- Despite a surge of 10-15 percent in homebuyer enquiries, Ahmedabad witnessed stagnancy in the real estate market.
- New launches remained restricted and witnessed a dip of around eight percent, QoQ, as developers struggled with multiple issues, including shortage of labourers and paucity of funds. The West and East zones collectively held over 50 percent of the new residential supply.
- The affordable housing segment, i.e. properties priced below Rs 50 lakh, continued to garner maximum buyer interest.
- The unsold inventory levels remained unchanged at 7,000 units with QTS at 2.5.
Areas such as Vaishnodevi Circle, Shela, Shilaj, and Gota remained popular among buyers in the affordable segment. In the mid-segment, Thaltej, Bodakdev, and Satellite remained popular.
- Led by meek market sentiment, property prices largely remained stable in Oct-Dec 2020.
* Supply is basis properties listed on 99acres.com * Demand is basis queries received on 99acres.com
Despite a surge of 10-15 percent in homebuyer enquiries and sales around Diwali, the quarter saw lull in the overall sentiment. Imposition of indefinite curfew to contain COVID-19 and the inauspicious Kamurta period in December led homebuyers to defer home buying decisions.
Amid a massive shortage of labourers and the looming financial uncertainty, residential launches remained restricted. As against 38 projects in the previous quarter, the city witnessed the addition of 35 new projects in Oct-Dec 2020. The West and the East zones collectively held over 50 percent of the share of new residential supply across the city, the majority being in 2 BHK and 3 BHK configurations, measuring up to 1,450 sq ft and 2,100 sq ft, respectively. Affordable segment continued dominating the new launches in Ahmedabad.
From the demand’s perspective, the buyers attested their affinity for ready properties, priced within Rs 50 lakh. With the growing need for risk-free investment options, properties priced above Rs 1 crore, too, garnered decent buyer traction. In terms of configuration, 2 BHK and 3 BHK units remained popular. Even 4 BHK properties drew the attention of buyers in the luxury segment. As a growing trend, the concept of a second home, especially within 20-40 km away from the city, has fast picked up the pace over the last two quarters.
Low uptake and the addition of new units led the unsold inventory to remain unchanged at 7,000 units with quarters to sell being at 2.5. The majority of this housing stock is priced either within Rs 25 lakh or within Rs 80 lakh to Rs 1.5 crore. Vastrapur, Nikol, Bopal, and Vatva hold majority of the unsold stock.
Key micro-markets across budget segments
|Key micromarkets||Average Capital 'Asks'||Average Rental 'Asks'||Rental Yield|
|Within Rs 40 lakh||Vastral||2,300-2,800||11||4.16%|
|Rs 40 lakh - Rs 1 crore||South Bopal||3,200-4,400||13||3.71%|
|Rs 1 crore and above||Satellite||5,500-6,500||16||2.95%|
* 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