Ahmedabad Housing Prices Up 49% from 2018-2024, 16% Rise Last Year Alone

Mandhir Vinaik, Dy. Vice President – Residential (Gujarat), ANAROCK Group, says, “According to ANAROCK Research, Ahmedabad’s residential market has exhibited robust growth post pandemic, with a cumulative total of approx. 141,570 new residential units launched and 130,090 units sold during Jan 2021 – June 2024. 2023 witnessed a peak in sales, recording over 40,020 units sold. This represents a significant increase of 34% compared to figures from 2021.”

Source: ANAROCK Research

The city is known as one of the most affordable residential markets as compared to the top 7 cities of India, and has witnessed a significant shift in the supply dynamics. The affordable segment’s share in overall supply declined from 54% in 2018 to 28% in 1H 2024. Also, the share of mid-end projects in total supply during the year surpassed the share of affordable supply, for the first time since 2018.

Housing Prices

“The average price of real estate rose by 49% between 2018 and 1H 2024”, says Mr. Dhruv Patel, President CREDAI Ahmedabad. “Nonetheless, there was a 16% appreciation in the last year, underscoring a consistent upward trend in the market. Average prices appreciated significantly, reaching INR 5,925 /sqft at the end of 1H 2024 from INR 3,975/sqft in 2018, finds the report.”

Source: ANAROCK Research

Available Inventory

There are over 64,650 residential units available in the city. The available supply saw a significant decline of 13% when compared to the same period in the previous year, and a 8% decline from the end of the previous year. This indicates high sales momentum during the last few quarters. Inventory overhang also reduced to 17 months at the end of 1H 2024.