Ahmedabad is recognised as one of the most affordable residential markets among the top seven cities in India. However, there has been a notable shift in supply dynamics.
Read More: JMS Group acquires 8.65 acres for New Gurugram group housing project, eyes a topline of Rs 1,000 cr
Ahmedabad‘s real estate market has seen remarkable growth in recent years, fueled by government policies and post-pandemic recovery measures. According to the ‘Ahmedabad Residential Overview’ report by ANAROCK Group and CREDAI Ahmedabad, the city’s industrial and infrastructure expansion has spurred job creation and attracted talent, driving real estate demand. The report, revealed at the Ahmedabad Residential Real Estate Summit, highlights that housing prices have surged by 49% from 2018 to mid-2024, with a notable 16% rise in the past year alone.
According to the CREDAI-ANAROCK Report, Ahmedabad’s real estate market has experienced substantial growth owing to several government policy initiatives and measures that have supported the sector’s expansion and facilitated recovery in the post-pandemic period.
Read More: Elan Group appoints CBRE for comprehensive facilities management of its 4 malls in Gurugram
Ahmedabad is recognised as one of the most affordable residential markets among the top seven cities in India. However, there has been a notable shift in supply dynamics. The share of affordable housing in the overall supply decreased from 54% in 2018 to 28% in the first half 2024. Meanwhile, the proportion of mid-end projects in the total supply has exceeded that of affordable housing for the first time since 2018.
Read More: How Global Real Estate Trends are influencing the growth of Tier 2 cities in India
Ahmedabad Housing Prices
“The average real estate price increased by 49% from 2018 to the first half of 2024,” says Dhruv Patel, President of CREDAI Ahmedabad. “This includes a 16% rise in the past year, highlighting a steady upward trend. Prices have notably climbed from ₹3,975 per sqft in 2018 to ₹5,925 per sqft by mid-2024,” the report reveals.
Shekhar Patel, President-Elect of CREDAI National, comments, “The swift economic growth has significantly boosted the real estate sector. New development projects and improved connectivity are set to draw more investments to key areas of the city.”
Mandhir Vinaik, Deputy Vice President of residential (Gujarat) at ANAROCK Group, adds, “ANAROCK Research indicates that Ahmedabad’s residential market has shown strong growth since the pandemic. From January 2021 to June 2024, approximately 141,570 new residential units were launched, and 130,090 units were sold. Notably, 2023 saw sales peak at over 40,020 units, marking a 34% increase compared to 2021.”
