Ahmedabad (Gujarat) [India], November 7 (ANI): Ahmedabad's real estate market is expected to sustain strong growth following a 13.5 per cent rise in demand, supported by infrastructure development and industrial expansion, said Confederation of Real Estate Developers' Associations of India (CREDAI) Ahmedabad Chairman Rajesh Vaswani.
Speaking to ANI, Vaswani attributed the surge in Ahmedabad's real estate demand to major infrastructure projects, including the bullet train, GIFT City and the upcoming Commonwealth Games, coupled with strong investor interest and festive-season buying.
"We are seeing demand all around, and Ahmedabad appears to be on a distinct growth trajectory.... The festive season is also here now, so we are seeing quite strong demand," he said.
Vaswani noted that Ahmedabad's property market has remained buoyant since the announcement of the Commonwealth Games in November last year, with developers witnessing healthy sales and continuing to bring substantial property supply into the market.
"The real estate market here has been quite strong since the announcement of the Commonwealth Games on the last day of November last year. The real estate market has remained buoyant, and we are supplying a substantial amount of property, with sales going quite well," he said.
Vaswani said that infrastructure projects and development activities across Ahmedabad have generated considerable interest among property buyers and investors.
"It is not just the Commonwealth Games; there is also the bullet train, GIFT City, and many projects all around, with considerable excitement in the air."
He further pointed to growing demand from different categories of buyers, including investors from outside Ahmedabad, corporate entities and government-linked demand, indicating that interest in the city's property market is not limited to local buyers.
"We are seeing substantial demand for real estate from investors from outside, the corporate sector, the government, and corporate companies.... We are seeing demand all around, and Ahmedabad appears to be on a distinct growth trajectory.... The festive season is also here now, so we are seeing quite strong demand."
He highlighted that in recent times, plots offered for sale by the municipal corporation attracted strong interest from corporate buyers, with purchases taking place at premiums of "40–50 per cent or more."
He further highlighted three key factors driving real estate demand in Ahmedabad, including migration from surrounding areas, expansion of the industrial sector and strong demand from residents.
"The demand is coming from three major sources. First, there is migration from surrounding areas. Second, the industrial sector is expanding rapidly, with industries such as semiconductor manufacturing coming up in the region. Large companies are looking for housing for their employees, while many employees are also searching for homes. Third, demand from local residents is also at its peak, supported by wealth accumulated over the years," Vaswani said. (ANI)
Ahmedabad on "distinct growth trajectory" as real estate demand rises 13.5 pc: CREDAI
