There is an increasing craze among real estate developers in Ahmedabad to plan luxury apartments. Approximately 3000 new apartments ranging from Rs 2 crore to Rs 10 crore are to be launched in Ahmedabad city over the next three years. Industry specialists say that as the target market is an elite-class society, the competition among the developers will be severe due to the limited customer base.
There is a perception of enormous demand for high-end apartments from the elite people residing in Ahmedabad, Saurashtra, Kutch, Mumbai, and NRIs. They are craving extravagant residential areas for better living standards.
Some of the leading developers opine that Ahmedabad is seeing good demand for ultra-luxury housing after Covid. People prefer luxury apartments to bungalows because of better security and amenities. Industry experts say that supply in this segment has increased in the past few months and people take longer to finalize deals.
A prominent developer pointed out the possible tussle among the developers for selling the lavish apartments as the target audience is a niche, an elite category. It is manageable for the developers to reach out to customers and there is a good conversion rate as well.
“There are many projects in the premium apartments segment coming up in the city. According to our study, some 30 projects with residential units costing between Rs 2 crore and Rs 10 crore with super built-up areas of 3,000 to 10,000 sq feet have been launched or will be launched so-on,” Manish Brahmbhatt, president of the Ahmedabad Realtors’ Association (ARA) said.