Ahmedabad Real Estate Market: Exploring the Pulse

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Introduction

Ahmedabad is to see positive growth in real estate demand in 2024 In the first quarter of 2024, residential housing properties along the SG Highway and Bhopal gained steady demand. These areas have become the most sought-after micro-markets due to their proximity to employment centers and better connectivity to the city.

Ahmedabad Real Estate Market: Exploring the Pulse

Table of Contents

In Q1 of 2024, the demand for residential properties in the city increased by around 21.4%. This surge in demand was primarily driven by a combination of low-interest rates, a growing population, and an increase in remote work opportunities. As a result, real estate prices in the city also saw a significant uptick during this period. Investors and homebuyers alike capitalized on the favorable market conditions, leading to a competitive landscape with multiple offers on properties.

Ahmedabad Real Estate Market

The average property rate also increased by 1.4%. Moreover, the number of residential and commercial properties in the Ahmedabad real estate market is increasing daily. With such developments, real estate experts say that in 2024, real estate trends in Ahmedabad will increase. This article also explores the future of real estate in Ahmedabad. So, let’s get to know the trends and opportunities in the Ahmedabad real estate market thoroughly.

The number of residential and commercial properties in the Ahmedabad real estate market is increasing daily. This growth is driven by the city’s expanding population and economic development, making Ahmedabad an attractive location for real estate investment. Additionally, the government’s initiatives to promote affordable housing and ease of doing business have further fueled the growth of the real estate market in Ahmedabad.

Current Status of Ahmedabad Real Estate

The Ahmedabad real estate market has seen significant growth in the current year. The city has become a hub of real estate activity, with properties ranging from luxury apartments to commercial spaces. Recent figures show a steady rise in property prices. Factors such as better infrastructure, connectivity, and economic dynamism in the city contributed significantly to the booming real estate sector in Q2.

The government’s initiatives aimed at promoting urban development and investment in the real estate market also played a key role in driving growth during this period. Overall, the combination of these factors created a favourable environment for real estate developers and investors alike.

This led to an increase in demand for residential and commercial properties, resulting in higher property values and a surge in construction activity. As a result, the real estate sector saw robust growth and attracted both domestic and foreign investors looking to capitalize on the city’s expanding market.

Residential Market in Q2 2024

  • Ahmedabad residential real estate market witnessed unexpected growth as 6194 units were launched in Q2 2024. And there is a high demand for residential projects.
  • 55% of the mid-segment launches saw high demand.
  • The Northern Corridor (GIFT City, Peripheral North and North) currently accounts for nearly 50% of the launches.
  • Along with the residential market, the commercial segment will also grow massively.
  • About 80% of the commercial state leasing took place in the SBD market, around SG Highway, and ISKCON-Ambli Road.

Following are some of the trends related to real estate market in Ahmedabad in 2024:

Growth in Vertical Construction

Ahmedabad is a city on the rise, experiencing rapid growth and development. With its strong economy and increasing population, the demand for high-rise buildings is at an all-time high, especially in areas where land is scarce.

These towering structures not only provide much-needed space for residents and businesses, but they also offer stunning views of the city skyline. As Ahmedabad continues to thrive, the construction of new high-rise buildings will be crucial to meeting the needs of its growing population.

Eco-friendly and Creative Designs

Eco-friendliness and sustainability have become the epitome of Ahmedabad. With many parks, green spaces, and initiatives to reduce pollution and waste, Ahmedabad is making great strides in becoming a more eco-conscious city.

The government and local bodies are working together to implement policies and programs that promote a greener lifestyle for its residents. An example of this is the successful implementation of the Sabarmati Riverfront Development Project, which transformed a polluted river into a vibrant waterfront area.

In addition, the city has also taken steps to promote cycling as a means of transportation, reduce carbon emissions, and promote physical activity. Furthermore, buildings that are newly constructed or under construction in the city are now integrating advanced approaches using sustainable practices such as green spaces and solar panels.

The dynamic changes in trends have had a significant impact on the real estate market in Ahmedabad. With new developments and innovative designs emerging, now is the right time to invest in the city’s property market.

Social and Cultural Influence

Tall buildings have social and cultural impacts on the surrounding areas. They can contribute to the gentrification and displacement of lower-income residents, as well as change the overall character and atmosphere of a neighborhood. Tall buildings can create shadows and block sunlight, impacting the natural environment and quality of life for residents.

Moreover, tall buildings can also strain infrastructure and public services, such as transportation and utilities, leading to potential overcrowding and resource shortages in the area. Overall, the construction of tall buildings should be carefully planned and regulated to minimize negative impacts on communities.

Also read: Ahmedabad Real Estate Developer Launches AIF to Raise ₹300 Crore

Ahmedabad Real Estate Market Forecast in 2024

The Ahmedabad real estate market has experienced tremendous growth. Which indicates a promising future for the sector. Lower prices per square feet and affordability have been key factors in driving up the demand for residential real estate. This trend is expected to continue in the coming years, making investing in Ahmedabad real estate an excellent opportunity for those looking to make a profitable investment.

With all these factors combined, Ahmedabad’s real estate sector is poised for significant growth in the future, making it a lucrative market for investors. The growth in the real estate sector is due to several factors. However, the real estate sector of the city is expected to grow further due to the following reasons:

  • Development of infrastructure
  • Rapid industrialization
  • Good connectivity
  • GIFT City

GIFT City is the first financial services hub in Gandhinagar. Standard Chartered Plc, HSBC Ltd., Bank of America Corp, and many more prominent companies are operating here. This will increase demand not only for the Indian trade but also for the residential market. All these factors make Ahmedabad an attractive investment hub.

Conclusion

The city offers great opportunities for real estate investors who want to invest in various types of investments. Buyers and investors should do proper research about the area they choose. This helps them find the most reliable projects. Properties in Adani Shantigram Township range from villas to senior-friendly homes to spacious flats. For more information, visit openplot.

Also read: Property Tax in Ahmedabad: How to Pay

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