Gift City News Tasteful and Amazingly righteous Residential Specifications

At a time when real-estate developers are battling to sell around 39,700 homes in Ahmedabad the number of new housing projects being launched in the city has shot up phenomenally by 50% during the last six months. There are currently 75,000 under construction homes in Ahmedabad. Of these 39,700 units that are under different phases of Gift City remain unsold, said Saurabh Mehrotra, national director advisory services, Knight Frank, a real-estate consultant that released a new report on the residential markets of Ahmedabad Thursday. The report shows that over 7,400 housing units were launched in the six months between July-December 2015. This is 50 per cent more than 4900-odd housing units launched during the same six-month period in 2014.

Locations in central Ahmedabad such as Paldi, Naranpura and Vasana witnessed launch of most projects with a five-fold jump this new projects has increased the stress in the market and worsened the oversupply situation in the city, states the report that as well as goes on the present an estimate of over 9,000 new housing units that are expected to flood the residential market in Ahmedabad in the first six months of 2016. When asked if the Real-estate Regulation and Development Bill 2015, which is expected to be passed in the upcoming Gift City Ahmedabad session of Parliament, is one of the reasons for the developers trying to flood the market with new projects, Mehrotra said, It could be one of the reasons but I believe there is fresh surge in demand for houses as the sale volumes have picked up in Ahmedabad by 13 per cent in July-December 2015. The real-estate bill not only provides for a real-estate regulator but as well as puts pressure on developers to change the traditional ways of managing funds, seeking approvals and completing projects.

Though Mehrotra choose to compare the 8,019 houses sold in Ahmedabad between July-December 2014 with the sales 9,075 units that happened during the same six months in 2015 to arrive at a 13 per cent growth figure, the volume of sales of residential property in Ahmedabad is a far cry when 16,800 houses sold during entire 2015 is compared to the 30,500 houses sold in 2012. In the last four years real-estate developers in Ahmedabad have been cutting down on new launches to tackle the problem of rising inventory of unsold homes. Compared to 45,100 homes launched in 2011, the numbers have steadily fallen in 2012 30,700 units, 2013 23,800 units, 2014 14,011. It was only in 2015 that the number rose to 15,500 units. Real-estate developers say that the rise in new launches is due to the improved sentiments in the market. In comparison to 2014, I launched at least three projects of my own in 2015. However, it has nothing to do with the new real-estate bill, said Dipak Patel, president of Gujarat Institute of Housing and Estate Developers, a city arm of CREDAI. This state, in particular the city of Ahmedabad, encourages the setting up of new businesses, which is why it is easy enough to acquire land and buildings for the same. One of the primary reasons why anyone should consider investing in property at Ahmedabad is the fact that there is something to suit all budgets. Depending on the requirement of individuals, there are properties, which vary in size as well as rate. In addition, there are properties that are specific to certain industries.

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