Navratri is beyond doubt one of the biggest festivals in Gujarat and the famous garba dance from the state during this festival is a treat not only to the audience but is an experience to die for even for those who participate in it. And if you are in Vadodara, the third largest city in Gujarat, after Ahmedabad and Surat, you cannot afford to miss the garba at Gorwa, near Lakshmipura substation ground, which is beyond doubt the biggest in the city. But why are we speaking about song and dance in a realty investment destination section? The reason is simple. And beyond doubt the garba at Gorwa will only increase its importance, going forward. Gorwa off-late has gained importance in Vadodara for a very different reason. Traditionally, an industrial area post 1980s and a village prior to that, the area is witnessing hectic construction activity and is now dotted with projects by leading developers of Gujarat. So if you have the necessary funds, should you take the dip in Gorwa’s real estate?
How about a house in Vadodara's garba hub?
<p>Gorwa in northwest Vadodara holds lot of promise, going forward. Invest now to catch the market on its way up.</p>
The location. Gorwa, also known as Gorva, lies in the northwest part of Vadodara. It lies in the middle of the famous Bhailal Amin Road and among other things, as mentioned before, is also known for Gorwa lake that is still present in the middle of this locality. Not so long ago locations like Gotri Road, Race Course Road and Channi Jakat Naka were major realty destinations in the northwest part of the city. However, Gorwa has slowly and surely started to make its presence felt in the real estate market of the city. Large tracts of land are gradually being released for development. “This is one of the reasons that makes it an attractive investment destination, says Neeraj Tomar, head, Ahmedabad operations, JLL India.
Social infrastructure. While it is an upcoming location, it has a decent social infrastructure that will only add to its realty value in the days to come. The locality has the oldest and the biggest vegetable market in Vadodara. It is well connected with the city of Vadodara. While Vadodara is the main railway station to reach Gorwa, it can also be reached through other railway stations like Vishvamitri, Goya Gate, Chhayapuri, Bajuva and Bhaili, among others. Bhailal Amin Road is the main road passing through Gorwa. It also connects the locality with Indian Oil Corporation (IOC) and Indian Petrochemicals Corporation (ICPL) on one side, and the colonies of Alembic and Fatehganj on the other side. Sardar Patel Road is the other major road in the locality and it connects Gorwa to Race Course Circle and Alkapuri, which is the economic hub of Vadodara.
Inorbit Mall is the only organised retail format in Gorwa presently. However, the possibility of such formats coming up in the locality in future cannot be ruled out. With regard to schools, there are a number of English medium schools in the area including St Mary’s School on Refinery Road, Navyug English Medium School near Mahadev temple, Adarsh Vidyalaya on V.I.P Road and Tejas Vidyalaya on Ashram Road. The locality also has a number of hospitals and clinics with Bhailal Amin General Hospital being the most prominent one.
Capital values and rentals. Thanks to the history of the locality this has a mix of residential and commercial establishments. Capital values of residential apartments in Gorwa are in the region of Rs. 2,800-Rs. 3,500 per sq.ft. “Prices have moved up by 8-10 per cent in the past one year,” says Tomar. The rentals market in the residential space is still at a very nascent stage in Gorwa. However, if you wish to invest in a small office space in a mall, the going rentals are Rs. 100-Rs. 110 per sq.ft. On the other hand, rentals for a commercial space in a larger floor are in the region of Rs. 35-Rs. 40 per sq.ft.
The options. Gorwa presents a host of options both in commercial and residential space. You can take a pick depending on your risk appetite and the funds at your disposal. On the residential side you can invest in apartments. Ideally you should stay away from investing in land. On the commercial side, you can invest in either in a small space or a larger floor plate depending on the funds at your disposal.
Should you invest? Among other things that work in favour of this real estate market is the fact that the locality also houses the Gorwa Industrial Estate. The state’s largest theme park has been planned in Ajwa Garden, in Padra village and Gotri is also being made into a satellite city. The locality of Gorwa is very close to these places, within a radius of around 10 kms. The development of such a township nearby will only add to the value of the real estate market in Gorwa.
Being in close proximity of Vadodara, the region almost connects easily with each and every part of the city. Vadodara civic administration is looking towards Gorwa region as the next best hotspot for residential real estate around the city and is working on numerous plans to make infrastructure of the region better. All these surely add up to make sense to own a piece of land in a city which has a history much older than most Indian cities.
One more suggestion. If you do invest in Gorwa, hold on to your property for a minimum of six years as most of the projects in the locality are in the construction stage and their completion is still some time away. ”