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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.
