Despite high economic growth, the average price of property in Gujarat has mostly remained the same in the last six years, says a report.
According to data compiled by the Confederation of Real Estate Developers’ Associations of India (Credai), the average price of residential units in Gujarat’s top five districts has been Rs 34 lakh in the last six years.
The five districts – Ahmedabad, Gandhinagar, Surat, Rajkot and Vadodara -have seen a total of 18,01,871 registration documents valued at Rs 6.17 lakh crore in this period.
Ahmedabad has the costliest average document value at Rs 49 lakh, which was Rs 64 lakh in 2017-18 and Rs 45 lakh in 2022-23. Rajkot, meanwhile, has an average document value of Rs 20 lakh.
Credai says, this data, based on stamp duty, includes new and resale houses. Ahmedabad has seen the highest deals in the last six years and also, the average document value is also higher in Ahmedabad compared to other big cities like Surat, Rajkot, Vadodara and Gandhinagar.
Surprisingly, the average document value in Ahmedabad was Rs 64 lakh in 2017-18, which came down to Rs 45 lakh in 2022-23.
A leading developer in Ahmedabad said, the figures didn’t present the exact picture. According to him, the overall property prices have increased but in new projects, the sizes of houses have decreased. In most projects, the super built-up area has significantly increased in the last one decade, besides other charges. So, people are paying more for houses, but the average document value has remained almost unchanged.
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