Sales of
premium property
in Ahmedabad remained steady as the sales of flats in other segments
dropped to their lowest level in six years. One of the leading real estate
consultants in the country has revealed that the sales volumes of residential properties in Ahmedabad have reach the lowest point since 2011.
Experts Corner
Real
estate experts who work with one of the leading real estate consultants in the
world have stated that during the second half of 2015, Ahmedabad property witnessed a recovery of 13 percent in the sales
volume of real estate bought and sold when compared to the same period the year
before. The trend that began in 2015 continued into 2016 with an increase in
sales volumes of ten percent as compared to the first half of 2015.
Can You Guess What Went Wrong in 2016?
In
November of 2016 the government’s decision to demonetize high denomination bank
notes brought real estate in Ahmedabad
to a stand still. Builders
and developers in Ahmedabad chose not announce any new projects and
buyers too began to be cautious before choosing to commit to any purchases.
Both builders and buyers began a wait and watch approach as post demonetization
the markets grew uncertain.
The Curious Case of Luxury Houses
Unexpectedly
the volume of luxury property in
Ahmedabad priced at one and half crore’s did not drop. The number
of luxury flats in Ahmedabad that were bought and sold
remained steady and performed relatively better at the end of 2016 than did
houses in other housing segments. Localities such as Ambawadi, Navrangpur,
Prahlad Nagar, Vastrapur, and Satellite were the backdrops of numerous new
projects during the past six months. Hence while the sales on houses in most
segments fell dramatically post demonetization, the sales of luxury flats in Ahmedabad remained
buoyant despite the ban on high denomination bank notes.
New Launches Dipped
The
number of new launches in the second half of 2016 was only 1,200, a fraction of
the 4,000 new units launched in 2011. Almost fifty percent of the new launches
at the end of last year were in the northern region of Ahmedabad. Localities
such as Chandkheda, Ognaj, and Gota were the backdrops of a large number of new
launches over the past six months. The second place in sales volumes of new
launches in Ahmedabad goes to the west zone of Ahmedabad where 18 percent of
the new launches were announced. Pertaining to property in Ahmedabad’s south region, new launches
here have fallen drastically as builders
in Ahmedabad here are still trying to offload inventory. Even
though 80 percent of the units among the upcoming
projects in Ahmedabad in the southern region are priced below 25 lakhs,
buyers are being cautious before investing here.
Post By : Shrikant Sain
For more: propchill.com
Contact number: 7827456456
Email ID: propchill01@gmail.com
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