Reported by: TOI | TNN December 1, 2023
The Ahmedabad housing market has seen a 9% year-on-year (YoY) increase in the housing market, according to the latest data from the Credai, a leading association of real estate developers in the country.
Credai’s India Housing Price Tracker, a collaborative report with Colliers, shows that all the eight cities studied experienced an increase in housing prices with Hyderabad leading the way with a YoY increase of 19%, followed by Bengaluru with an increase of 18%.
Nationwide unsold inventory was around 10 lakh units at the end of Q3 of 2023, out of which. Ahmedabad accounted for 9% of the total unsold inventory.
According to the report, Ahmedabad’s housing prices increased by 9% in the year-to-date (YoY), driven by an increase in demand and upcoming business developments in the city’s suburbs.
Gandhinagar suburb saw the highest YoY increase in housing prices at 11%, followed by eastern suburb at 9%. The second phase of GIFT City’s metro and ongoing infrastructure development around the area are expected to contribute further to the growth of housing prices in the northwest and the suburbs.
When compared to other megacities, Ahmedabad’s housing market is still one of the cheapest in India. While the cost of premium housing has significantly increased, the cost of inexpensive housing has only risen slightly. The city ensures that housing demand will flourish in the upcoming years by offering improved infrastructure and employment opportunities. Driven by persistent housing demand and optimistic optimism among home buyers, the average price of housing in all of India saw a 10% YoY increase in Q3 2023, coming in at Rs 9,937 per square foot. The luxury home market continued to see strong sales momentum, according to the research.
Although unsold units across the country experienced a marginal sequential drop after eight consecutive quarters of increase, there was a 6% annual rise due to the surge in launches of ultra-luxury properties, stated the report. Most of the un-sold units were in the mid-segment with a 32% share, followed by the affordable segment. While all cities observed increased unsold inventory levels, Delhi NCR witnessed a encouraging 7% YoY drop.