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.
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