The eight major cities of India including Ahmedabad saw a significant increase in housing prices over the last year. According to the Housing Price Tracker report by Credai, Colliers and Liases Foras, prices in Ahmedabad rose by 11% in a year and by 2% in the January-March 2023 quarter.
According to the report, the average price has reached Rs 6,324 per square foot of carpet area in Ahmedabad.it is still the cheapest city among the top eight cities of India.
In Q1 of 2023 Ahmedabad housing prices had risen by 11% in the past year. “With the recent increase in Jantri rates, housing prices are likely to increase further. Unsold inventory in the city increased by 37% YoY, led by the increase in new launches.
The northwestern suburbs are likely to witness heightened activity in the residential sector owing to ongoing infrastructure developments and its emergence as a significant office district due to its proximity to GIFT City,”
Despite rising interest rates, demand in the residential sector remained healthy, and thus housing prices continued to move up. During Q1 of 2023, overall housing prices in India increased 8% year-on-year (YoY).
All the top eight cities except Mumbai saw an increase in housing prices with Delhi witnessing the highest increase at 16% YoY, closely followed by Kolkata at 15%.