Ahmedabad’s residential real estate performed well in Q1 2022, showing a QoQ upward trend for demand (searches), supply (listings), and price of 3.3%, 3.2%, and 1.4% respectively, reveals Magicbricks Propindex Report Q1′ 2022. The report further observes that the 2 and 3 BHK configurations accounted for 72% of the total demand and 71% of the total supply, and home buyers are looking for localities with good infrastructure. Further, prices of Under Construction (UC) grew 1.6% QoQ while prices of the Ready-to-Move segment increased 2.1% QoQ.

Affordable segment (below INR 5,000 psf) accounted for 66% of the total demand in the city, increasing popularity for north and western peripheral localities of the city amongst homebuyers and developers. Peripheral localities such as Naroda, Nikol, Gota, Shela and Vatva (which fall under this category), witnessed a QoQ increase of 1.3-5.6% in residential prices. SG Highway and Bopal continued to be the top micro-markets in both demand and supply due to connectivity to employment hubs and fast-developing infrastructure.

Commenting on the trend, Sudhir Pai, CEO, Magicbricks shared, “Across India, increasing project completions, attractive offers from developers, supportive policies and improving employment opportunities have boosted buyer confidence in the real-estate industry. While the present political situation is impacting the supply chain and input costs, we expect the momentum gained thus far to continue across demand and supply backed by new launches tailored to the evolving needs of consumers and all-time low home loan interest rates..”

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To further boost the real estate market, the state government has announced town planning (TP) schemes in Godhavi-Manipur,and approved construction of skyscraper projects in Gotaon Bopal-Ambli Road and Shela.

The report predicts an onward trajectory for residential real-estate across India in 2022 due to external stimuli such as digitisation of land records, increased allocation of INR 48,000 crores under PM Awas Yojna and PM Gati Shakti that are expected to further strengthen infrastructure and boost investments in the real estate sector.

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