Gujarat : Ahmedabad Outpaces Metros in Property Boom

Ahmedabad : Ahmedabad, the vibrant heart of Gujarat, has defied national trends and emerged as a frontrunner in the Indian real estate market. Defying expectations, the city has outpaced top metro cities like Mumbai, Bangalore, and Delhi in terms of property sales, clocking an impressive 15% growth in 2023, according to a recent report by Knight Frank, a renowned property consultant firm.

“This is a significant leap for Ahmedabad,” remarked senior analyst at Knight Frank. “The city has consistently shown resilience and adaptability, and this surge in property sales is a testament to its vibrant economy, improving infrastructure, and growing attractiveness as a residential and business hub.”

While Kolkata takes the top spot with a 16% growth, Ahmedabad’s performance is remarkable considering its competition with established metropolitan powerhouses. The report highlights that 2023 witnessed a total of 16,113 property sales in Ahmedabad, the highest since 2019. This positive trajectory is further fueled by a significant 8% increase in residential sales, and a jump in luxury segment sales from 10% to 14%.

“The demand for mid-range properties, particularly those priced between Rs. 50 lakhs and Rs. 1 crore, has been particularly noteworthy,” noted a Senior Research Analyst at Knight Frank. “This segment witnessed a 29% increase in sales, now accounting for 35% of the total market share. This suggests a growing middle class with aspirations for homeownership, and a thriving economy driving job creation and disposable income.”

Sale of property in Ahmedabad in past 5 years

Year /Sale

2016 -15956

2017 -15741

2018- 16188

2019 -16713

2020- 6505

2021- 8911

2022 -14062

2023 -16113

Sales growth of top 8 cities in India

City/ Growth

Kolkata -16%

Ahmedabad -15%

Pune- 13%

Haydrabad- 6%

Chennai -5%

Delhi NCR- 3%

Mumbai -2%

Bangalore -1%

( Source Knight & Frank)