

GIFT is conceptualized with the benefits of World class business district, India’s first and only operational smart city and IFSC, multi service SEZ, first time world class infrastructure, single window clearance, strategic location, Integrated development (residential, social and commercial), walk to work concept, high quality of life, reduced attrition, stable political background, sustainable development and partnership with India’s top developers.

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15.4. Potential Economic Drivers According to (Anon., 2015) there is a demand for financial service in demand and has significant Potential:

Financial services sector transformed over the last decade.

Sector contributes significantly to the economy, represents 5% of GDP.

Estimated market capitalization of over US$ 200 billion

Would requitre about 800 million sq.ft of office spaces and also aspires to capture 8-10% shares

Employs over 4 million people

Offers distinct kind of opportunities accross several product markets

15.4.1.GIFT’s target business segments BUSINESS

NATURE OF OPPORTUNITY

Off-shore banking

Forfeiting of exports, corporate banking, servicing of JV

Capital Markets

Permissible securities, exchanges, brokerage services

Off-shore asset management

Trust services, Investment services, fund accounting

ITes/BPO

Data processing, Engineering and design, Human resource services, call centers, legal databases, website services etc

IT Services

Web development, R&D, Data analytics, Business intelligence, software development,

Table 57- Target Business Segments (Source- Giftcity-Gujarat)

According to (Gujarat, 2015), Gujarat is one the main reasons for setting up of such green-field project to create huge employment opportunities with mentioned business segments. There will be change in economic face of Gujarat with emergence of GIFT City that would place India on the global map with center of excellence matching the global standards at par or above. With emergence of mentioned business segments in the city, there will be millions of job opportunities in the fields of IT Services, insurance, Capital markets and banking etc.

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Figure 186-Growth expected from business segments (Source: Mckinsey Analysis)

According to (McKinsey, 2007), 10,000-11,000 no. of jobs will be added by the year 2020 with more than 400 billion USD value added to GDP and 1600-1800 USD Billions to market capitalization, that will feed the economy with the defined strength of global standards.

15.4.2 Global Benchmarking

Paris (La Defense)

Tokyo (Shinjuku)

London (Dockyards)

Pudon(Lujiazui)

Gandhinagar, India (GIFT City) Figure 187-Global Benchmarking of GIFT City (Source: GIFT City-Gujarat)

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According to (Consultants, 2007) GIFT City stands at par and above execellence with global standards of smart cities such as -Paris (La defense), Tokyo (Shinjuku), London (Dockyards) and Pudong(Lujiazui) with following comparisons:

Parameters

Paris (La Defense)

Tokyo (Shinjuku)

London (Dockyards)

Pudong (Lujiazui)

GIFT City

Land Area (Sq. km)

1.6

1.05

1.7

3.58

Construction scale (in million sq. m)

2.5

1.6

1.1

4.5

8.5

Greenbelt (thousand sq.m)

120

363

1183

Height (m)

200

250

490

410

Figure 188- Global benchmark comparison with GIFT City (Source: ECDAI Consultants)

Gujarat International Finance Tec-City

15.5. Board of Directors

Chairman

Nominees of the Government of Gujarat

Managing Director & CEO

According to (Gujarat, 2015), the board of directors for Gujarat International Finance Tec-City has major 4 governing designations of Chairman, who is also a nominee from the Government of Gujarat, four nominees separately assigned form the government of Gujarat for the City along with that, Managing director and CEO and three independent directors. These board committees are assigned for following segments such as Project committee, Audit Committee and nomination committee.

Independent Directors

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15.6. Business Structure According to (Gujarat, 2015) the business structure is such GIFTCL is further divided into two segments comprising of Domestic Area and Multi SEZ area with IFSC. Then multi SEZ area is further subdivided into processing and non-processing area.

GIFTCL

Non processing area Related commercial and office buildings

Domestic Area

Multi Services at SEZ with IFS

Source: Gujarat Gift

Service apartmentrs and residential

ENCLAVES

Hostels and students housing

•Domestic & International banking and insurance enclave; domestic and international technology enclave; domestic and international exchange enclave; domestic and international corporate enclave, diamond tower and global trade center. SOCIAL FACILITIES •Training centers, low-income housing' hospitals, clubs, hotels, schools, convention and exhibition centers.

