Monthly Watch: Home Sales Up 15% in Ahmedabad
The affordable housing segment is slowly but steadily helping real estate in Ahmedabad grow bigger. According to a PropTiger DataLabs report, home sales in the city in the month of February increased 15 per cent over January, with the affordable segment contributing about 65 per cent to the numbers. This is also the segment which has registered a 20 per cent growth in sales on an annual basis, data show. And, this is also the segment that saw the biggest increase in new launches year-on-year.
However, on a month-on-month basis, overall new launches in Ahmedabad in February declined 58 per cent. There has been a similar fall on an yearly basis, too. At two per cent, property prices have increased only marginally over the year, shows the report.
Localities that contributed the highest to the monthly home sales in Ahmedabad include Bopal, Chandkheda, SG Highway (near Vaishno Devi Circle), Maninagar and Thaltej, in that order. According to the report, these localities were responsible for nearly 60 per cent of the total absorption witnessed in Ahmedabad in February. These localities open residential options to middle and luxury segments. Average property rate in Bopal, for instance, stands at Rs 3,600-3,800 per sq ft while you have to pay about Rs 5,400 for the same measurement to buy property at Thaltej. Properties at Maninagar and SG Highway (near Vaishno Devi Circle) have similar average prices, Rs 4,500 per sq ft. Chandkheda, on the other hand, offers buyers more affordable options with rates standing at Rs 3,800 per sq ft.
Developers who launched new residential projects in Ahmedabad in the month of February include Abjibapa Buildcon, Hindva Builders, RS Developers and Shree Narayan Corporation. Hindva Builders has announced the launch of two new projects in the city – Celino at Nikol and Skybell at Vastral. While the units at the former are prices at Rs 3,222 per sq ft, apartments at the latter will be sold for an average price of Rs 2,000 per sq ft. Abjibapa Buildcon has launched its new project Dev Ashish Divine at Nava Naroda and has priced units at Rs 1,777 per sq ft. While units at Shree Narayan Corporation's Narayan Exotica at Gurukul are prices at Rs 5,000 per sq ft, apartments at RS Developers' East Brook are priced at Rs 6,666 per sq ft.