Residential prices in Ahmedabad increase 1.1% QoQ with a marginal decline in demand (1.5% QoQ) and supply (4% QoQ), reveals Magicbricks PropIndex Report Q3, 2022. In Ahmedabad, residential prices increased 1.1% QoQ. Meanwhile, the demand (searches) for residential real estate declined 1.5% QoQ, and the supply (listings) declined 4% QoQ, revealed Magicbricks PropIndex Report Q3, 2022. 3 BHK units are dominating the housing market in localities such as SG Highway, Bopal and Satellite with a 44% share in total demand and 45% share in total supply. Residential demand and supply for mid-segment properties accounted for 41% and 45% respectively.
Elaborating on the trends, Sudhir Pai, CEO, Magicbricks commented, “Across India, there has been a cyclical dip in the residential demand and supply owing to the cultural nuances and the monsoon season. However, the upcoming festive months are considered auspicious to make real estate investments and we expect the demand and supply to recover swiftly. To facilitate access to properties with lucrative offers and deals, we are excited to launch the 6th edition of our Dream Home Festival (DHF) from 1st October 2022 and are confident that this year will also mirror the success of previous editions.”
The report identified Bopal and SG Highway as the dominant residential micro-markets due to excellent
connectivity, highly developed infrastructure and increasing business and economic activities generating
attractive employment opportunities. Moreover, most of the demand in Ahmedabad is concentrated in the western and northern micro-markets such as Narol-Naroda Road, Chandkheda-Motera, Pahlad Nagar and Paldi-Ambavadi due to the presence of multiple affordable residential and commercial developments.
The report further observed that buyers are aware of increasing prices and hence would invest before they rise further. It also predicts an onward trajectory for Ahmedabad’s residential sector.
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