Ahmedabad: With the beginning of Navratri on Thursday, a propitious period that prompts Diwali and Gujarati New Year a month after the fact, home purchasing is probably going to arise more grounded in Ahmedabad. Winning low lodging credit rates and practically every one of the areas of the economy springing back to pre-Covid levels, specialists expect a solid get sought after in reasonable, mid-level, and extravagance lodging fragments.
Maximum affordable housing schemes are being launched in Shela, Ghuma-Godhavi, Sheila-Shilaj and Vaishnodevi-Jundal stretches along the 200-feet SP Ringroad.
In mid-segment residential schemes, areas like South Bopal (SoBo), Hebatpur, Thaltej, Gota, Science city and some parts of Bodakdev are more in demand, believe realty experts. There are also areas where high-end apartments are coming up like Ambli-Bopal stretch, Bodakdev and Sindhu Bhavan Road, to name a few.
Commenting on the trend, Dushyant Pandya of Vishwanath Group said, “There are multiple factors contributing to the demand during this festive season like rock-bottom housing loan rate of 6.5 percent, subsidy schemes for buyers like Pradhan Mantri Awas Yojana and 1 per cent GST on affordable housing.”
He added, “With the volatility in the stock market on the rise, people are shifting towards housing for investment. Moreover, tax benefits to developers for building affordable housing is also a big motivation.”
Developers said they have held back price rise despite rising input cost to facilitate buyers. Going forward, there can be a rise in prices of houses across the categories.
Rajesh Vaswani, Founder and Director of Venus Infrastructure and Developers, said, “With the increase in input costs of construction materials like steel and cement, construction cost has shot up and prices can rise by Rs 400 per square feet in future. However, because of the competition, and to boost the buyers’ sentiment, most developers haven’t announced price hikes yet.”
Chitrak Shah of Shivalik Group said, “Construction cost has gone 20-30 per cent higher. However, most developers like us are still not passing it on completely to the buyers.”
Commenting on the demand, Shah added, “There is a good demand for affordable and mid-segment housing in Ahmedabad. People prefer to invest in housing rather than keeping money in bank FDs.”
According to realty experts, today affordable housing (2-3 BHK) costs anywhere between Rs 30 lakh and Rs 70 lakh. Luxury houses of 3 BHK can vary from Rs 80 lakh to Rs 1.2 crore whereas the high-end apartments can cost north of Rs 1.5 crore up to Rs 2.5 crore depending upon the carpet area.
ANAROCK Group Chairman Anuj Puri said, “To usher in the festive season, SBI has announced home loan interest rates at 6.70%, regardless of loan amount. This is an extremely competitive move which virtually negates all the previous limitations which applied to special home loan interest rates. Instead of focusing on just budget housing, this new interest rate is genuinely democratic as buyers with any budget will benefit.”
He added, “This move is aptly timed, coinciding with the beginning of the festive season. This year, we are likely to see significantly improved traction in the housing segment. Waiving of processing fees and occupation-linked interest premium are added levels of savings.
Agreeing with Puri, realty consultant Nagendra Rathore said, “The home loan rates offered by banks like SBI are the best on offer in a long time. This has increased housing inquiries in Ahmedabad.”
