Monthly Watch: Home Sales In Ahmedabad Up 14% In September
Not all is dark and gloomy in real estate like they have been telling you; the sector had its rays of sunshine. Certain cities are holding the fort while others struggle to jump back to their feet. Real estate in Ahmedabad, for example, is bucking all trends by reporting an increase in sales, data show.
According to PropTiger DataLabs report (Monthly Watch September'16: Ahmedabad), while the quarter-on-quarter (QoQ) home sales in the September quarter went up seven per cent, they shot up 14 per cent in the month of September over the previous month. On an annual basis, the city has seen an increase of three per cent in home sales. This is significant in light of the fact that major cities in India have seen a decline in sales for over two years now.
On a monthly basis, new launches, however, saw a dip of 58 per cent in September while witnessing an annual increase of 40 per cent. In the second quarter, they have gone up 57 per cent over the previous quarter. According to PropTiger DataLabs report, this decline in homes launches is owing to a general cash crunch developers are hit with, along with a huge unsold inventory stock. Developers who launched their projects in the city include Rajyash, Sarju Infrastructure, Shakti Corporation, Shaflaya Group and Vishwanath Group. Interestingly, the highest new launches were seen in the luxury segment in September. According to the report, new launches and sales were majorly concentrated in areas such as Bopal and Chandkheda.
As far as prices are concerned, there has been no change in September month-on-month across segments. On an annual basis, localities in the city saw a price rise of three per cent in Q2. While there was no monthly increase in inventory, it increased 16 per cent annually in September. This indicates the property is affordable in the city and buyers have a lot of choices if they choose to invest. This could also be the reason why homes sales in Ahmedabad has been increasing while other major cities in the country are struggling to see an uptrend in this regard.
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