Processing area

IFSC

Internationa l technopark Comodity exchanges

Insurance Food centers

Hotel, shopping centers Medical centers

Banking

IT Services

Entertainment/ theatre Figure 189-GIFT City (Source: Gujarat gift)

The financial incentives, regulatory freedom, and supportive infrastructure of SEZ will lead to increased foreign and domestic investments, large scale developments with low cost manufacturing hubs, which will lead to employment generation for skilled and unskilled workforce. Buildings are further sub divided into enclaves and social facilities for infrastructure, where Enclaves comprises of domestic and International enclaves for banking, insurance, exchange and corporate along with diamond tower and global trade center. Social facilities comprise of hospitals, schools, training centers, hotels etc.

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Figure 190-SEZ Area distribution (Source: GIFT City-Gujarat)

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15.7 GIFT Master Plan According to (Gujarat, 2015), out of total area of 886 acres of land, the business structure of the GIFT City project is furcated into major three segments of Social facilities, multi services SEZ with IFSC, which is further sub-divided into two categories of processing area and non-processing area as discussed in the preceding sections and the remaining area is the domestic tariff area or DTA. The plan has total 250 acres of land provisions planned for development of IFSC, with predominance of 67 % spaces for commercial usage in the city, 22% for residential buildings and 11 % for the social buildings.

Figure 191- Master Plan for GIFT City (Source: Gift city-Gujarat)

15.7.1 Land-use distributiuon According to (Anon., 2015), the land parcels are presented as enclaves and each demarcated parcel of land in the figure below is planned such that it prospers the advantage of transport connectivity, Sabarmati river front, processing and non-processing areas etc. The aim is to provide the benefits of border to the International and national commercial clients for ease of business.

Figure 192- Land Use distribution of 886 Acres (Source: GIFT City-Gujarat)

Figure 18- Built up area distribution of 62 million sqft (Source: GIFT City-Gujarat)

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Figure 193-Land-use distribution (Source: GIFT-City-Gujarat)

Major green areas

Transportation

Commercial

Water bodies GIFT area boundary

Residential

GIFT SEZ Boundary

Institution

Metro line

Utilities

GIFT City will splurge and boom the development in the area with Global FSI as 3.65, where Global FSI Total Built−up area on the floor

GIFT Area

Office/Commercial spaces include offices and associated facilities. Service buildings include retail, restaurants, clubs, and hotels whereas residential includes apartments and buildings.

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15.7.2.GIFT Implementation (Phase-wise)

Figure 194-Implementation of phases for GIFT City (Source: GIFT-Gujarat)

Figure 195- Phase 1 of GIFT City (Source: GIFT City-Gujarat)

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The GIFT City project is implemented in phases and as per (Anon., 2015) the phase 1 of the project which is operational is about 12 million sqft that comprises of Hotel, exhibition centers, Residential buildings, affordable housing, commercial building and hospitals, as mentioned in the above figure.

15.8.Smart and Unique Infrastructure According to (Gujarat, 2015), The implementation of framework for GIFTCL is such that it is further divide into two major segments of world class buildings and smart infrastructure. Under Infrastructure the plan is to develop GIFT SEZ limited, district cooling system, ICT Services, water infrastructure, waste management services, roads and transportation, domestic gas distribution, city level water supply system, Intelligent building management, utility infrastructure, landscaping and power supply. This is to be contracted out by latest technology ever in India through numerous frameworks, but the SPVs would be stand-alone. The construction of buildings would be taken up by private developers and the development guidelines are provided as per GDCR and UDAS.

GIFTCL

High quality of life and supportive business environment in GIFT City is majorly because of the envisioned smart and unique infrastructure planned for the city, which acts as the business enabler.

Buildings Infrastructure

Roads & Transport

ICT

District Cooling System

Landscaping

Power generation and distribution

Waste water management

Landscaping

Intelligent building Systems

Figure 196- Smart Infrastructure (Source: GIFT City-Gujarat

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15.9.Physical Smart Infrastructure INDIA’S FIRST- AUTOMATED WASTE COLLECTION SYSTEM According to (Gujarat, 2015), it is India’s first automated waste collection system which is operational, that was designed & developed and in Sweden by Envac as per global standards. It is planned and designed in such a manner that the wastes are disposed into the chutes which shall be later sucked via pipes at high speed of 90km/hour by plasma pyrolysis technology to process the organic wastes which are then disposed into environment friendly and safe manner. It segregates the wastes into 2D/3D /Organic/ inorganic to avoid any human interaction.

