Ahmedabad, the largest city in Gujarat, serves as the economic and commercial capital of the state. Located on the banks of the River Sabarmati, Ahmedabad has been chosen as one of the hundred Indian cities to be developed as a smart city under the PM Narendra Modi's Smart Cities Mission.
Since the early 19th century, Ahmedabad received heavy capital investment from private players in the textile industry. Slowly, it became a hub of textile spinning and weaving mills. Today, it houses more than 30 big textile mills which are the main driver of the economy in Ahmedabad. It was known as the 'Manchester of the East' for its textile industries. Ahmedabad also houses a stock exchange which is the second oldest stock exchange of India.
A growing economy means that Ahmedabad is now one of the upcoming markets for the real estate sector. Real estate investments are a major part of this boom. The corridors of growth such as development of the outskirts and metro have led to many projects in the city. The main reason for investing in Ahmedabad is because of more demand for dwelling units owing to the good work done by the civic administration, facilities and amenities like road transport etc., people from the outskirts of the city are also able to commute to and from work.
Ahmedabad has witnessed both residential and commercial development over the years and there are several NRIs investing in the Ahmedabad real estate market in the hope of good returns.