Surging Ahead: Ahmedabad's Housing Market Sees 49% Growth in 6 Years
Ahmedabad's real estate market has witnessed substantial growth in recent years, driven by government policy initiatives and measures.
Ahmedabad Real EstateHousing MarketCredai AhmedabadAnarock GroupResidential SalesReal Estate NewsJul 31, 2024
The average price of real estate rose by 49% between 2018 and 1H 2024, with a 16% appreciation in the last year, underscoring a consistent upward trend in the market. Average prices appreciated significantly, reaching Rs 5,925 /sqft at the end of 1H 2024 from Rs 3,975/sqft in 2018.
Ahmedabad's residential market has exhibited robust growth post-pandemic, with a cumulative total of approx. 141,570 new residential units launched and 130,090 units sold during Jan 2021 – June 2024. 2023 witnessed a peak in sales, recording over 40,020 units sold, a significant increase of 34% compared to figures from 2021.
The city is known as one of the most affordable residential markets as compared to the top 7 cities of India and has witnessed a significant shift in the supply dynamics. The affordable segment's share in overall supply declined from 54% in 2018 to 28% in 1H 2024. Also, the share of mid-end projects in total supply during the year surpassed the share of affordable supply, for the first time since 2018.
There are over 64,650 residential units available in the city, with a significant decline of 13% when compared to the same period in the previous year, and an 8% decline from the end of the previous year. This indicates high sales momentum during the last few quarters. Inventory overhang was also reduced to 17 months at the end of 1H 2024.
Information
Anarock Group is a leading real estate consulting firm that provides expert advice to clients looking to invest in the Indian real estate market. CREDAI Ahmedabad is a prominent real estate developers' association that works towards promoting the growth of the real estate sector in Ahmedabad.
CREDAI National is a national-level real estate developers' association that works towards promoting the growth of the real estate sector in India. Anarock Group has been a leading voice in the Indian real estate market, providing expert advice to clients looking to invest in the sector.
Frequently Asked Questions
What is the percentage growth in Ahmedabad's housing prices between 2018 and 1H 2024?
49%
What is the average price of real estate in Ahmedabad as of 1H 2024?
Rs 5,925 /sqft
How many residential units were sold in Ahmedabad in 2023?
Over 40,020 units
What is the available inventory of residential units in Ahmedabad?
Over 64,650 units
What is the inventory overhang in Ahmedabad as of 1H 2024?
17 months
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