AHMEDABAD: Continuing to march ahead on its path of revival, the residential real estate market in Ahmedabad has seen a robust growth in housing sales and new launches.
The Home sales in Ahmedabad surged 34% to 3,045 units during the first quarter (January-March) of the current calendar year from 2,268 units in the same quarter last year,
stated a report by Knight Frank India, a leading real estate consultant.
Similarly, the new property launches also rose 89% to 3,977units in Q1 of 2021 from 2,102 units in the corresponding quarter last year, the report further added.
The quarterly sales volume continued to improve from the second quarter of 2020 and surpassed the quarterly average sales registered in pre-Covid time during 2019, the report added.
The average price of residential property in Ahmedabad declined by 1.8% to Rs 2,800 per square foot (sq.ft.) in the first quarter of2021 from Rs 2,850 per sq.ft. in the same quarter in
2020.
In the preceding quarter of October-December in 2020, the housing sales had also jumped 139% to 2,810 units and the new launches had surged127% to 3,294 units.
“Ahmedabad represents the cheapest residential real estate market among the top eight cities under our coverage. However, this market also faced the same demand lull seen in the other Indian markets. Covid-19 had only magnified these issues when sales had dropped to near negligible levels during Q2 of 2020,” said Vivek Rathi, director – research, Knight Frank India.
“The market, however has rallied well since then and has seen sales volumes grow by a healthy 34% year on year (YoY) to 3,045 units inQ1 of 2021, reaching 73% of the pre-COVID quarterly sales rate. Developers have also upped the ante on new launches to capitalise on the increasing momentum,” he added.
The cumulative sales across top eight cities in India increased by 44% (YoY) at 71,963 units in January-March 2021, while new launches rose 38%at 76,006 units, the report added.
SOURCE: TOI