DEVELOPERS NEW BLUEPRINT FOR REALTY TRANSFORMATION

Gujarat real estate which witnessed sluggish demand in the second half of 2024 is set to see revival in 2025 with a growing demand for housing due to migration. Developers are upbeat and are confident as Ahmedabad is considered to be one of the fastest-growing cities in India. In conversation with Sapna Srivastava, Editor Realty+, Dhruv Patel, President, CREDAI Ahmedabad GIHED elaborated on some of the most significant transformations observed in Gujarat that dive the bullish sentiments. “Ahmedabad, and Gujarat as a whole, has always led in some form of progress, particularly in infrastructure, where we’ve been ahead of the curve for decades.

Today, with developments like GIFT City, India’s first integrated smart city, we’re shaping the infrastructure of tomorrow, alongside ambitious moves to position Gujarat as a major sports hub, with bids already in place for events like the Olympics and Commonwealth Games. Gujarat has long been one of India’s most industrialized states, with a wide spread of thriving hubs like Surat, Ankleshwar, and Vapi for chemicals, Rajkot and Ahmedabad for textiles, and now emerging areas like Dholera for semiconductors, backed by massive investments such as Tata’s ?1 lakh crore commitment. Connectivity is rapidly evolving too, with expressways and a proposed high-speed rail linking Ahmedabad to Dholera in under 25 minutes, reinforcing the state’s strategic advantage.

" While we may have missed the service sector wave, especially in IT and GCCs, Gujarat’s strong, diversified infrastructure and coastal access are helping us stay competitive and catch up fast. Dhruv Patel"

Gujarat’s strategic advantage lies in being a port-driven state, with key ports like Kandla playing a major role in its economic strength. While states like Karnataka and Tamil Nadu lead in IT and related sectors, Gujarat stands out as a frontrunner in manufacturing and industrial development.”

GUJARAT’S REAL ESTATE POTENTIAL

Opening up about what excites him about real estate, Dhruv Patel articulated, “As a family business, our interests revolve around the essentials – food, clothing, and housing. My father, and now I, have been among the first organized real estate developers in the city. We’re also active in the textile sector with three manufacturing units, and while we don’t operate in the food industry directly, we do have investments in it. However, real estate remains our core focus, and we’re proud to be part of a sector that helps people achieve one of their life’s most important dreams: owning a home. I feel fortunate that my father was one of the founding members of what is now CREDAI Ahmedabad, originally known as GIHED, and today I have the privilege of serving as its president.

THE NEW BLUEPRINT

The Gujarat realty sector is making concerted efforts towards strengthening the holistic development through education and leadership development. justified by better amenities or planning, so the value mindset works both ways.”

IIM Ahmedabad Leadership Program: IIM Ahmedabad and CREDAI will collaborate on programs like the Real Estate Development Leadership Program (RED-L), designed to enhance leadership skills and industry knowledge for real estate developers. Value-Based Selling: CREDAI Ahmedabad is promoting value-based selling, ensuring buyers know exactly how much usable space they are getting. Dhruv Patel explained, “we are encouraging developers to shift from price-driven strategies to RERA-compliant area-based pricing for transparency. Buyers often focus solely on the square footage they’re getting for the price, which leads them to compare options based on cost alone. However, when value becomes part of the equation, they start assessing whether the additional investment is Dhruv Patel said, “Most developers, including myself, come from entrepreneurial backgrounds and lack formal training in real estate, which is why we partnered with IIM Ahmedabad to launch an executive program for developers with 7 to 10 years of experience, focused on preparing them to lead the industry over the next decade.”

CEPT University MoU: CEPT University Ahmedabad has signed a Memorandum of Understanding (MoU) with the Confederation of Real Estate Developers’ Association of India (CREDAI) to launch a professional certificate programme for developers. Elaborating on the initiative Dhruv Patel stated, “In collaboration with CEPT University, we have introduced a technical course to help developers understand core principles of planning, design, and sustainability before starting a project.

This course is aimed specifically at equipping developers with the foundational knowledge needed to build responsibly and efficiently. Open to all CREDAI members, it looks to address a critical gap in professional development for real estate developers and will provide the professionals with a comprehensive understanding of the modern real estate landscape.” Dhruv Patel said, “Most developers, including myself, come from entrepreneurial backgrounds and lack formal training in real estate, which is why we partnered with IIM Ahmedabad to launch an executive program for developers with 7 to 10 years of experience, focused on preparing them to lead the industry over the next decade.” CEPT University MoU: CEPT University Ahmedabad has signed a Memorandum of Understanding (MoU) with the Confederation of Real Estate Developers’ Association of India (CREDAI) to launch a professional certificate programme for developers. Elaborating on the initiative Dhruv Patel stated, “In collaboration with CEPT University, we have introduced a technical course to help developers understand core principles of planning, design, and sustainability before starting a project.

THE SUCCESS MANTRA

Like two sides of a coin, real estate too has its upside and downside. Dhruv Patel considers real estate as one of the most powerful sectors to invest, because of its solid business and financial potential. “I often say that it’s okay to miss out on stocks like Reliance or Tata, those companies themselves can’t function without real estate. They need offices, factories, homes for employees, and supporting infrastructure. In that sense, real estate can survive without equity, but equity can’t survive without real estate. The downside, however, is that real estate remains an illiquid asset. It’s not easy to enter or exit quickly.

But with the rise of fractional ownership and SM REITs, especially after recent RBI initiatives, we’re moving toward a more flexible and accessible future where even small investors can participate and exit with ease.” As someone deeply connected with Ahmedabad’s real estate community, Dhruv Patel is proud to see the new generation of developers bringing clarity, focus, and a no-clutter approach to their work as they understand the importance of delivering quality and moving forward with purpose, which hasn’t always been the case in the past. “My advice to young developers is to focus on creating real value through better planning, amenities, and design, so that buyers can clearly compare offerings and understand for what they’re paying,” he said.