City Beat: Home Sales Slide In Ahmedabad [Video]
According to PropTiger DataLabs, in October, home sales in Ahmedabad witnessed a month-on-month decline of 11 per cent over the previous month. In September, home sales had registered a monthly increase of seven per cent. On the other hand, the pattern of decline in new launches in the city continued with new projects witnessing a 30 per cent dip in October as against September. The decline stood at 58 per cent in September. On a yearly basis, project launches in Ahmedabad plummeted 61 per cent.
However, developers are still seen betting heavy on Ahmedabad real estate. Developers such as Aryan Infrabuilt, Avirat Developers, Pavanj Developers and Sun Builders launched new projects in Ahmedabad in October. These launches were mostly concentrated in localities such as Bopal, Chandkheda and Shilaj.
Among the top-performing localities of the city in October were Nava Naroda, Chandkheda, localities along the SG Highway, Gota and Bopal, in that order. Contributing the highest to the sales, these localities offer affordable property options to home buyers.
On a monthly as well as annual basis, property prices in the sixth largest city of Gujarat remained range-bound, the report shows. However, certain localities saw property prices surging between seven and ten per cent on an annual basis.
Meanwhile, Chinese conglomerate Sany Group recently signed a memorandum of understanding with the Gujarat state government to invest $2 billion over the next five years in the western Indian state. The Chinese major of heavy machinery manufacturing will be investing the money in five different projects, focusing on energy, infrastructure and real estate. According to media reports, the deal is one of the biggest signed by any state government in India.