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You are right itz certainly a bubble 90% of people in ahmedabad earn below 5 lakhs
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Forbes just put Ah'd in the top 10 growing cities in the world saying per capita income is twice that of rest of India.
http://www.forbes.com/2010/10/07/cit...n_slide_4.html
Ahmedabad, India
This is the largest metropolitan region in Gujarat, perhaps the most market-oriented and business-friendly of Indian states. Gujarat's policies helped lure away the new Tata Nano plant from West Bengal (Kolkata) to Sanand, one of Gurajat's exurbs. One Indian academic, Sedha Menon, compares the state--which has developed infrastructure more quickly than its domestic rivals--with Singapore and parts of Malaysia. Per-capita incomes in Gujarat are more than twice the national average. India's seventh-largest city has a population of roughly 5.7 million and is expected, according to the U.N., to grow to over 7.6 million by 2025.
Why should the property not boom ?
~D