Ahmedabad's Luxury Residential Market Defies Stagnancy
Ahmedabad's real estate market, despite being sluggish, is witnessing an unexpected surge in demand for super luxury apartments. Large joint families are driving this trend, opting for spacious 5 and 6 BHK flats over traditional bungalows.
The ISCON Group's Residential Scheme Sets the Tone
- Recently launched along SP Ring Road
- Entry-level 3 BHK flats garnered minimal interest
- All top-end 5 BHK units were booked within days
- Kotak plans to convert one tower from entry-level to premium flats due to overwhelming response
Experts Weigh In on the Trend
- Local buyers, NRIs, and investors are contributing to the demand, drawn by Ahmedabad's relatively affordable prices compared to other major Indian cities.
- These luxury flats offer a unique blend of security and luxury, appealing to:
- Families upgrading from 3-4 BHK homes
- Those seeking enhanced security features
Real Estate Developers React to the Demand
- Ashish Shah, Shree Balaji Group: Experiencing enormous response for 5,100 sqft top-end flats; plans to hold remaining 6 BHK apartments until project completion.
- Mukesh Goyal: Sold 80% of 4BHK units (priced around INR 2 crore per unit) in Prahaladnagar within a year of launch.
The Future of Ahmedabad's Luxury Residential Market
- Demand for upmarket flats is expected to remain high, driven by the preferences of large joint families and the allure of luxury living in Ahmedabad.