Ahmedabad saw positive growth in 2024 in terms of real estate demand. In the first quarter of 2024, there was consistent demand across the SG Highway and Bopal for residential housing properties. These areas also became the most in-demand micro-markets as they are near the employment hubs and offer better connectivity to the city.
In 2024 Q1, the housing demands in the city increased by around 21.4%. The average property rates also saw a surge of 1.4%. Besides, the residential and commercial properties are on the rise too, in the real estate market of Ahmedabad.
With many such exciting developments in place, it is only logical to cover the 2024 real estate trends in Ahmedabad. This article will also explore what the future of real estate In Ahmedabad looks like. So, let's delve deeper into the trends and opportunities in the Ahmedabad real estate market.
Current State of Ahmedabad Real Estate
Ahmedabad's real estate market has experienced remarkable growth in recent years. Boasting a diverse range of properties, from luxurious apartments to commercial spaces, the city has become a hub for real estate activities. Recent statistics reveal a steady rise in property prices, indicating a robust demand-supply equilibrium. Factors such as improved infrastructure, connectivity, and the city's economic vibrancy contributed significantly to the flourishing real estate sector in Q2.
Let's take a look at the residential market in Q2 2024:
- Ahmedabad's residential real estate market saw healthy growth as 6194 units were launched in Q2 of 2024.
- The mid-segment contributed to around 55% of the launches.
- The Northern corridor (GIFT City, Peripheral North, and North) provided approximately 50% of the launches.
The commercial segment also saw massive growth along with the residential market. Here's the condition of the Ahmedabad real estate commercial market in 2024 Q2 and Q3:
- The demand for office spaces in Ahmedabad has been stable till Q3.
- Around 80% of commercial state leasing happened in the SBD market - around SG Highway and Iscon-Ambli Road.
Now that you're aware of the current market scenario, let's look at the future real estate trends in Ahmedabad.
2024 Real Estate Trends in Ahmedabad
Certain trends that will shape the real estate market of Ahmedabad in 2024 are as follows:
Increase in Vertical Construction
Being one of the fastest-growing cities with a strong economy, Ahmedabad is flourishing at a massive rate. With the city's rising growth and increasing population, there is a surge in the demand for high-rise buildings, especially in areas where land is scarce.
Hence, Ahmedabad will surely observe a rise in vertical construction to keep up with this demand. High-rise buildings will cope with the urban sprawl and prevent unwanted pressure on the city.
Sustainable and Innovative Designs
As the world is moving towards eco-friendliness and sustainability, Ahmedabad is no exception. The newly constructed or under-construction buildings in the city now integrate sustainable features such as green spaces and solar panels.
When these features are included, it will help to lower the carbon footprint. Many properties may also have living walls and vertical gardens that will help to improve air quality.
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Impact of the Latest Real Estate Trends in Ahmedabad
The latest trends have significantly impacted the Ahmedabad real estate market.
Social and Cultural Impact
The high-rise buildings will have social and cultural impacts on surrounding areas. They can change the identity and character of the neighbourhood. However, there are also chances that some residents may feel separated or isolated.
Safety and Maintenance
Safety and maintenance of high-rise buildings have always been an important factor to consider. It can be difficult to keep tall buildings in their best condition. Hence, safety features like emergency exits and fire suppression systems will also have to be enhanced. All safety features need to be carefully planned and placed. Such planning helps to protect the occupants and residents.
Ahmedabad Real Estate Market Forecast
The Ahmedabad real estate market has seen considerable growth. Hence, the forecast for the future of Ahmedabad real estate is bright. Lower prices per square foot and affordability have been helpful for the growing demand for the residential real estate market. The city's real estate sector is expected to grow more because of the following:
- Infrastructure development
- Rapid industrialisation
- Good connectivity
- GIFT City
GIFT City is the first financial services center in Gandhinagar. It has been very visible in the past few years. Leading companies like Standard Chartered Plc, HSBC Ltd, Bank of America Corp., and more have offices here. Not only is it boosting the Indian trade, but also the residential market. All these factors make Ahmedabad an attractive investment hub.
Ahmedabad- An Investment Hub
Ahmedabad is quite popular for being an educational hub. However, it is now also expanding to other domains as new entrepreneurs in the city are growing. The growth of new businesses eventually is helping Ahmedabad become a new destination for commercial purposes.
Areas like Chimanlal Girdharlal Road, Sarkhej Gandhinagar Highway, and Prahladnagar are becoming popular commercial investment hubs. The city connects to railway stations, bus stations, and national highways. All these factors have contributed to Ahmedabad becoming one of the most popular places of investment.
Another factor contributing to Ahmedabad's popular commercial hub is its proximity to the International Airport and METRO project. Whether it's commercial or residential investment, these factors can be of great help.
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The trends are sure to be the driving force behind the future of real estate in Ahmedabad. Real estate investors can find various investment opportunities in this city. Buyers and investors should conduct proper research around the area of their choice. This helps them find the most trustworthy projects.
Adani Realty has brought up several flats for sale in Ahmedabad. Located on SG Highway, the property for sale in Ahmedabad in Shantigram by Adani Realty boasts some of the most comfortable and luxurious structures. Adani Shantigram Township has properties from villas to senior-friendly homes to spacious flats.
Reach out to Adani Realty to find some of the best flats for sale in Ahmedabad!
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