AUTOMATED WASTE COLLECTION AND SEGREGATION PLANT

All the buildings are connected by AWCS and the wastes are sucked and later controlled by central computer access. Figure 197- AWCS (Source: GIFT City-Gujarat)

UNDERGROUND UTILITY TUNNEL

It is designed and laid with a vision to create a digging free city, so that there is no requirement to excavate the roads for any purpose of maintenance even in Figure 198-and Underground utility Tunnel the future no interventions in any (GIFT City-Gujarat) other infrastructure activities. UNDERGROUND UTILITY TUNNEL: According to (Gujarat, 2015), all the service utility except sewerage and gas will be connected to the buildings via utility tunnels. Under the scope of phase 1 of the project, nearly 2.5 km of the tunnel has been laid in the domestic area and the scope under phase 2 is already under construction. The wet and dry sections are separated for the safety purpose, where the wet sections carry the water from the tunnel below and the dry sections carry power cables which are placed and planned on the top sections.

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. Figure 199-Underground utility tunnel (Source: GIFT City- Gujarat)

Figure 200-Implementation of Utility tunnels (Source: GIFT City Gujarat)

As of now, Phase -1 & 2 of the detailing for utility tunnel has been executed which comprises of total 2230meters and 2324 meters respectively, and partial portion of phase-2 is under construction that constitutes another 1452 meters. It is planned to complete 2600 meters for the coming five years as per (Gujarat, 2015)

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DISTRICT UTILITY SYSTEM

This is introduced for the first in India, partnered with ETA agency from Dubai, which is a sustainable air conditioning system that has over 40% reduction in the operational cost and no capital costs are incurred for the installation of chillers. Figure 201-District Cooling System (Source: GIFT City-Gujarat)

DISTRICT COOLING SYSTEM: The total capacity planned for the city is 1,80,000 TR. The phase 1 of the project is still under construction from 2015. It reduces the energy cost and improves air quality.

WATER TREATMENT PLANT According to (Gujarat, 2015), it has zero wastage or discharge planned for the city with recycling and re-use of the waste-water that is generated via treatment units. It consists of treatment plants of capacity 3MLD and sewage treatment plant with capacity 2.2 MLD, which is built and partnered with Voltas group. Figure 202- Water Treatment plant (Source: Giftcity-Gujarat)

WATER TREATMENT PLANTS: It is designed in such a way that drinkable water is available from any tap. This water supplied to the city is from Narmada Canal and via rainwater harvesting. The water is withdrawn from the canal and moves to the reservoir, which then moves to the water treatment plant. The filtered water from the treatment unit is then moved to the RO Plant and softening plant which can be used for the domestic purpose and the waste water from WTP is moved to the sewage treatment plant that can be softened from the unit and re-used for horticulture.

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Figure 203- Water treatment plants (Source: GIFT City-Gujarat)

Figure 204-Smart water infrastructure (Source: GIFT City Gujarat)

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SMART POWER SUPPLY:

The power supply to the city is from the two grids clinches to attain 99.99% that ensure minimalistic power outage. It has centralized power feed and is monitored from the central control computerized system.

Figure 205-Smart Power Supply (Source: Giftcity-Gujarat)

SMART POWER INFRASTRUCTURE: According to (Gujarat, 2015), the total capacity of power station for the GIFTCL is 60 MVa and 33KV dual feed cables are used for distribution of power via utility tunnel from the top section. The power control system ensures it has power supply monitoring, power loss minimization, emergency power supply monitoring, grievance redressed system and efficiency monitoring.

