Growth benefits of high speed rail (HSR) for enterprises are not automatic, but require a buoyant local economy and a robust strategy. Against above background, main objectives of ex-ante case study have been to investigate local socio-economic and spatial impacts of proposed HSR project around Ahmedabad station area on Mumbai-Ahmedabad HSR corridor, analyze the opportunities and challenges of HSR development and draw policy implications. Qualitative research methodology has been used to elicit the perceptions and perspectives of randomly selected 43 small, medium and large enterprises. Data has been analyzed using descriptive statistics. The study reveals that HSR induced greater human interaction will activate local economy, improve business efficiency and generate employment. Frequent travels on business trips can influence enterprises decision to settle near HSR station for easy access and likely to promote realty development. The proposed HSR project should be developed in synergy with urban dynamics of cities in transition and metropolitan service cities. Poor public transport connectivity is likely to be a major challenge in improving HSR accessibility and enhancing overall impacts of HSR, which can be improved by developing an integrated urban transport system, for which cooperation of all stakeholders and coherence with firms’ strategies is essential.