Estimated reading time: 3 minutes
YUGEN REALTY, SURAT
Property values in the real estate market have risen by around 45% post-Covid, driven by end-user as well as investor interest. Future growth prospects remain strong. According to data available with real estate company PropTiger.com, the average property value in Ahmedabad has increased by 10% in the last one year, mainly due to positive buyer sentiment. Price movements in some key sectors have been significant, with data surfacing that key markets are witnessing growth in the range of 10-25% annually.
This increase in average property values is considered good compared to the prevailing rates before the coronavirus pandemic. Compared to the March quarter of calendar year 2019, property values in Ahmedabad showed a growth of about 45% in the March quarter of 2024. This phenomenal price growth is a result of positive buying trend, mainly fueled by developers’ credibility, timely project delivery. , quality construction and improved transparency in lending, among others, said a report by REA India, which also owns housing.com.
As consumer aspirations increase, there is a significant shift towards investing in premium properties. As a result, property prices have seen a significant increase, with new housing projects costing Rs. Has properties up to 10 crores.
Compared to the January-March period of 2023, home sales in the city rose by 78% over the same period in 2024, even as new supply fell by 64% during the assessment period, according to the data. The drop in launches can be attributed to an 8% year-on-year rise in unsold inventory, Gurgaon-headquartered Property Advisors said in its report. Compared to the March quarter of 2020, the city saw a 15-fold increase in new supply in the March quarter of 2024. Sales during the same period showed a three-fold jump with a growth of 186%.
The report also shows how the development of Ahmedabad’s property market is closely linked to the planning and development of the Gujarat International Finance Tech-City (Gift City) launched in 2007.
Buyers’ and investors’ interest in Ahmedabad is steadily increasing, reflecting the demand trend. “Improved job market, significant infrastructure upgradation and positive market sentiment have catalyzed revival in Ahmedabad’s real estate sector over the last half decade. Buyer interest in the Ahmedabad residential market remains strong with an 8% year-on-year increase in leads on our internal platform. We expect this property boom to continue after the formation of a stable government after the Lok Sabha elections amid a positive policy environment,” said Jhumur Ghosh, head of content and research, REA India.
______________________________________________________
Disclaimer : This information has been collected through secondary research and Yugen Realty Newspaper is not responsible for any errors in the same.
Read all news including local, national, international, business on Yugen Realty News. Join us on social media to stay updated with the latest news.
FACEBOOK | LINKEDIN | INSTAGRAM | X (TWITTER) | PINTEREST | TELEGRAM | WHATSAPP | YOUTUBE