Figure 206-Power monitoring unit (Source: GIFT City Gujarat)

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15.10.Operational buildings in the city

GIFT One Tower: Basement +28 Floors 0.8 Million sqft BUA (DTA) Tallest tower in Gujarat

GIFT Two Tower: Basement +28 Floors 0.8 million sqft BUA (DTA) Tallest tower in Gujarat

Signature Tower Hiranandani: Basement +16 Floors 0.3 million sqft BUA (SEZ)

Brigade Tower: Basement +14 Floors 0.4 million sqft BUA (SEZ)

Figure 209- brigade Tower (Source: Google image)

Figure 208GIFT One & Two tower (Google image)

GIFT City Business Club Figure 210 GIFT City Business Club (Source: Google image)

Hotel Grand Mercure Brigade Group- 150 rooms

Jamnabai Narsee School ICSE School

Figure 211-Hotel Grand Mercure (Source: Google image)

Figure 207Jamnabai Narsee School (Source: Google image)

Pragya Tower (SEZ-IFSC)24 Storeys 184 | Page

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15.10.1.World Trade Center GIFT

Figure 212-Master plan of WTC-GIFT City (Source: wtcgiftcity.org)

With an aim to create Gujarat a globally recognized state with its strong economic background, there has been a paradigm shift in the economy growth towards financial and IT sector. This new revolution is booming the economy and reaching new heights because of its high growth rates. The need of the hour to sustain and maintain this growth is the need of smart cities, which can give the booming business a valuable platform for its functioning.

Security of investment

High Returns

Capital Appreciation

Pride of Ownership

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15.11.Transport and linkage The city is planned with an aim for transport with conflict free traffic movement, combination of external and internal mass movement systems so as to achieve the hierarchy of transport, intelligent transport systems, pedestrianized oriented internal movements and multi-level car parking. The external transport is such that it is a multi-modal transport hub that has benefits of cost and time efficiency while traveling, decongests the roads and provides greater efficiency to the commuter by connecting various areas from Ahmedabad to Gandhinagar under 6 external lane grid and state highways. The blue line in the figure below shows the BRT and MRTS route with dotted line for MRTS. The external road connectivity is such NH-8 passing from the boundary line of the city, connects Ahmedabad and Himmatnagar. While Road 1-A spread across the periphery of the city. Road 1-B connects the city internally and externally to Shahpur village. Road 1-D connects the city with Shapur and Ratanpur village by passing through the existing Shapur bridge. All of these are under construction. )

Figure 214External Transport and Linkage (source: GIFT City.org

Figure 213-Southern bridge (Giftcity.org)

Figure 215-Transport and Linkage Map for GIFT City (Source: Giftcity-Gujara

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15.11.1.Internal Transportation The interrnal transportation of the city is via arterial roads , sub arterial roads and MRTS Corridor.The city is planned in such a way that everything is at walkability distance from the infrastructure of roads. All the transit oriented development will be located in these four spatial arrangements for the travel convinience. Usage of Public transport shall be innervated ny making the CBD accessible through pedestrian pathways by instigate walk-to-work concept.

Figure 216-Interenal transportation of GIFT city (Source: Giftcity.org)

15.11.2. Multi Level Parking (MLP)

Figure 217-Multi Level Parking (Source: Giftcity.org)

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To enable the 90:10 of public and private modal split, which means that 90 out of 10 people will use public transportation which would reduce the carbon emissions and footprints. 4 internal Multi level car parking is set up with total car parking in MLP estimated as 60,000 units. This is supplied by calculating the total car parking requirement of the GIFT city as 1, 120,000. This is a part of transportation infrastructure of the city that possesses transit-oriented development. As a part of transportation infrastructure, the city aims at effectuating zero accident rates. Thus, proper geometric roads are designed by dissociating roads for vehicular traffic and pedestrian. Under this transit-oriented development, it includes residential, retail and other amenities with jaunting distance of public commutation. Hence to ensure all of these, many smart transportation techniques are used such as- interactive road maps, real time travel response, parking management, real node management and automatic vehicle location that ensures safety management, asset management, vehicle emission monitoring and accident reporting.

Figure 218Smart transportation (Source: giftcity.org)

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Analysis of Western-central micro-market of Ahmedabad

15.11.3. Central Command and Control unit The center of command and control unit located within the city handles operates and vigilantes all the smart operation centers planned within the city such as security and vigilance control center, control centers for all the building packages, transport control center, water control center, SWM control center, DCS Control center. This main head center would take the live feeds of all the control centers which would ensure utmost safety and zero-accidents-management. In times of any emergency would take necessary enforcements.

