Ahmedabad: Amid healthy demand momentum , housing prices rose 13% YoY in Ahmedabad at the end of Q2, stated a report by Credai and Colliers . Ahmedabad has seen the third highest price rise in the country after Delhi-NCR (30%) and Bengaluru (28%). The city has witnessed a significant traction in the mid-segment.
With upcoming infrastructure developments, the demand will continue to firm, said the report. Unsold inventory has reduced by 8% in the quarter and 64% of the unsold inventory is in the affordable and mid-sized segment. According to the report, average housing prices in Ahmedabad have increased by 13% in the last one year at the end of Q2 to Rs 7,335 per sq feet (carpet).
Compared to Q1 of 2024, housing prices in Ahmedabad have increased by 2%. The report said Ahmedabad is likely to witness heightened residential activity in the next few years. The central-west (Ambawadi, Bodakdev, Vastrapur, Memnagar, Paldi) and the eastern areas (Bapunagar, Maninagar, Isanpur, Naroda, Vastral) saw the highest annual price rise at 16% and 14%, respectively.
Unsold inventory witnessed an annual drop of 8%. Dhruv Patel, president, Credai Ahmedabad, said, “Ahmedabad has emerged as one of the most liveable and affordable cities of the country which provides a better lifestyle and due to that people from other cities and states are investing here.” According to the report, average housing prices in India rose 12% YoY at Rs 10,804 per sq ft during Q2, backed by robust demand.
Housing prices have showed an annual growth for the 14th consecutive quarter. Five out of eight cities under review witnessed a drop in unsold units on an annual basis amid healthy demand. Pune saw the highest annual drop in unsold inventory at 13%, followed by Ahmedabad and Chennai at a 7-8% dip each.
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Rapid industrial growth, GIFT City power hospitality surge in Ahmedabad, Gandhinagar Ahmedabad and Gandhinagar's rapid industrialization is attracting big names in the hospitality sector. Hyatt Hotels Corporation is expected to open three new hotels near key business areas. Other luxury brands like St Regis and JW Marriott are also planning expansions.
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Authorities are taking measures to curb these illegal activities and promote legal charging options..
