Adani Group invites Indians in the UAE to invest in its Ahmedabad project

One of its flagship projects is Shantigram, one of Gujarat's largest integrated township spread over more than 600 acres. It features state-of-the-art commercial complexes and luxurious residences.

Adani group, one of India's largest business houses, is a $9.4 billion (2014) diversified conglomerate with interests in ports, real estate, special economic zones, power generation, oil and gas exploration and distribution, edible oil, coal mining and trading. Adani Realty is developing more than 50 million square feet of real estate across the country including Ahmedabad, Gurgaon and Mumbai.
One of its flagship projects is Shantigram, one of Gujarat's largest integrated township spread over more than 600 acres. It features state-of-the-art commercial complexes and luxurious residences.
Excerpts from an interview with Dipesh Roy, Vice-President, Marketing, Adani Township and Real Estate Co. Pvt Ltd:
What is the current status of Shantigram?
Shantigram has already started delivering homes. In the next six to eight months, a total of about 3,000 homes will be given for possession. Having completed the entire infrastructure (the road network, services network, water treatment plant, sewage treatment plant, etc.), we are now in the process of completing social infrastructure that would include a large convenience shopping plaza, a central park that would include a food hub, children's play area, amphitheatre, art and exhibition plaza and a large musical floating fountain in the seven-acre lake.
We are also launching facilities (indoor and outdoor sports, F&B, wellness centre, etc.) in the Belvedere Golf and Country Club, which includes a nine-hole golf course that is already operational. Also, by the beginning of next quarter, we are looking at launching retirement homes/senior citizen housing, which would be for the first time in Ahmedabad.
How has the response been from potential buyers? Have you had a good response from NRIs, especially from the Gulf?
The UAE is an important market for us and we have had a good response from this market. Shantigram is not only seen as a great place to live in because of its world-class infrastructure, which is comparable to what NRIs are used to in the developed countries, it is also a great investment option, given its proximity to Infocity, Gift City, airport and other important locations in Ahmedabad.
When do you expect the entire project to be completed?
Shantigram is one of the largest real estate projects in Gujarat and is spread over more than 600 acres with 40 million square feet of development potential. The completion of the entire project is expected to be over in the next five to six years. The design and planning of Shantigram has been done in such a way that each residential or commercial cluster is self-sustained with access to the common infrastructure.
Does the company have plans to launch similar sized projects elsewhere in the country? What are the other projects being executed by the company?
The company is executing a residential project in Andheri west and a commercial office project in Bandra-Kurli Complex (BKC), both of which are in Mumbai. It is also developing a residential project in a joint venture at Dwarka Expressway in Gurgaon, NCR, and another residential project in a joint venture in Byculla, Mumbai.
Could you give us your perspective on the real estate scenario in India?
Different micro markets are witnessing different dynamics. Mumbai is witnessing demand from end users for ready-to-move-in properties, while demand from investors has softened in under-construction properties. Ahmedabad has shown one of the highest absorption rates, while the Delhi NCR market has witnessed a steep drop in enquiries with prices remaining stable.

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