Ahmedabad’s residential sales have grown by 6% this quarter compared to the same period last year, indicating a healthy uptick in the residential market.
According to the latest report by Knight Frank India, titled ‘India Real Estate Q3 2023,’ Ahmedabad witnessed a surge in residential sales, with 4,108 units sold in the third quarter, up from 1,978 units in Q4 2022.
The average weighted residential price for properties in Ahmedabad increased by 4% YoY during Q3 2023, reaching Rs 3,012 per sq ft, according to the Knight Frank India report.
The report also noted office space transactions of 0.2 million sq ft during Q3 2023 in Ahmedabad, while new office completions in the market reached 0.3 million sq ft. These top eight markets (cities) collectively recorded office transactions of 16.1 million sq ft, marking a 17 percent YoY growth during Q3 2023.
The robust demand in the Indian office market reflects occupiers’ confidence in India’s economic stability, despite global uncertainties. New office completions in Q3 2023 totaled 11.5 million sq ft across India’s leading eight cities. Knight Frank India’s India Real Estate Q3 2023 report also provided data on property rentals. The report indicates that the average transacted rent in Ahmedabad increased by 2 percent YoY, reaching Rs 40.9 per sq ft per month during the quarter.