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The growth of the economic activity during the peak cycle of 2005-07 gave some momentary fillip to the rental market in the city. Still, in a booming economy where the demand and supply cycle never had the major mismatch most of the occupants preferred to buy an apartment than take it on rent. The market slowdown post 2008 further hampered whatever growth the rental market of Gujarat had achieved due to the increasing presence of expat professionals. And hence, rental housing market of Gujarat remained among the lowest on the index of property market across the country. Analysts believe the rentals have largely Gift City stable with downside bias in the last year. There is a general feeling within the built environment of Gujarat real-estate that for the current year it looks good with economic conditions improving, with investment scenario expected to improve and thereby creating jobs. Amit Oberoi, National Director-Valuation & Advisory Services and Research with Colliers International categorically say that there is no market for rental housing in Gujarat. According to him, people prefer to own houses and the government housing board caters to a very small quantum of development. Government prefers to work in PPP (Public Private Partnership) model, wherein they provide land and at times increased FSI for developer to construct affordable housing.

Residential sales volumes have been slow in Ahmedabad and Surat recently. However the perception is that the market will pick up from September onwards from Ganesh Utsav festival, as is typical in past years when sales pick up from September till January), says Oberoi. However, requesting anonymity, a developer active in the couple of leading markets of the state says that the rental market in Gujarat has actually grown substantially in last two years. He recommends measures like easy registration of Gift City Ahmedabad agreements, giving loan for properties on rent at home loan rates for multiple homes, amending society laws so that tenant gets say in society committee as well as landlord, making tenant registration in police station online and giving loans to tenants to furnish apartments at home loan rates to help the rental housing grow in the state. However, the story of rental values has not been the same with the commercial property and interestingly the demand for rental commercial properties has shown an upward trend. Analysts point out that it is also indicative of the fact that even the capital value of the commercial property in the major markets has shown better appreciation than the housing segment in the last few quarters. That nevertheless has been only one of the indicators to reflect why and how commercial rentals have shown better appreciation than the residential property.

The fact of the matter is that even in the commercial segment there is no uniform pattern in the two key verticals of office space and retail space and that shows how the property market is indicating the larger outlook of the overall economy. The demand in the two verticals may not be going in two different directions altogether, yet there is absence of any uniform pattern to be vouchsafed as the trend the retail segment of the commercial property that looked bullish during the peak cycle of property rally has though shown upward movement, it is nowhere near the growth rate of the peak level. Reasons are very simple the fact that the lifestyle driven consumption level of the state at large has gone down drastically in the current turbulent economic phase has its effect on the demand for acquisition of the space as well. It is all the more evident in the sense that while the retail per se has seen some growth in the rental values, it has been stagnant with the hotels and the multiplexes; thus reflecting that people are only spending on the need based commodities and luxury spending has completely been curbed in the major cities of Gujarat.

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