Builders to home in on Gujarat

AHMEDABAD: Besides investments, the upcoming Vibrant Gujarat summit is likely to boost housing supply in the state, especially in the smaller cities and towns. Around 50 members of Confederation of Real Estate Developers' Association of India (CREDAI), an apex body of builders, will sign investment agreements worth Rs 15,000 crore, mostly housing projects, at the summit.Builders from Mumbai, Delhi, Bangalore, Pune, Hyderabad, Chennai, Kolkata, Jaipur, Coimbatore and Mohali have already evinced interest for realty projects in Gujarat.
"This for the first time CREDAI is participating in Vibrant Gujarat summit," says Jaxay Shah, president of CREDAI, Gujarat. Many of them may join hands with local developers. Already, national players like Godrej, DLF, Indiabulls and Rahejas have presence in the state."Gujarat is emerging as an important market," says Getamber Anand, vice-president of CREDAI. Anand's Noida-based company ATS Infrastructure is planning to invest Rs 250 crore for affordable housing projects. "Not just big cities, realtors are also looking at small towns," he says.
Incidentally, chief minister Narendra Modi had marketed Gujarat during his address at CREDAI's national convention in Delhi last month. "For most of us, Gujarat is still a new market. But, we are convinced about the business opportunities here," says Pravin Doshi, former president of Maharashtra Chamber of Housing Industry. Doshi's company Acme Housing will sign MoUs worth Rs 1,000 crore for housing and education projects in Ahmedabad.
Everest Developers, promoted by Nainesh Shah, who is a secretary of CREDAI, plans to invest Rs 250 crore in Ahmedabad, Vadodara and Surat.