- The homebuying trend in Ahmedabad remained stable, QoQ, in Jul-Sep 2021. The trend of increased interest in plotted developments towards the peripheries gained more steam.
- New launches depicted a significant growth with East and West quadrants recording the maximum share.
- Buyers attested their affinity for 2 BHK ready-to-move properties, measuring up to 1,200 sq ft in the sub-Rs 45 lakh budget bracket.
- Unsold inventory in the city inflated by almost 2,000 units to reach 12,000 units, located predominantly in the eastern and northern parts of the city.
- On the rental front, 2 BHK and 3 BHK properties, with rentals up to Rs 14,000 per month, continued to garner a majority of interest from home seekers. Shela, Shilaj, South Bopal, Makarba, Narol, and Naroda are some popular rental housing spots in the city.
* Supply is basis properties listed on 99acres.com * Demand is basis queries received on 99acres.com
While the gradual resumption of economic activities and increasing availability of the vaccine spurred market traction in the initial month of July 2021, the months following thereafter saw a dip in sentiment as buyers adopted a cautious approach amid the rising uncertainties around the third COVID-19 wave. As compared to the months of June and July 2021, property enquiries in both the primary and the resale market went down by almost 30 percent in August 2021. Similar to the quarters before, buyers attested their affinity for 2 BHK ready-to-move properties, measuring up to 1,200 sq ft in the sub-Rs 45 lakh budget bracket. As against 80 percent enquiries in the affordable segment, the luxury segment, i.e. properties priced above Rs 1 crore accounted for only 10 percent of the buyer demand. Units configured as 3 BHK and 4 BHK remained popular in this segment.
The period between July and August 2021 witnessed a noticeable growth in RERA registrations and new launches. As against 52 projects in Apr-Jun 2021, around 81 projects, including both residential and commercial were registered with RERA in these two months. Majority of these projects are in the affordable and mid-segment budget bracket, which includes properties priced up to Rs 80 lakh. Nikol, Vastral, Chandkheda and Vaishnodevi, Kathwada, Vatva, and Sanand are among a few localities that have witnessed maximum project registrations.
The ticket-size split of sales remained unchanged as compared to Apr-Jun 2021 and the majority of sales occurred in the 2 BHK affordable segment. Given the increase in the new supply, unsold inventory in the city has gone up by almost 2,000 units to reach 12,000 units, located predominantly in the eastern and northern parts of the city. Together, these areas account for over 50 percent of the unsold residential stock.
Key micro-markets across budget segments
|Key micromarkets||Average Capital 'Asks'||Average Rental 'Asks'||Rental Yield|
|Within Rs 40 lakh||Chandkheda||3,330 - 4,320||9||3.04%|
|Naroda||2,450 - 3,190||11||5.37%|
|Rs 40 lakh - Rs 1 crore||Ghatlodia||3,480 - 4,670||10||2.70%|
|Maninagar||3,600 - 4,660||13||3.45%|
|Vastrapur||5,640 - 6,670||16||3.18%|
|Rs 1 crore and above||Jodhpur||5,170 - 6,730||16||2.88%|
|Paldi||4,970 - 6,020||15||2.95%|
|Satellite||5,370 - 6,770||16||2.93%|
* 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