Nava Naroda, Vatva, Among Ahmedabad's Top Affordable Housing Destinations
For Indian buyers, affordability remains the key word in their property searches. Ahmedabad real estate is no exception to that rule, data available with PropTiger.com show. To have a better understanding of what is going on in the city’s affordable housing market, let’s look at some data. The analysis is based on the numbers available for the July-September quarter of the financial year 2019-20.
Top 3 affordable localities by sales
Nava Naroda: Nava Naroda, with a livability score of 8.1 on 10, has seen property values appreciating from Rs 1,650 per square foot (psf) in 2013 to Rs 2,100 psf now.
That is not to say the locality has limited supply of affordable homes. A standard 2BHK unit here will cost you about Rs 22 lakh while a 3BHK on an average costs Rs 35 lakh. On the other hand, the cost of large 4BHK and 5BHK homes could run into crores.
Vatva: Another locality where sales of affordable homes have increased in recent times, is Vatva. This may have to do with the fact that property prices here have remained largely stable for the last five years. Average rate of property in Vatva, which has a livability score of 7.4 currently stands at Rs 1,780 psf. This means you can own a 3BHK unit here that would cost you less than Rs 35 lakh.
Nikol: Another affordable locality that buyers flocked to is Nikol. Average property values have not increased here much in the past five years – from Rs 1,950 psf in 2013, rates have appreciated to Rs 2,350 psf now.
A standard 2BHK in this developing locality may cost you as less as Rs 28 lakh. For a 3BHK, you may have to shell out Rs 48 lakh on an average. Depending on the size of the unit, prices can soar up to Rs 2 crore.
In terms of launches, Santej, Ranip and Chandkheda, saw the highest new launches in the affordable housing segment.
Frequently Asked Questions About Ahmedabad Real Estate Market
Every prospective homebuyer has a lot of questions on their mind when, investing in a property in a specific locality. Is the project I am planning to invest in safe? Is the price right? Is the seller genuine? Will I get value for money in a slow market? All these questions would confuse you.
PropGuide answers some of the frequently asked questions for homebuyers looking for investing in the Ahmedabad real estate.
Q: Which are the most popular real estate pockets of Ahmedabad?
Bopal, Chandkheda,Gota and SG Highway (near the Vishnu Devi Circle and near the Nirma University) are among the popular real estate destinations with high demand.
Q: What is the average property price in Ahmedabad?
A homebuyer can purchase a 1BHK unit in the city for a starting price of Rs 17.50 lakh while 2BHK units will cost about Rs 33 lakh. The 3BHK units can command as much as Rs 72 lakh and 4BHK units can go up to Rs 1.74 crore. If you are looking for bigger configurations, average prices could go up to Rs 7.50 crore.
Q: What configuration and property type is most popular among homebuyers?
Apartments remain the preferred choice in most cities these days and it is true for Ahmedabad as well. According to data available with PropTiger DataLabs, there are over 1,600 projects for sale in Ahmedabad and over 1,100 of these projects are highrises.
As for the configuration, the 3BHK units are popular although 2BHKs are close second. Given the affordable prices in the city, homebuyers choose bigger configurations. However, you must make a decision based on your family size and needs. You must also align your decision with the fact whether you are going to use the house for yourself or as an investment expecting rental returns.
Q: Which are the best localities to buy a house in Ahmedabad if I am planning to put it on rent?
Business areas naturally fare well. For working professionals, Chandkheda, Motera, Sarkhej, areas near SG Highway, Thaltej and Vastral, are popular. There are over 11,400 properties on rent in Ahmedabad and the rental range varies between Rs 5,000 to Rs 1.50 lakh per month.
Q: What is the average rate of property in Ahmedabad real estate market?
On an average, property rates in the market stand at Rs 2,900 psf, but will vary across localities and projects depending upon what the seller is offering you. The exact location of the house, access to conveniences such as provision stores, hospitals, schools, job districts in the vicinity, would mean that the unit stands a chance to be sold at a premium.
In April 2013, average prices stood at Rs 2,600 psf which means prices have remained fairly stable since then. It is a good time to buy given that a prospective buyer has the price advantage.
Q: Should I opt for an under-construction apartment or a ready-to-move-in unit?
This would depend on whether or not you are looking at immediate end-use. More and more buyers have preferred ready-to-move-in flats in the recent years given the project delays. However, with an under-construction flat, you have the advantage of price economy. If you are confident about the completion schedule of a developer, an under-construction property could be good. In case you want to save on paying the equated monthly installments (EMIs) and rent at the same time, ready-to-move units could be good. Weigh your budget and make a suitable decision. Ready possession homes also have the advantage in terms that you would know what you are getting into unlike in the case of an under-construction unit.
There are over 320 under-construction projects and over 1,200 ready-to-move units in the Ahmedabad property market.
Q: How will RERA Ahmedabad help?
The real estate law made sure that every Indian state should have a state real estate regulatory authority (RERA). Ahmedabad falls under the Gujarat RERA, the website of which became operational July 2017. In the absence of a structured marketplace, the RERA aims to make home-buying simpler and transparent. The authority displays the details of project and developers on its website and homebuyers can make their decision.
Such a provision would ensure that a developer is rolling out a legal and safe project into the market. Opt for a RERA-compliant project and a registered agent. As of date, 6,295 projects and 1,054 real estate agents have been registered with the Gujarat RERA.
Q: Which are the affordable housing destinations in Ahmedabad?
Apart from the above-mentioned localities, if you are looking at a property within Rs 50 lakh, you could consider localities like Bopal, Chandkheda, Gota, Makarba, Sanathal, SG Highway, Shela and Thaltej.
Q: What about plotted developments in Ahmedabad?
If you are looking to invest in plots, there are over 100 different projects to choose from. The price ranges from Rs 4.6 lakh to Rs 72 lakh depending upon the size and location of the plot. You can look at Bavla, Bholad, Changodar, Dhokla, Dholera, Fedara, Kamiyala, Mandal, Mankol, Nalsarovar, Nava Naroda, Rethal, Sachana, Sanand, Shilaj and Vataman, for plots.
*PropTiger’s Livability Score signifies the quality of life a family will enjoy, living in a particular society and locality. This score is calculated based on data collected on quality of amenities in the nearby area and within society.