AHMEDABAD: The real estate market in Ahmedabad is witnessing a slowdown this Dussehra, with demand remaining low. Experts attribute this trend to an oversupply in certain regions and rising property prices, marking this festive season as the weakest since the COVID-19 pandemic.
The Confederation of Real Estate Developers’ Associations of India (CREDAI) Gujarat is hopeful for a rebound in demand, considering the potential for Ahmedabad to host the Commonwealth Games as a possible trigger.
Pravin Bavadiya, former president of the Ahmedabad Realtors’ Association, stated, “While the city saw significant demand post-COVID, the current market is challenged by oversupply and escalating land prices. This situation has made potential buyers cautious, leading them to prefer ready-to-move-in apartments rather than new projects. The demand is mainly focused on the affordable segment, with mid-range and luxury sectors lagging behind.” He added that buyers are keen to sidestep the risks of project delays and the financial strains of managing both rent and EMIs.
Nonetheless, CREDAI believes that recent cuts in GST rates could enhance disposable incomes, directing more investments into real estate.
Tejas Joshi, President of CREDAI Gujarat, mentioned, “Lower interest rates typically make home buying more accessible, helping to stimulate demand further. If Ahmedabad is selected to host the Commonwealth Games, it could result in a notable increase in demand.”
