Gujarat is expected to receive a major boost from the Statue of Unity located in a remote area of the Narmada district. By TIME Magazine, it is already one of the World’s 100 greatest places in 2019. Gujarat’s real estate market will benefit from its development, as well as allied sectors.
Gujarat, the land of rich and vibrant cultural heritage, has positioned itself as one of the top tourist destinations in the world with the introduction of the 182-metre-tall Statue of Unity. In honour of Sardar Vallabhbhai Patel’s 143rd birth anniversary, the Prime Minister unveiled a statue in his honour on 31st October 2018.
The world’s tallest statue is built on Sadhu Bet island in the Narmada district near the Sardar Sarovar Dam and is twice the height of the Statue of Liberty in the USA.
A large tourism hub near the statue will be established by the government on the lines of the Kutch winter festival. An initial infrastructure project will include 250 tents in a tent city near Sadhu Bet that will remain operational year-round.
Certain offbeat destinations such as the Narmada district will experience an increase in their attractiveness as a result of the government setting up basic tourist infrastructure. The project will not only generate commercial real estate growth in the region, but will also provide an incredible opportunity for social development, economic growth, and heritage preservation. It is expected that both commercial and residential development in the vicinity of the location will be boosted gradually with the development of transportation modes.
The tourism and hospitality sectors have attracted investments worth Rs 11,000 crore over the past few years. With increased tourism activities, allied industries such as hospitality, transportation, and handicrafts will flourish due to the recently inaugurated Statue of Unity.
It is anticipated that the tourism sector and other allied sectors will grow rapidly in the Narmada district, creating a large number of employment opportunities for locals and tribals living near the dam. The tent city is expected to employ at least 15 per cent of locals, as of this date.
It is estimated that 15,000 visitors will visit this monument each day, according to the government.
The question becomes, however, if it will be able to match the kind of popularity enjoyed by some of the most iconic structures in the world such as the Eiffel Tower. Gujarat is still waiting to see if it will attract global tourists and become the new tourism and real estate magnet for India.
The population of Gujarat is a mix of professionals and businessmen. The state has a reputation for being industrialised. There are several prominent cities in the region, including Ahmedabad, Jamnagar, Mandvi, Gandhinagar, Surat, etc. There has been rapid development in the real estate market in Gujarat.
Over the past few decades, Gujarat has transformed slowly, but now anyone who visits the state can see skyscrapers, malls and buildings.
The growing demand for employees in Gujarat is driving up the rental market as well as the capital value of property in the city. The Gujarat property market is also booming with developers focusing on affordable housing.
Several projects are underway to make this place a popular tourist destination. There will be an increase in the number of restaurants, hotels, and transportation services in India, thus improving its economy.
A few nearby localities of the Statue of Unity are Navagam, Gora Colony, Vasantpura, Thevadia, Nana Thavadia, and Mokhadi. Efforts are being made by the Gujarat government to develop the entire neighbourhood as a world-class tourist destination. Gujarat’s real estate market outlook will be transformed when these projects are completed!