Gujarat’s five districts collectively contributed 81 per cent of the state’s total revenue from stamp duty and registration fees between April 2017 and March 2023, according to data collated by the Confederation of Real Estate Developers’ Associations of India (CREDAI).
It says Ahmedabad alone accounted for 44 per cent of the state’s total document value and 38 per cent of stamp duty and registration fees. The district witnessed document registrations valued at Rs 5.54 lakh crore, followed by Rajkot with Rs 1.41 lakh crore and Surat with Rs 1.40 lakh crore.
It is evident that the top five districts in the state — Ahmedabad, Vadodara, Gandhinagar, Surat, Rajkot, and Vadodara — have recorded the highest numbers of new and resale property transactions in all categories like residential, plotting, commercial, and retail. This has led to a higher volume of document registrations and an increased collection of stamp duty and registration fees.
Credai mentioned, “The leading districts have witnessed significantly more transactions compared to other cities. Gujarat’s growing urbanisation and the availability of education, employment, and healthcare opportunities drive people to relocate to nearby cities.”
Chitrak Shah, vice-president of Credai Ahmedabad, said, “Ahmedabad plays a pivotal role in the state’s real estate sector. The data underscores that Ahmedabad holds a commanding 44 per cent share in the total document value in Gujarat. This is due to Ahmedabad’s rapid expansion, with the city experiencing growth over the past decade until the SP Ring Road. Industrial advancements in various sectors have spurred job opportunities, leading to substantial migration and increased demand for homes and other assets.”
Sources said, Ahmedabad has the highest contribution in the state’s real estate sector. The city has witnessed expansion in the past decade till SP Ring Road. Industrial development in various sectors has generated employment, and migration is happening in high numbers, increasing demand for houses and other asset classes.
However, experts caution that the Ahmedabad market may not exhibit the anticipated growth. Despite registering documents valued at Rs 91,763 crore in 2017-18 and Rs 1 lakh crore in 2020-21, the city’s figures for 2022-23 at Rs 1,05,050 crore do not reflect the expected progress. A prominent developer said, “To ensure sustained growth, Ahmedabad needs to attract more service companies, thereby encouraging higher-income individuals to reside in the city with improved affordability.”
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