Ahmedabad Real Estate Market Surges: 16% Rise in Housing Prices
Ahmedabad's real estate market has witnessed a significant 16% year-on-year increase in average housing prices, surpassing Kolkata and closing in on Chennai. The city's housing price now stands at Rs 7,640 per square foot.
Ahmedabad Real EstateHousing PricesMidsegment DemandInfrastructure DevelopmentUnsold InventoryReal Estate MumbaiDec 03, 2024
The report emphasized that the surge in housing prices is driven by strong demand in the mid-segment in Ahmedabad. City Central West and Gandhinagar Suburb saw the highest annual price increases. The launch of Metro Phase 2, which will connect Ahmedabad and Gandhinagar, and upcoming town planning initiatives for GIFT City are expected to further boost residential demand in the coming quarters.
Unsold inventory in Ahmedabad dropped by 3 per cent over the year, with over 60 per cent of unsold units in the affordable and mid-segment categories, according to a TOI report. This trend reflects a healthy market with strong demand and a decrease in unsold properties.
On a national scale, housing prices across India rose 11 per cent YoY to Rs 11,000 per square foot during Q3 2024. This marks the 15th consecutive quarter of rising prices, with Delhi NCR leading at a 32 per cent YoY increase, followed by Bengaluru at 24 per cent YoY.
While unsold inventory levels remain high, they have declined for three consecutive quarters. Five of the eight cities reviewed reported a drop in unsold units on an annual basis. Pune recorded the sharpest decline at 13 per cent, followed by Chennai with a 9 per cent dip, indicating a robust demand in these markets.
Ahmedabad’s real estate market is showing strong resilience and growth, supported by infrastructure developments and increasing demand in the mid-segment. The future looks promising with the launch of new projects and continued economic growth in the region.
Frequently Asked Questions
What was the percentage increase in Ahmedabad's average housing prices year-on-year?
Ahmedabad's average housing prices increased by 16 per cent year-on-year.
What is the current average housing price per square foot in Ahmedabad?
The current average housing price per square foot in Ahmedabad is Rs 7,640.
Which areas in Ahmedabad saw the highest annual price increases?
City Central West and Gandhinagar Suburb saw the highest annual price increases in Ahmedabad.
What factors are driving the demand in the mid-segment in Ahmedabad's real estate market?
The demand in the mid-segment is driven by infrastructure developments such as the launch of Metro Phase 2 and town planning initiatives for GIFT City.
How has the unsold inventory in Ahmedabad changed over the year?
Unsold inventory in Ahmedabad dropped by 3 per cent over the year.
Related News Articles
Data Breach in Mumbai: 4 Former Employees Booked for Stealing Confidential Client Information
Four former employees of Jugyah Real Estate Pvt Ltd have been booked for allegedly hacking into the company's system and stealing confidential client data worth ₹80 lakh.
Unlocking India's Real Estate Potential: A Budget 2024 Preview
The Indian real estate industry is eagerly awaiting the 2024 Union budget, hoping for policies that will boost investments and stimulate growth.
India's Most Valuable Real Estate Family Businesses: DLF and Macrotech Lead the Pack
DLF Ltd. and Macrotech Developers are the most valued real estate family businesses in India, according to the 2024 Barclays Private Clients and Hurun India's most valuable family businesses research.
Naredco's Maharashtra Chapter Hosts 3-Day Property Expo in Mumbai, Showcasing Over Rs 10,000 Crore Worth of Real Estate
Realtors' body Naredco's Maharashtra chapter is organising a property exhibition where builders are marketing more than Rs 10,000 crore worth of inventories in various projects across Maharashtra state.
How RBI's Monetary Policy Could Impact the Housing Market: Expert Insights
The Reserve Bank of India (RBI) is set to unveil its monetary policy on October 9, which could have significant implications for the housing market. A potential repo rate cut could make home loans more affordable, boosting demand and potentially stabilizi
Lights, Camera, Action: MAMI Mumbai Film Festival 2024 Receives Thunderous Applause
The 2024 MAMI Mumbai Film Festival has once again enchanted audiences and critics alike with a lineup of stellar films, captivating events, and star-studded premieres. This year's festival, held from October 12 to October 22, 2024, has set new benchmarks