Gujarat real estate witnessed a surge in affordable housing projects as one-third of the Gujarat property market projects registered with GujRERA, i.e., Gujarat RERA registered projects, fall under the Gujarat affordable housing section.
There are 5,191 Gujarat RERA registered projects, including residential, commercial, mixed-use, and plotting schemes where 33 percent or 1,694 projects are affordable. Out of these projects, 878 are residential, and 816 are mixed land projects, including residential and commercial units.
The data compiled by the Gujarat Real Estate Regulatory Authority further reveals that Ahmedabad has the highest number of affordable housing projects totaling 502, followed by Vadodara with 361, Rajkot has 265; Surat has 236, and Gandhinagar with 103 Gujarat RERA registered projects.
Ashish Patel, president of real estate body ‘GIHED-CREDAI’ said, that Gujarat affordable housing mainly drive a maximum number of real estate projects in Ahmedabad and across Gujarat fall under the affordable housing segment as the demand in the real estate market. There is a higher demand for such projects. Real estate developers in Gujarat are investing to meet the demands and supply gap because of the government’s slew of initiatives to boost Gujarat affordable housing.
According to a recent study by a consultancy firm Knight Frank India, during July-December 2018, exactly 2,844 residential units were launched in Ahmedabad city as a part of the affordable housing segment. The report also said that 61% of the total housing units launched in the second half of 2018 were priced at less than Rs. 50 lakh. Ahmedabad city has a price-conscious market and the most affordable place for property buyers.
According to the real estate experts, the Union The government’s emphasis on affordable housing provided a much-needed impetus to dwelling units at Gujarat affordable housing prices. This is why the supply of such homes will increase in the coming time. In Gujarat real estate, out of the 5,191 registered projects, 2,580 are residential ones, 1,639 are mixed-use, and 864 are commercial projects.