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Quarterly residential real estate analysis of top 8 cities in India

Ahmedabad Real Estate Report Jan-Mar 2021: Market Updates

64 Apr 16, 2021 Download Report
Infrastructure receives a shot in the armThe foundation stone of Phase-II of the Ahmedabad Metro Rail Project, which is likely to link the new areas of the city, i.e. Motera Stadium to Mahatma Mandir and GNLU to GIFT City has been laid. Additionally, the monorail project between Ahmedabad and Dholera Special Investment Region received a green signal from the State.
Gujarat launches housing scheme for migrantsState launched a new housing scheme-MASIHA (Mukhyamantri Audyogik Shramyogi Ane Industrial Housing Awas), which intends to meet the residential needs of the migrant workers in Gujarat Industrial Development Corporation (GIDC). Additionally, the government issued tenders for its Affordable Rental Housing Complex (ARHC) scheme which will enable lower rentals for economically-weaker sections of the society. These initiatives are likely to limit inter-state migration of labour.
Housing sector gets a lift in State Budget 2021-22Ahmedabad Urban Development Authority (AUDA) Board plans to develop around 6,800 hectares of land around the city’s periphery by 2022. Additionally, provision was made for providing piped drinking water to 45 villages under Ahmedabad and Gandhinagar Districts, including Kalol, Daskroi,and Sanand Talukas.
Cement prices go up in GujaratAlleged cartelisation by cement and steel players has led to a steep price hike in the cost of raw materials, including cement in Gujarat. This might lead to a 20 percent hike in construction cost of housing projects, eventually increasing the total cost of home ownership for buyers.

COMMERCIAL REAL ESTATE OUTLOOK


  • The BFSI and IT/ITeS sectors have sustained their share of total transactions in Jan-Mar 2021.
  • Almost 60 percent of the transactions during the reported period took place in CBD West, which includes areas, such as Bodakdev, SG Highway, Prahlad Nagar and Keshav Baug.
  • With the increase in fresh office space completions, which amounted to almost four times the transacted volumes in 2020, vacancy levels have crossed the 50 percent mark in Jan-Mar 2021.
  • With increasing vacancy levels, commercial and office space rentals remained under pressure and reported a further dip of 15-20 percent in Jan-Mar 2021.
  • The landlords are ready to extend short-term discounts up to 10 percent in commercial rentals, and the trend is likely to continue in the ensuing quarters.

 

 

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. 99acres does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
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