Real estate expected to gain momentum

Ahmedabad: After a slow phase, the real estate sector in the state is expecting to gain momentum after Akha Trij. Despite the positive outlook, industry observers anticipate a drop in projects launched on Akhatrij.
Viral Shah, secretary of Credai Ahmedabad, said, “We get significant bookings on Akha Trij. The affordable housing segment will see bookings from buyers who had decided which flats to buy but had experienced uncertainty due to the jantri revision exercise. There were enquiries for properties, but bookings were very low. Most people got busy completing older transactions after the state government delayed the implementation of the revised jantri rate. Developers have got confirmed bookings for Akha Trij, so we believe the sector will see momentum.”
Ahmedabad real estate witnessed good demand after the Covid pandemic subsided. The need for bigger houses increased after the lockdown, and many people moved into projects that offered more amenities. The luxurious housing and plotted development segments saw good demand too. However, industry experts say that overall demand has been low in the past six months compared to the previous two years due to increased costs and interest rates.
Praveen Bavadiya, a property consultant, said, “Generally, new projects are launched on Akha Trij. Fewer projects will be inaugurated this year as several projects have been launched since Diwali, mostly in the affordable segment. Demand is low mainly due to the high supply and property prices over the past few years.”
Bavadiya said that interest rates have increased sharply in the past year, so affordability for salaried customers has decreased.
“This has affected sales in the affordable segment significantly, and many have delayed the decision to buy a house. At least, the jantri situation is clear now. On the other hand, inflation data suggests that interest rates will not increase further, so we hope to see momentum from Akha Trij,” Bavadiya said.