AHMEDABAD: According to data from GujRERA, Gujarat’s real estate sector saw new project registrations dip to 1,610, the lowest level since the pandemic-affected fiscal year 2021.
Experts attribute this decline to a combination of market saturation from recent developments and a more cautious approach by developers, following nearly four years of robust post-pandemic demand. Ahmedabad accounted for 506 of these new registrations.
The robust demand observed in urban centers, particularly as homebuyers sought upgraded lifestyles, has slowed. Since FY 2021, annual project registrations have consistently exceeded 1,700, but FY 2026 marked a decline of approximately 211 projects compared to the previous year.
Tejas Joshi, president of CREDAI Gujarat, noted, “High project launches over the past four years have resulted in many still under construction, as the typical completion time is about three years. Developers are now taking a more cautious approach to new launches. However, with Ahmedabad preparing to host the Commonwealth Games in 2030, we anticipate an increase in new projects for FY 2027.”
Across the state, residential projects comprised the majority of new registrations at 663, followed by mixed-use developments at 518, commercial projects at 233, and plotted developments at 196. Ahmedabad emerged as the primary hub with 506 new projects, followed by Surat (328) and Vadodara (209). Other cities recorded minimal project registrations: Gandhinagar (169), Rajkot (109), Bhavnagar (87), Jamnagar (25), and Junagadh (19), while other areas collectively accounted for 158 projects.
In the residential sector, Ahmedabad led with 223 projects, followed by Vadodara (123) and Surat (95). Gandhinagar recorded 73 residential projects, while Rajkot registered 42. Notably, commercial project launches were highest in Ahmedabad (68) and Surat (52), with Rajkot (27) and Jamnagar (17) following.
Mixed-use developments were particularly strong in Ahmedabad (207) and Gandhinagar (79), with Vadodara and Surat contributing 61 and 57 projects, respectively. Surat dominated plotted developments with 124 projects, significantly outpacing Bhavnagar (35) and Ahmedabad (8). This data underscores Ahmedabad’s status as Gujarat’s most diverse real estate market.
