Asia Pacific Regional Overview - NAI Commercial Real Estate

Ahmedabad IndiaMarket SummaryCountry Population1,129,866,154129 154 (July 2007 est.)Area (sq km)3,287,590GDP (in US$)US$1,249 billion (2008 est.)GDP Growth (%)8.4% (2008 est.)GDP Per Capita (in US$)US$1,089 (2008 est.)Inflation (%)4.4% (2006 est.)Interest Rate (Federal Funds Rate) ¹ (%) 5.25%Unemployment (%)7.2% (2008 est.)CurrencyIndian rupee (INR)Exchange Rate (US$ and date)1 INR = .02471 USD (3/17/08)Exchange Rate (Euro and date)1 INR = .01571 EUR (3/17/08)Market NameAhmedabadMarket City Population5,080,566 (2007)About the MarketAhmedabad is the largest city in the stateof Gujarat, a prime inland industrialcentre and one of the fastest growingretail destinations in western India.Factors like proximity to Mumbai,superior infrastructural facilities such asimproved roads, port facilities andavailability of power and the influx ofBPOs, corporate companies, retailchains and IT parks escalated the realestate expansion of the city. Ahmedabadfosters Textiles, Engineering, Dairy,Chemicals, Petrochemicals and the ITIndustry. Since 2007 retail, entertainmentand residential real estate market hasseen significant growth which is expectedto continue. The city real estatecomprises of corporate offices, malls andmultiplexes, while the outskirts of the cityhas industrial set up. The city boasts thepresence of companies such asMicrosoft, TCS, HSBC, Bharti Group,Nirma, Cadila, Torrent, Reliance, Adaniand the Future Group. With the seventhhighest Market Potential Value (MPV)among all the 784 cities in India,Ahmedabad has an encouragingbusiness atmosphere with scope forReal Estate development 29