Figure 219- Center control unit (Source: GIFT City-Gujarat)

15.12.Social Infrastructure

Figure 220-Social Infrastructure map of GIFT City (Source: GIFT City Gujarat)

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From the above demarcated map of social infrastructure, there are many proposed hotels, clubs, hospitals, and schools within the city such as Hotels with five-star categories, total of 300+ 300 room units and business clubs with 20 rooms at least. Schools such as Narsee Monjee Educational Trust which has total capacity of 2000 students in total count and has facilities like cafeteria, sports auditorium, theatre, internet facilities, training centers, classrooms etc. Infrastructure for hospitals include proper developed medical zone, nursing hostels and residences for the doctors within the hospital premises with more than 200 beds capacity.

GIFT City Business Club

Hotel Grand Mercure Brigade Group- 150 rooms

Jamnabai Narsee School ICSE School

Figure 221-Social Infrastructure (source: Google image)

15.13.Urban Features of GIFT City These includes the activity nodes that are interconnecting buildings and enclaves, planned space street vendors, elevated air conditioned walkways, food streets, cafeterias, golf course, clubs , sports facilities, exhibition hall, gymnasium, recreational amenities area, easy shoppe etc. Samruddhi Sarovar is a major landmark of the city which is a master balancing reservoir, across which many recreational and water sport activities, markets, water shows, events are planned to take place. With its scenic view advantage many landmark buildings and infrastructure are also planned around it such as diamond tower, Udyan metro station, helipad area etc

SAMRUDDHI SAROVAR

SPORTS COMPLEX

CONVENTION CENTER

ELEVATED WALKWAYS

EASY SHOPPE

Figure 222-Urban Features of GIFT (Source- GIFT City-Gujarat)

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15.14.GIFT SEZ- IFSC IFSC is a center of jurisdiction that accords and implements with services of finance, financial products within and traversing the borders. What is IFSC?

IFSC in India

Until now, these financial services were happening outside India by the foreign financial centers, by providing services to local and foreign residents.

Special economic zones act 2005; -Government of India handles, enables, and regulates IFSC in India. This body has identified GIFT City as Multi service SEZ and ratified it as the first ever financial center (IFSC). This will bring back to Indian shores the financial service transactions.

15.14.1. IFSC Regulatory Framework The regulatory body for IFSC framework is such that it is divided into three segments of banks, capital markets and Insurance entities which are regulated by RBI, SEBI and IRDS along with SEZ authorities, respectively. RBI &SEZ Banks Authorities

GIFT SEZ – GIFT City

Capital Market

IFSC Units

Insurance

SEBI &SEZ Authorities IRDA & SEZ Authorities

15.14.2. Tax framework for IFSC PARTICULARS

UNITS IN IFSC

INVESTORS 1.Money lent to IFSC units’ tax not payable. 2. Longer bonds on IFSC exchanges taxable at lower rate of interest 4%

Income Tax

1. 100% tax redemption 2.MAT @9% of book applies to companies as a unit in IFSC

GST

No GST on services received by unit in IFSC but provided to IFSC/ SEZ units or offshore-clients.

No GST transactions carried out in IFSC exchanges

Other tax duties

lease rental, PF contribution, electricity charges

exemption from STT, CTT, stamp duty in respect of transactions carried out on IFSC exchanges.

Table 58-Tax framework for IFSC (Source: GIFT SEZ)

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15.14.3. Subsidies and exemptions According to (Gujarat, 2015), there are many exemptions provided under Companies Act 2013 such as CSR provisions is not applicable within 5 years of commencement, internal audits will be provided only in AOA, no requirement to set up audit committee, nominations and remunerations committee, IFSC company can follow same financial year as holding company and no other approval are required for it. CSR provisions are not applicable within 5 years from commencement.

Residents’ director mandatory after 1st year of incorporation.

No requirement to set up audit committee, nominations and renumeration committee.

Limits on managerial remunerations not to apply.

Internal audit applicable only if provided in AOA

IFSC Company can allow same financial year as holding companyNo approval required.

