- IT-BPM sector drives 68% of leasing in Q1 2025; Gujarat gears up for 3.38 crore sq. ft. of new commercial supply through 2029
- Ahmedabad has clocked an unprecedented 64% year-on-year growth in commercial transactions, making it one of India’s most compelling new business destinations
- At Million Minds Tech City, we offer international-standard Grade A campuses at far more competitive costs than Mumbai or Delhi: Viren Mehta, President – Sales, Ganesh Housing Ltd
NE BUSINESS BUREAU
AHMEDABAD, SEPT 21
India’s commercial real estate market is witnessing a decisive shift beyond traditional hubs like Bengaluru, Delhi-NCR, and Mumbai—and Ahmedabad is rapidly taking center stage as the country’s next commercial powerhouse.
At the heart of this transformation is Ganesh Housing Ltd.’s flagship project, Million Minds Tech City at Vaishnodevi Circle, a Grade A+ integrated campus positioned to reshape Gujarat’s commercial real estate blueprint. According to a Ganesh Housing-led crowdsourced report, Ahmedabad has clocked an unprecedented 64% year-on-year growth in commercial transactions, making it one of India’s most compelling new business destinations.
Policy Push Driving Growth
Gujarat’s progressive policies—particularly the IT/ITeS Policy and the GCC Policy 2025–30—are fueling this surge, offering attractive incentives that are drawing major IT and GCC occupiers. Developers and occupiers in aligned zones such as GIFT City, Dholera, and Vaishnodevi Circle are benefiting from:
- Capital incentives of up to ₹200 crore
- Tax exemptions and interest subsidies
- Green FSI benefits for sustainable campuses
- Fast-track clearances in priority corridors
- Dedicated GCC clusters with plug-and-play infrastructure
- 30% capital support for IT infrastructure
Market Dynamics: Demand Outstripping Supply
With IT-BPM contributing 68% of leasing activity in Q1 2025 and nearly 72% of new supply restricted to under 2.46 lakh sq. ft., the market is facing a mismatch between demand and availability. This is creating strong tailwinds for large-scale, integrated Grade A+ campuses like Million Minds Tech City, which are designed to accommodate modern enterprises seeking scale, efficiency, and international standards at competitive costs.
Developer’s View
Viren Mehta, President – Sales, Ganesh Housing Ltd., said: “The commercial property market has decisively evolved. Tenants are no longer willing to pay premium rents for average facilities in mega-metros. At Million Minds Tech City, we offer international-standard Grade A campuses at far more competitive costs than Mumbai or Delhi. Combined with progressive policies and infrastructure primed for growth, we see this project emerging as the nucleus of Gujarat’s commercial evolution.”
Emerging Hotspot: Vaishnodevi Circle
Once considered peripheral, Vaishnodevi Circle along SG Highway is fast emerging as a next-gen central business district (CBD), attracting IT firms, Global Capability Centers, and large-format occupiers. Its growth is being driven by policy support, infrastructure readiness, and enhanced connectivity, making it a preferred micro-market for new-age businesses.
Ahmedabad’s Strengthening Position
Ahmedabad’s rise is also backed by a transparent regulatory framework under RERA, which has seen 796 commercial and 1,969 mixed-use projects registered in the city as of March 2025. This regulatory clarity, coupled with robust infrastructure and policy-driven incentives, has firmly positioned Ahmedabad as Gujarat’s commercial capital.
With 3.38 crore sq. ft. of new commercial supply expected across Gujarat by 2029, the city is poised to attract sustained investor, occupier, and developer interest—cementing its role as India’s newest commercial real estate powerhouse.
