Sales of real estate in Ahmedabad has been growing at a slow pace for the last few years. Trends in this market have a certain rigidity as the real estate dynamics here are changing rapidly. Furthermore, after demonetization, people are more cautious about buying property in Ahmedabad.
If you are looking to buy property in this city, here’s what you should know about the current situation forreal estate in Ahmedabad.
Concern About Stability:
Sales of property in Ahmedabad improved in the first half of 2016. However, concern still remained about how stable the market would be. What is further worrisome is that prices of properties have remained in a state of stagnancy for quite some time. Notably, there has been a 63% fall in the property market of this city.
North and East Ahmedabad:
The sales in micro markets of Ahmedabad are undergoing some changes. There has been an increase in sales in areas such as East and North Ahmedabad.
These areas are preferred due to their affordability with various new projects being launched here. Moreover, the infrastructure too is quite convenient in this area. Herein too, prices in the Eastern area are lower than for the North. Prices in East Ahmedabad can be around INR 1,800-2,500/sq.ft, while prices in North Ahmedabad can be around INR 2,200-3,700/sq.ft.
Central Ahmedabad:
In the case of Central Ahmedabad, its share of sales has remained steady for around a year. This is because the area offers a good connectivity and property for offices. In spite of higher property prices of around INR 5,500-7,500, the area still attracts many buyers. Moreover, areas such as Ambawadi, Nehru Nagar, and Navrangpura are popular among many of city’s elites due to the better infrastructure offered in these areas.
Notably, many NRI investors are currently not investing in Ahmedabad’s real estate due to the stagnancy of prices in the market and lack of reduction in prices. These individuals may soon invest in the market as many expect that prices will reduce over the year as a result of demonetization. Certainly, with a reduction in price, it can be advisable for an NRI to invest in Central Ahmedabad.
Western Ahmedabad:
Furthermore, the western area of Ahmedabad also offers good infrastructure and connectivity to major centres for retail. Localities offering decent connectivity include SG Highway, Bodakdev, Prahlad Nagar, and Science City road. The property prices here can be around INR 5,000-7,000/sq.ft. Certainly, this area attracts many industries as well with many companies having commercial offices here. Moreover, the area has various schools and colleges. Public transport also remains quite convenient with local buses making trips to many areas for a low price.
South Ahmedabad:
This area has various problems of connectivity and infrastructure. New residential projects in Ahmedabad’s areas like Vinzol and Narol are underway. However, a number of properties remain unsold. Note that it may take another 10 years or more for this area to be sufficiently developed.
Ahmedabad already is one of the largest business centres in the country. In the future, if there are more developments in the IT sector in the city, then it can bring considerable benefit to the real estate. Hence, it can be in your interest to keep a careful watch on real estate developments in Ahmedabad. You can check out properties in Ahmedabad by visiting Bajaj Finserv Homes and Loans portal.
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