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Ahmedabad, for long, has been defying many market trends. At a time when the real estate sector is going through a rough patch and most markets are struggling to push up sales, Ahmedabad continues to grow as usual. In Ahmedabad, sales volume sees 13 percent jump during H1 2015, while launches grew by 50 percent.
A recent half yearly report titled India Real Estate released by Knight Frank India presents a comprehensive analysis of the residential market of Ahmedabad for the period between JulyDec 2015 (H2 2015).
“Ahmedabad is showing good traction with 13 percent absorption growth in residential market in H2 2015 as compared to last few years. We feel prices have become competitive and therefore, it is an excellent time for end-users to invest in properties now. We are expecting positive outcomes from 2016 and expect the growth will end up being a sustainable one,” adds Balbir Singh Khalsa, national director-Industrial, LRG and director, Ahmedabad, Knight Frank India.
One of the biggest reasons for homebuyers to cheer up has been the consistent correction of prices that has provided the right opportunity for investment to end-users. With a constant increase in demand, the real estate developers are now focusing on Central Ahmedabad. The sales demand in the city has risen by a whopping 130 percent in the last one year. With demand increasing across the city limits, city centre locations like Paldi, Naranpura and Vasna lead in new launches with a five-fold jump in last one year itself. This definitely shows a positive turn for the real estate market in Ahmedabad.
Ahmedabad also continues to be an affordable city for both, buying and renting a residential property.
On the affordable front, North Ahmedabad locations are fast gaining popularity for their affordable segment projects and proximity to major employment hubs.
Real estate players in the city too feel that that such reports will boost up the market sentiments and people who have been holding their buying decisions will now take such decisions.
Rakesh Malik, Times Property, The Times of India, Ahmedabad