Latest news with #GujRERA
Time of India
08-07-2025
- Business
- Time of India
Gujarat winning the ‘plot', 215 projects in '24-25 alone
Ahmedabad: Gujarat continues to see an upward trend in plotted projects, with 215 registered with GujRERA in 2024-25 alone, the highest ever in a single year in the state. Experts said the actual number could be higher as many plotted projects do not require RERA registration. In 2024-25, a total of 14,339 new units in plotted development were registered, which is also 43% higher than the previous year. Since RERA implementation, Gujarat has seen the registration of a total of 851 plotted projects with an investment of Rs 5,942 crore and 66,314 units. Ashish Patel, national vice president, Credai, said, "Plotted schemes have increased in recent years because it gives faster rotation of money to developers because construction is less. People want to buy a piece of land in gated communities, and this is driving demand. Plots give good appreciation on the money invested, and therefore, investor demand is better in this segment." A recent GujRERA report says, "Plotted development projects saw explosive growth in 2018-19 (265.2% projects, 340.3% units) but declined in 2019-20 (-28.6% projects, -63.1% units). Strong recoveries in 2021-22 (46.9% projects, 123.2% units) and 2022-23 (69.1% projects) continued, with 2024-25 showing robust growth (41.4% projects, 56.8% investment, 43.3% units). by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Pensia Pilon 3 NN Pensia Facultativă NN Vezi oferta Undo Plotted development prices rose from Rs 6,863 per sq mt to Rs 14,124 per sq mt, reflecting high land demand. " You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad Ajal Patel, a developer active in plotting schemes, said, "Ahmedabad has seen higher demand for plotted development after Covid. People want to ensure a certain future lifestyle, and therefore, they prefer plotted development. Ahmedabad is growing rapidly, and the plotted development offers an upgraded lifestyle." A leading developer said, "After Covid, plotting schemes saw good demand because many investors decided to invest in plots because other business sectors were not performing well. There was a good return also on their investment." According to sources, the actual number of plotted projects is higher than the RERA registered numbers because a large number of plotted projects do not fall in the geographical areas where RERA registration is a must. However, for the last few months, real estate is passing through a sluggish phase, and plotted development is also experiencing relatively low demand as people are in a wait-and-watch mode, said a developer.
Time of India
07-07-2025
- Business
- Time of India
245 new projects: Commercial realty makes post-Covid comeback in Guj
1 2 Ahmedabad: After years of volatility, Gujarat's commercial real estate sector is witnessing strong revival: the state recorded 245 new commercial project launches in 2024-25 — highest since 2019-20, when 269 projects were registered. Commercial unit registrations also hit a post-Covid peak, with 31,520 units launched, according to a recent GujRERA report. Commercial project registrations dropped by 58% in 2020-21 — the peak Covid year, as work-from-home culture and lockdowns disrupted demand. "Office demand declined sharply, and sectors like entertainment, food, gyms, and tuition classes were hit. Naturally, new launches fell during and after Covid. But demand is picking up, and we've seen more launches across in the past year," said Tejas Joshi, vice-president, Credai Gujarat. Tejas Joshi, vice-president, Credai Gujarat, says "Cities like Ahmedabad have also seen encouraging growth in rental values." You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad Green construction is another major trend shaping the recovery. "In larger cities, nearly 40-50% of commercial projects are now green buildings. State govt incentives — such as 7-12% relief on chargeable FSI — have driven this shift. Buyers, too, prefer green buildings for their 30% or more savings in electricity costs," said Taral Shah, co-chairman, Indian Green Building Council (Ahmedabad chapter). According to GujRERA, commercial launches grew modestly in 2018-19 (3.9%) but plunged in 2019-20 and 2020-21 (both -37%), with a steep -63.9% drop in investment in 2020-21. The sector rebounded in 2021-22 (43.5% growth in projects, 53.4% in units) and again in 2023-24 (68.2% growth in investment). The momentum has continued into 2024-25, with a 15.6% rise in projects and 20.7% in investment. Ahmedabad alone registered 72 commercial projects in 2024-25, attracting investments worth Rs 3,394 crore. "The average cost per unit dropped from Rs 34 lakh in 2017-18 to Rs 25 lakh in 2022-23 but surged to Rs 44 lakh in 2023-24 and settled at Rs 40 lakh in 2024-25, indicating a tilt toward higher-value commercial spaces," the report states. The average number of units per project declined from 137 in 2018-19 to 107 in 2021-22, recovered to 131 in 2023-24, and slightly dipped to 118 in 2024-25 — a sign of evolving market dynamics. "Recent trends, with a stable 118 units per project and Rs 40 lakh per unit in 2024-25, hint at a maturing, demand-driven commercial sector that is adjusting to modern business needs," the report concluded.
