- With stringent lockdown restrictions in place, site visits in Ahmedabad declined by 60 percent, QoQ, in Apr-Jun 2021.
- As buyers deferred purchase decisions, sales, too, dropped by a whopping 50 percent, QoQ.
- Around 57 projects were approved under RERA in Apr-Jun 2021, against 52 in Jan-Mar 2021. The West and the East quadrants collectively held the maximum share of the total RERA-approved projects during the quarter.
- While properties priced below Rs 45 lakh remained the buyer’s favourite throughout the quarter, properties priced above Rs 1 crore, too, garnered decent traction.
- The existing inventory increased to over 10,000 units in Apr-Jun 2021. It would take around four quarters to shed off the unsold residential stock across the city.
- On account of the meek market sentiment, property prices largely remained stable, QoQ.
* Supply is basis properties listed on 99acres.com * Demand is basis queries received on 99acres.com
The second wave of COVID-19 slowed down the recovery of Ahmedabad’s real estate market in Q2 2021. Home enquiries dipped by 40 percent, QoQ, as buyers deferred purchase decisions amid a tumultuous increase in COVID-19 cases. Moreover, with stringent lockdown restrictions in place, site visits fell by almost 60 percent in Apr-Jun 2021, as against Jan-Mar 2021. Sales, in tandem, reported a substantial decline of around 50 percent, QoQ.
In anticipation of recovery in Q2 2021,several developers filed RERA registration in the preceding quarters. Around 57 projects were approved under RERA in Apr-Jun 2021 as against 52 in Jan-Mar 2021. The West and the East quadrants of the city collectively accounted for over 40 percent of the total RERA-approved projects during the quarter. Over 9,000 units were added to the existing residential stock this quarter.
Properties priced below Rs 45 lakh, in 2 BHK and 3 BHK configurations, remained the buyer’s favourite and claimed almost 80 percent of the residential enquiries in Apr-Jun 2021. Similar to the last two quarters, properties priced above Rs 1 crore, too, attracted a section of buyers. Around 10 percent of the total home enquiries were reported in the luxury segment, particularly for properties in 3 BHK and 4 BHK configurations.
Low uptake and addition of new units led to piling up of the existing inventory which increased to over 10,000 units in Q2 2021. Consequently, quarters to sell (QTS) unsold inventory also increased from 2.5 in Jan-Mar 2021 to four in Apr-Jun 2021. Almost 75 percent of this inventory lies in the East and the West zones. As a recent trend, the COVID-driven need for social distancing has lured people to invest in residential plots on the outskirts of the city.
Key micro-markets across budget segments
|Key micromarkets||Average Capital 'Asks'||Average Rental 'Asks'||Rental Yield|
|Within Rs 40 lakh||Chandkheda||3,500-4,200||9||2.95%|
|Rs 40 lakh - Rs 1 crore||Ghatlodia||4,000-5,100||10||2.62%|
|Rs 1 crore and above||Jodhpur||5,000-6,200||16||2.91%|
* Note: Rental Yield has been calculated for a 1,000 sq ft apartment. **Average property prices and rental rates have been calculated as per listings posted on 99acres.com in the studied quarter. ***The range of property prices may vary by 10 percent depending on the age and furnishing status of the residential apartments