– Apr 23, 2011, Asian Voice
When on path of urban development, one often reaches a cross road when one has to choose between building from scratch by nurturing a complete new idea or by reclaiming an existing space, regenerating and rejuvenating it. The former is an act of creativity; the later is an act of courage.
One such act of courage is the creation of urban asset by regenerating Maninagar – Kankaria Lake precinct, Ahmedabad. It indeed defines a new face of Development in both its Concept and Ideology.
Maninagar – Kankaria Lake
In a Country where Development is a Promise and Growth is just a Concept, Gujarat proves to be an exception. Recently, two high profile publications, The Economist and The New York Times highlighted the development in Gujarat that witnessed an 11% growth rate as compared to an all India average of 9% (Feb’11, Mckinsey & Co.) Gujarat intends to create the blueprint for a vibrant future. An integral part of this blueprint is to create urban and sub-urban assets in strategic places.
One such urban creation was the redevelopment of Maninagar – Kankaria Lake in Ahmedabad which was done under the City Modernisation Scheme launched by Government of India, with an investment of $20 Billion.
Ahmedabad, being the Financial Capital of Gujarat is inherently dynamic from the stand point of Trade and Commerce and Maninagar is anchoring the Development and Expansion toward the east of Ahmedabad.
Being the oldest suburb of the city, it is umbilically connected to the City Centre and forms an integral part of the residential structure of Ahmedabad. However, for any key location to be able to propel into the future requires the elements of Transport and Infrastructure, Education, Cultural Heritage and Economics to work in conjunction with each other. It is the amalgamation of all these forces that convert the space to a place…. a place for future.
Transport and Infrastructure
Maninagar is extremely well connected by the road network to Ahmedabad City Centre and with the latest BRTS (Bus Rapid Transit System) it takes only 20 mins. The Vadodara Express Highway ensures direct connectivity not just to Gandhinagar and Ahmedabad but also to all major Cities in Gujarat. Also, the Maninagar Railway Station is centrally located in the area and forms a vital connection in Western Railways network as it lies on the Mumbai-Ahmedabad rail route. Also the expansion of Terminal II at Sardar Vallabhai Patel Airport ensures international connectivity. Lastly the restructuring of the internal roads and traffic systems as per new planning norms, shall render Maninagar an international layout.
In conjunction to the existing schools and colleges in the area, there are two major educational institutes coming up. One is a state of art Institute of Engineering Technology and the other being the Institute of Advance Studies in Management. The influx of these educational Institutes shall create a new node of Development as it gives rise to ancillary commercial activities and boost the economics of the region. Plus the creation of world class education adds intangible brand value to the place.
Religious & Cultural Heritage
The idea of reclaiming Maninagar was to amalgamate the strengths of glorious cultural past with the sensibilities of the present to create a new horizon in the future. Along with the religious centres of various communities such as the Sikhs, Parsies, Bohras and the Gujaratis, we have the Swami Narayan temple. The cultural diversity works in perfect harmony and eases the path of growth and regeneration.
Economics of Space and Place
From an investment perspective when one understands and compares the potential of each of the emerging areas around Ahmedabad, the lack of supply is clearly evident in Maninagar. Prudent investors always intend to magnify the potential gains by playing on this demand – supply dynamics. The average returns in residential real estate in the area are between 20%-25%. A strong domestic and now international demand is met with weak supply. Thus all new developments tend to escalate at a faster rate. In addition to this the forces of development along with political inclination make Maninagar a better and more stable option for realising investment gains.
From heritage to hi – tech, from centres of community to cosmopolitan setups, Ahmedabad has it all. The task of shaping this urban pattern clearly defines the new direction. The goals of efforts such as the Maninagar – Kankaria lake precinct, are a product of urban space creation; thus blending the old and the new, the evolutionary and the revolutionary.
Gujarat offers what we all know to be true; that Property Investment is only as effective as the Location you invest in. When it comes to owning a property in Gujarat, look no further than Unesta.