Ahmedabad: The real estate market has begun to see its positive effects with the first dose of vaccination touching almost 100 percent and the economy improving gradually.
According to realty experts, the property launches this time are going to be 100% more than what were seen last year. And the residential scheme projects far outnumber commercial.
Prime areas
Maximum launches are seen in areas like Gota, Jagatpur, Tragad and Vaishnodevi Circle-Jundal stretch, the realty experts opined. Former president of CREDAI Gujarat Ashish Patel said, “Last year there were hardly 30-odd schemes launched during Dussehra. However, this year, there are around 70 new launches just on Dussehra.”
He added, “Of the total launches, around 50 per cent are in western parts of the city. And most new projects are coming up in Gota, Jagatpur, Tragad and from Vaishnodevi Circle to Jundal.”
To bank upon the festive spirit and pent-up demand created by the 18-month long Covid pandemic, some developers are sweetening deals by offering gold coin, discounts in name of Navratri, Dussehra or pre-Diwali offer, exemption from GST charges, freebies like air-conditioner etc.
Secretary of CREDAI Ahmedabad GIHED Viral Shah said, “The Navratri-January period is when most houses are usually bought. Therefore, to motivate potential buyers some developers offer freebies.”
The demand for affordable housing is increasing in areas like Shela and Shilaj. Two and three BHK houses are much in demand in Gota, Jagatpur, Tragad, Vaishnodevi, Jundal.
Explaining the reasons for surge in housing activity in these areas, Viral Shah said, “These pockets are seeing town planning development. Also, their connectivity to the airport, RTO and Gandhinagar makes them hotspots of building activity.”
Agreeing with Shah, Gaurang Bhavsar, a realty consultant, said, “Post Covid people are looking for bigger houses as they have realised the need for privacy of individual family members, including kids that need separate study areas.”
He added, “So, most people prefer to go for 3 BHK houses in the affordable segment and these areas offer reasonable options.”
According to realty experts, 2 and 3 BHK affordable housing starts from Rs 35 lakh to 70 lakh.
On the best rate of interest offered by banks, realty consultant Nagendra Rathore said, “The lowest home loan rate of 6.70% regardless of loan amount, and banks like Kotak offering even 6.5 per cent, have motivated buyers to go for their dream home.”