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Ahmedabad Real Estate Summary

Ahmedabad, a lively city in Gujarat, India, has seen noteworthy growth in its real estate market, drawing in both buyers and renters.

Market Performance

In Q3 2024, Ahmedabad's residential property market showed a 11% growth in sales year-on-year. A total of 4,578 units were sold, up from 4,108 units during the same period in 2023. New launches dropped by 5% compared to the previous year partly due to slow new bookings.

Price Trends

The average residential price in Ahmedabad increased 1% year-over-year. The average cost stood at Rs 3,044 per square foot in Q3 2024. Prices range from Rs 3,750 to Rs 7,560 per square foot in a two BHK apartment.

Demand and Supply

The market's demand is very diverse across city zones. West Ahmedabad dominated new launches, taking up 42% of the total. South Ahmedabad saw a big 147% increase in recent launches compared to the past quarter. Affordable housing stays important, with developers offering quality homes at fair prices for the middle class.

Luxury and High-End Segment

Luxury housing is on the rise, especially the Rs 1 crore and above bracket, increasing 64% annually. Ahmedabad is second after Bengaluru in this segment. Luxury apartment projects are becoming common, offering high-end living experiences.

Commercial Real Estate

Ahmedabad has a big demand for office spaces because of the growth in IT/ITeS firms, startups, and e-commerce businesses. Places like Prahladnagar, the SG Highway, and GIFT City are key business hubs. Office space sales in Q3 2024 grew 69% year-over-year and the usual rent was up by 2% to Rs 42 per square foot per month.

Infrastructure and Development

The city’s growth, supported by projects like the Ahmedabad Metro and GIFT City, pushes its real-estate growth. Strong infrastructure and a booming economy fuel the market.

Challenges and Outlook

Even with positive growth, the market faces challenges, like adjusting to regulations and market volatility. The future remains upbeat with job creation in IT-ITeS and GIFT City’s growth boosting housing demand. Low home loan rates and competitive property prices support a positive market.

PropertyWala's Thoughts

Ahmedabad's real estate market presents a vibrant and promising scene. With its balanced mix of affordable and luxury housing, robust commercial growth, and ongoing infrastructure development, the city is set for more expansion. Future investors and renters need to think about the varied zonal dynamics, stable price growth, and good sales surge when making choices. Understanding regulatory changes and market trends is vital for smoothly navigating this developing real estate field.