With retail chains propping up in the residential areas in the city, the prices close to those areas are shooting up considerably. This kind of progression is not only limited to the city, but it found across the state.
The retail chains like Squish, Reliance fresh, Spencer and many more are now specifically targeting residence, leading to considerable increase realty prices.
Makes Vasari, a city based realtor said, "The retail boom can be noticed on a wider scale since last two years as many players like reliance, Spencer, Subhiksha and many more have added value to the real estate sector in residential areas."
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Citing the reason for increase in number or retain chains in residential areas, he said, "One of the reasons for putting their business in residential areas is that they get benefit of 30 per cent to 40 per cent in rent and lease compared to the main roads where the rental prices are quiet high."
As of more than 100 retail chain stores in residential areas are about to open in the coming years, the realty prices in these areas is likely to appreciate.
Envisaging this kind of trend in residential areas, Shrinik Shah of Space Management Ltd said, "With rise in numbers of retail chains in residential areas, the rentals for commercial properties in these areas too will appreciate." He also said, "The prices of the residence property have been appreciated on an average above 30 per cent across the city."
Earlier, this kind of trend was limited to CG Road, Navrangpura and near by vicinities, which had the potential of carrying business but in last couple of years the western suburbs have immerged as the biggest retail pocket.
The areas like Satellite, Shivranjani, Drive-in, Paldi, New Audhav and more are the few examples of it.
This kind of development is not limited to the western region, as the eastern is also experiencing the same.
An official of Spencer retail told DNA, "This phenomenon has happened due to increase in cosmopolitan crowd in the city, leading the retail chains flourish in the city, irrespective of eastern or western part."
He also said, "Spencer is looking to open over 40 stores shortly in the city of which majority will be in the residential pockets."
The retail chains like Squish, Reliance fresh, Spencer and many more are now specifically targeting residence, leading to considerable increase realty prices.
Makes Vasari, a city based realtor said, "The retail boom can be noticed on a wider scale since last two years as many players like reliance, Spencer, Subhiksha and many more have added value to the real estate sector in residential areas."
• Check out our Yearender Special
Citing the reason for increase in number or retain chains in residential areas, he said, "One of the reasons for putting their business in residential areas is that they get benefit of 30 per cent to 40 per cent in rent and lease compared to the main roads where the rental prices are quiet high."
As of more than 100 retail chain stores in residential areas are about to open in the coming years, the realty prices in these areas is likely to appreciate.
Envisaging this kind of trend in residential areas, Shrinik Shah of Space Management Ltd said, "With rise in numbers of retail chains in residential areas, the rentals for commercial properties in these areas too will appreciate." He also said, "The prices of the residence property have been appreciated on an average above 30 per cent across the city."
Earlier, this kind of trend was limited to CG Road, Navrangpura and near by vicinities, which had the potential of carrying business but in last couple of years the western suburbs have immerged as the biggest retail pocket.
The areas like Satellite, Shivranjani, Drive-in, Paldi, New Audhav and more are the few examples of it.
This kind of development is not limited to the western region, as the eastern is also experiencing the same.
An official of Spencer retail told DNA, "This phenomenon has happened due to increase in cosmopolitan crowd in the city, leading the retail chains flourish in the city, irrespective of eastern or western part."
He also said, "Spencer is looking to open over 40 stores shortly in the city of which majority will be in the residential pockets."
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