A recent report by real estate consultancy Knight Frank India reveals a significant 15% increase in housing sales in Ahmedabad in 2023 compared to the previous year. The city also saw an 8% rise in housing project launches, marking a decadal high of 22,497 units in 2023.
However, the report, titled ‘India Real Estate: Residential and Office’, also highlights a 15% decline in office space transactions in the same period. Despite this, office space completions saw a substantial growth of 34%, from 1.4 million square feet in 2022 to 1.9 million square feet in 2023.
The study indicates a shift in the city’s real estate market, with an increasing demand for homes valued between Rs 50 lakh and Rs 1 crore. The share of these units rose from 29% in 2022 to 35% in 2023. Similarly, units priced above Rs 1 crore also saw an increase in their share of total sales, from 10% to 14%. Conversely, there was a decrease in the share of sales for units priced below Rs 50 lakh, from 61% in 2022 to 51% in 2023.
The weighted average price of residential units in Ahmedabad increased by 4% year-on-year to Rs 3,031 per square foot in 2023, making it the most affordable market among India’s top eight cities.
Balbirsingh Khalsa, Executive Director of Knight Frank India, commented on the findings, stating, “High affordability, comparatively low prices per square foot, and an improving local economic environment remain compelling drivers for the Ahmedabad residential real estate market and should help support market volumes this year.”
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