Gujarat Real Estate Sees Significant Price Appreciation Across Sectors
The Gujarat Real Estate Regulatory Authority (GUJRERA) has released a comprehensive report offering a snapshot of the state’s real estate sector since the implementation of RERA in 2017. The report highlights a consistent rise in property prices and construction costs over the past eight years, despite a temporary dip during the Covid years.
Titled ‘Gujarat Real Estate Landscape: A Comprehensive Analysis of RERA Implementation and Infrastructure Growth’, the report reveals that residential prices rose from Rs 40,231 per sq mt in 2017–18 to Rs 54,139 per sq mt in 2024–25, peaking slightly higher at Rs 54,187 in 2023–24. Commercial property prices were more volatile, peaking at Rs 62,164 in 2024–25. Mixed-use development prices have steadily climbed from Rs 35,785 in 2018–19 to Rs 51,247 in 2024–25. Plotted development prices almost doubled—from Rs 6,863 to Rs 14,124—indicating strong demand for land.
The average construction cost per square metre of carpet area has also risen year-on-year. Residential construction costs increased from Rs 26,677 per sq mt in 2017–18 to Rs 40,691 in 2024–25, peaking at Rs 41,895 in 2023–24. Commercial construction costs reached Rs 44,524 in 2024–25, while costs for mixed development stood at Rs 38,722. Plotted development costs saw a sharp rise, from Rs 1,405 to Rs 2,547 per sq mt, driven by escalating land and development expenses.
The report states: “Since RERA's implementation, the state has witnessed unprecedented growth that reflects not just numbers, but the dreams and aspirations of millions of families seeking quality homes. With 15,260 projects registered and a staggering investment of Rs 5.02 lakh crore, Gujarat stands as a beacon of transparent and regulated real estate development in India. These projects span 311.74 million square metres of covered area, delivering 18.20 lakh housing units to our citizens.”
Highlighting the scale of development, the report notes that 8,400 projects have been completed—an impressive 55% completion rate—underscoring the focus on timely delivery and accountability. The affordable housing segment has seen significant activity, with 5,581 projects dedicated to ensuring that homeownership remains within reach for all income groups.
The report concludes by noting, “Our journey from 2,190 project registrations in 2017–18 to a projected 15,260 by 2024–25 exemplifies not just growth, but responsible development that prioritises both economic prosperity and social welfare.”