EGM at any place or outside India subject to all shareholders’ approval. Other than the Central government subsidies on IFSC units there are special subsidies given from the Government of Gujarat under IT/ITes policy: State subsidies incentives available under IT/ITeS policy of Gov. of Gujarat Capital subsidy capital subsidy at 25% of capital expenditure for one-time purchase of computers, networking, and related hardware. Stamp duty and registration Where-ever cost is incurred 100% reimbursement of stamp duty and registration is paid. Electricity duty and subsidy on power tariff Reimbursement of provident fund contribution by employer Lease rental subsidy for every 50 sqft per employee

100% reimbursement of electricity duty and Rs 1 subsidy on power tariff for a period of 5 years. 100% and 75 % EPF amount paid in case of female and male employee, respectively. up to 20 employees

Rs 8 per sqft

20-100 employees above 100 employees

Rs 5 per sqft Rs 3 per sqft

Table 59-state subsidy/ incentives (Source: GIFT SEZ)

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15.14.4. Tax Incentives (IFSC & Non-IFSC Units) IFSC Unit: To ease of business, many tax incentives have been provided from GOG such as reduction in minimum alternate tax to 9% from 18.5%, CTT and DDT have been waived off and LT CG has been abated. Provisions of exemptions from custom duty for the goods imported into the SEZ, drawback and such benefits on the goods brought in to SEZ premises, exemption of domestic procurement to carry out the operations in SEZ, exemption on CST for inter-state procurement of goods. (Indirect taxes) Non-IFSC Unit: For direct taxes at profit stage, 100 % exemption from income tax for the first 5 years, 50% for the next 5 years and MAT remains as 18.5%. For indirect tax- exemptions in electricity duty/ stamp duty / registration fees under Gujarat state industrial and IT Policy, exemption in CST for inter-state procurement, exemptions in service taxes, and exemptions in customs duty for the goods imported to the SEZ premises and drawback and other benefits for the goods brought in.

15.14.5.Market Activity and Business Growth Within few years of operations, the daily trading volume of the International exchanges at the IFSC has crossed USD 4 billion; transactions for the banks have crossed 26 billion USD, while the sum insured by the companies of insurance have crossed USD 30 billion. Sr. No

Participants

Key business activity and features 1.Dollar denominated products. 2. No transactions cost(other than brokerage) 3.trading- 22hours 1.External Commercial borrowing/Lending (ECB) 2.Loan syndication and trade finance.

Volume and no. of players India INX & NSE IFSC stock exchange Average daily volume crossed USD 4 Billion

International Stock exchanges

IFSC Trading bank units

Insurance & intermediates

1. Broking services. 2. proprietary services.

100+ brokers Clearing corporations

IT & ITeS providers

1.Legal & consultancy firm 2. IT Companies

50+ entities

1. 13 IBUs 2.Business crossed USD 26 billion

Table 60- Business growth of IFSC (Source: GIFT Sez and www.nseifsc.com)

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15.15.Companies Operating in GIFT City NOTABLE COMPANIES IN GIFT SEZ-IFSC Banking: State Bank of India IDBI Bank Bank of Baroda Indian Bank Axis Bank HDFC Bank Kotak Bank Federal Bank Bank of America (IFSC)

Insurance & Intermediate: GIC Re ECGC The new India Assurance Company Intermediates: Trinity group Bharat Re insurance brokers Unison insurance brokers

Capital Markets: NSE IFSC ltd India INX Ltd Edelweiss Ltd Kotak securities Ltd India ICC NSE IFSC Clearing Corporation IIFL IFSC Ltd Others

Many notable companies are operating in GIFT SEZ such as banking companies like State bank of India, IDBI Bank, Bank of Baroda, Indian Bank, Indian Bank, Axis Bank, HDFC Bank, Kotak bank, Federal bank, and Bank of America. Insurance and intermediate companies operating such as ECGC, The new India company, Trinity group, unison Insurance brokers, and GIC Re. Operating capital markets such as NSE IFSC Ltd, India INX Ltd, Edelweiss Ltd, Kotak securities Ltd Etc.

NOTABLE COMPANIES IN DTA Financial Services: SIDBI Bank of India IDBI Bank of Baroda HDFC Bank Andhra Bank Canara Bank Syndicate bank GSC Bank MCX

IT &ITeS: Oracle TCS InfiBeam Befree Maxim Integrated N-Code solutions Software technology parks of India (STPI)

Others: GERC GNFC Kennis TATA Chemicals Ltd

Operating Financial services companies within GIFT SEZ are Bank of Baroda, Andhra bank, Canara bank, Syndicate bank, MCX, GSC Bank. Some IT/ITes Companies operating already are Oracle, TCS, Infibeam, Befree, STPI etc.

