The recovery of real estate in Ahmedabad depends on how efficiently the State is able to manage the rising concerns around the COVID-19 cases. While new launches are likely to remain muted due to meek market sentiment, property rates are expected to maintain status quo, except in the case of new projects where property costs are likely to increase up to 20 percent on the back of increasing cement prices. Also, the speculation around the rise in Jantri (circle) rates, next fiscal year onwards, is expected to impact land rates, redevelopment cost and registration load on the buyers. On the upside, State has allowed people not working in GIFT City to reside in the city. However, the relaxation is limited to the first 5,000 residential units. The move will bolster development in GIFT City and attract investments from developers far and wide.