House prices increased by 45 percent in five years.
Revealed in a report by PropTiger.
The real estate sector of Ahmedabad, the capital of Gujarat, is booming. House prices have gone up a lot. It is noteworthy that house prices in Ahmedabad have increased by 45 percent in the last five years. In January-March 2019, it was Rs. 2,867 per square feet, but it has increased to Rs. 4,150 per sq ft in January-March this year. PropTiger.com revealed in its latest report that there has been a 10 percent increase compared to the average price of the same last year.
Vikas Wadhavan, Business Head, PropTiger.com, stated that Ahmedabad has become one of the major real estate markets in India. Ahmedabad, which is the centre of economic activities, is attracting investors from neighbouring states like Madhya Pradesh and Rajasthan in the context of well-developed infrastructure and uninterrupted connectivity to many major cities of the country, including Mumbai. It is explained that a strong economic environment along with high security standards keeps Ahmedabad as a leading housing market. Compared to last year’s January-March period, property sales in Ahmedabad increased by 78 percent to 12,915 units during January-March this year, according to a report by PropTiger.
The supply of new houses decreased by 64 percent to 3,116 units. Ahmedabad real estate has gained a lot of momentum, especially after COVID. As many as 41,327 houses were sold last year, compared to 25,734 units in 2019, 12,156 units in 2020, 16,874 units in 2021, and 27,314 units in 2022. Also, while the new supply was 15,648 units in 2019, only 7,897 units were launched in 2020. 41,357 units in 2021 and 32,663 units in 2022. Last year, 55,877 units were launched. In the last quarter of last year, the average price per square feet in the housing sector was Rs. 4,000. In 2022, it was Rs. 3,700.