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15.16.Emerging Business Opportunities in IFSC OPPORTUNITIESOF BANKS IN IFSC: By enabling foreign currency transaction by institutional clients, benefit is received with an ability to transact the currency in offshore markets from IFSC. By deployment of funds to Indian residents’ benefit received is an ability to meet the requirements of the corporates at domestic and International levels both. By factoring the trade receivables, benefit received is to tap the growing trade in the region. Deals in the derivative and structured market products based on options, debts etc. foreign and IFSC markets will be able to deal with currency derivatives listed on exchanges in foreign and IFSC markets, thus will be able to provide the products to hedge the risk exposure.

OPPORTUNITIES OF CAPITAL MARKETS IN IFSC: Opportunities to provide a wide range of securities to Indian and foreign investors looking to invest in exchanges that set up IFSC unit in SEZ premises and provide a chance to Indian investors to raise the foreign currency capital. This could eventually benefit by attracting the Indian and Foreign investors. Other benefit received is lower net worth requirement of INR 25 Cr initially when compared to INR 100 Cr which is required to set up exchange in India. Capital Markets: 1. Connectivity with global trading platforms 2.Global wealth and asset management presence. 3. Guidelines for overseas mutual funds. Insurance: 1. Enabling guidelines for foreign insurance and reinsurance brokers.

Aircraft leasing and financing: 1. Enabling aircraft leasing and financing regime. 2.Promoting in-house aviation capabilities.

Other Developments: 1. Setting up India's first International Bullion exchange. 2.High end processing center.

OPPORTUNITIES OF DIRECT INSURANCE IN IFSC: Indian Insurers can undertake direct and offshore insurance business of the companies in the IFSC and thus tap the business of trade. Similarly, for foreign reinsurers can undertake offshore and direct reinsurance business in any location of IFSC under IRDA regulations on reinsurance as per Insurance act 1938. OPPORTUNITIES OF SEZ UNITS IN IFSC: Opportunities available for IT/ITeS Companies in GIFT area are setting up R&D facilities for various IT companies, vertical IT/ITeS parks, e-commerce companies, web digital development, software application development etc. The units set up under SEZ can be for trading, commerce, call centers, data processing, engineering and design, educational services, financial services, tourism, entertainment, medical facilities, legal data bases etc. 195 | Page

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15.17.Current Status of the Project Infrastructure Buildings

Current Status GIFT ONE & TWO - 28 Storey each: completed Signature- 16 storey: completed Tower of Brigade- 12/17 floors completed World trade center- 13/28 floors completed Tower A- 6 floor slab completed Tower B- 23 floor slab completed Tower C- Yet to start Tower D- 6 floors completed

Road

Upgradation of access roads and construction of sub-arterial roads are completed. RFP for arterial roads is under process.

Water

WTP has been commissioned STP is under construction Work assigned to ETA Engineers Pvt Ltd

District Cooling System AWCS

Work assigned to Envac

Sam Riddhi Sarovar

RFP is under preparation

MLP

Tender are prepared and tenders are under process.

Hospital

Sterling add life India Ltd; design specifications are under process of finalization ICSE Jamanalal Narsee moniee school is constructed

School Hotel Fuel Station

Two 4-star hotel are under construction Total two fuel stations are planned and one under IOCL is under construction.

Figure 223- Status of the Project as of March 2020 (Source: www.jetir.org)

•

As per (Bandyopadhyay, 2020) IL&FS, a so-called core investment company with its finger in every single pie of business spread over 347 companies in India and overseas, holds a 50 per cent stake in Gift City — India’s first operational smart city and international financial services Centre in Ahmedabad, Gujarat. In 2007, IL&FS had entered into an agreement with the Gujarat government to develop an international financial services city (IFSC). The agreement had an exit clause.

•

Roughly 15 per cent of the space has been allotted to a string of real estate developers as well as banks and financial institutions, including the State Bank of India and Life Insurance Corporation of India. At least 200 companies are operational now, employing 10,000 people. Overall, Rs 11,000 crore worth of investments have been committed to the project.

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RESEARCH AND ANALYSIS OF WESTERN CENTRAL MICRO MARKET OF AHMEDABAD

Articles inside

15.15.Companies Operating in GIFT City

15.16.Emerging Business Opportunities in IFSC

15.17.Current Status of the Project

15.14.3. Subsidies and exemptions