Time of India
05-07-2025
- Business
- Time of India
Average home prices in state increased by 34% since FY18: GujRERA
Ahmedabad: Gujarat's real estate sector has witnessed a sharp rise in prices of residential units—up by 34% since 2017–18, driven by post-Covid demand and escalating input costs, according to a new report released by the Gujarat Real Estate Regulatory Authority (GujRERA). The report, 'Gujarat Real Estate Landscape: A Comprehensive Analysis of RERA Implementation and Infrastructure Growth', reveals that the average price of homes rose from Rs 40,231 per sq m in 2017–18 to Rs 54,139 per sq m in 2024–25, peaking at Rs 54,187 in 2023–24. The residential category assessed in the report includes a range of housing types such as apartments, bungalows, and row houses. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad Industry experts attribute the surge to a steep rise in land acquisition and construction costs over the past few years. Viral Shah, vice president of CREDAI Ahmedabad, said, "Land prices have increased sharply, and construction costs have also risen drastically over the past few years. This has led to an overall spike in residential prices, although developers have not been able to pass on the full burden to buyers, thereby compressing profit margins. " Residential construction costs alone jumped from Rs 26,677 per sq m in 2017–18 to Rs 40,691 in 2024–25, reaching a high of Rs 41,895 per sq m in 2023–24. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo The report also notes that major districts in the state have not only seen a sustained price increase but also faced greater year-to-year fluctuations. In Ahmedabad, the average unit residential cost tells a more volatile story. From Rs 43 lakh in 2017–18, the price dipped to Rs 31 lakh in 2021–22 before surging to Rs 79 lakh in 2023–24. The rate moderated slightly to Rs 56 lakh in 2024–25. "This price trajectory reflects a maturing market responding to macroeconomic shifts, with developers balancing affordability and rising demand," the report noted. "The year-on-year average construction cost per square meter (carpet area) in Ahmedabad across all segments from FY 2017–18 to FY 2024–25 reflects a general upward trend, influenced by rising material costs, labour charges, and market demand. In the residential and group housing sector, costs increased from Rs 30,659 per sq m in 2017–18 to Rs 43,443 in 2024–25, with a notable peak at Rs 47,341 in 2023–24, indicating a steady rise driven by urbanisation pressures," the report stated. GFX sent to designers Table: Residential property prices District 2017-18 2020-21 2022-23 2023-24 2024-25 Ahmedabad 46,257 51,120 57,581 63,571 63,488 Vadodara 39,038 45,099 53,375 60,731 62,028 Surat 38,205 40,629 53,641 55,782 53,361 Rajkot 29,940 30,070 32,899 37,597 35,776 Gandhinagar 34,433 37,738 74,339 52,832 52,688 Other Dist 26,714 28,531 34,355 33,107 36,496 Source: GujRERA, prices in Rs/sq m)
Time of India
04-07-2025
- Business
- Time of India
5 districts corner 5L cr realty boom
Ahmedabad: Gujarat's real estate sector attracted Rs 5.03 lakh crore in investments since the implementation of the Real Estate (Regulation and Development) Act (RERA) in 2017. However, a lion's share of 94% of this capital is concentrated in just five districts: Ahmedabad, Gandhinagar, Surat, Vadodara and Rajkot, largely driven by rapid urbanisation, better infrastructure, and stronger demand for housing and commercial spaces. In contrast, the remaining 28 districts, which house nearly two-thirds (64%) of Gujarat's population, received only 6% of the total investment. Experts, however, have raised concerns over resource concentration and highlighted the need for more equitable infrastructure growth across Gujarat's smaller towns. According to the latest data released by the Gujarat Real Estate Regulatory Authority (GujRERA), these five urban hubs account for 86% of all registered projects and 89% of the total housing units in the state. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad Ahmedabad alone attracted Rs 2.1 lakh crore, or 42% of the total investment, solidifying its position as the state's real estate capital. It also accounted for 31% of registered projects and 35% of all housing units. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo "Ahmedabad has emerged as one of the fastest-growing cities in India due to rapid infrastructure development and job creation," said Dipak Patel, president of CREDAI Gujarat. "Higher education levels and urban migration are also driving real estate growth in large cities. In smaller towns, plotting schemes are more popular, where individuals build their own homes, and these often don't reflect in RERA data. Also, many small projects in small towns do not get registered with RERA so their actual share may be a bit higher. " However, the skewed development of the state limited to urban centres is fairly visible. Drawing on the 2011 Census data, only 36% of Gujarat's population lives in its top five districts, which account for an overwhelming majority of the state's real estate activity. The remaining 64%, spread across smaller towns and rural regions, has seen just a fraction of the investment and project activity. "All other districts collectively account for 16% of project contribution, 6% of investments, and 11% of units, suggesting a dispersed yet modest contribution from remaining regions," the report states, hinting at a widening regional divide in infrastructure development and economic and commercial activities. Since RERA's implementation, Gujarat saw the registration of 15,260 projects covering a carpet area of 13.11 crore sq m, translating into 18.20 lakh housing units. Of these, over 8,400 projects were completed.
Time of India
25-06-2025
- Business
- Time of India
GIFT City, GujRERA likely to opt for new entity to complete stalled WTC project
Ahmedabad: GIFT City authorities have terminated the development agreement with WTC Noida Development Company Private Limited for the World Trade Center's B and C towers following controversies and complaints filed with the Gujarat Real Estate Regulatory Authority (GujRERA). The authorities are now exploring options including allowing the association of allottees to take over the project or bringing in a substitute entity to ensure completion in order to protect the investors whose funds remain locked in the stalled project. The commercial project agreement was originally signed in 2014-15. While the developer successfully completed two towers (A and D), construction of towers B and C remains incomplete despite the deadline extension granted by GujRERA. GujRERA received approximately 30 complaints from buyers citing possession delays and failure to provide assured returns to investors. GIFT City and GujRERA officials are also considering appointing a substitute entity to complete the remaining work on the towers, sources said. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad "According to Section 8 of the RERA Act, an association of allottees can be formed to take the project forward. There is also a possibility of bringing in a substitute entity by GIFT City and GujRERA to ensure the completion of the project. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo We cancelled the development agreement of the promoter WTC Noida Development Company Private Limited because there were a number of complaints regarding possession delays and incomplete construction. Despite RERA extending the deadline for completion of towers B and C, the promoter failed to complete the project," said a top official. "There is no possibility that the WTC Noida Development Company can complete the project because its promoter, Ashish Bhalla, was arrested by the Enforcement Directorate for alleged real estate fraud. In such a situation, we decided to protect the interest of investors and will finalize the plan to complete the project soon," the official said.
