New Property Growth In Ahmedabad Back In Revival Mode - Vibes Of India

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New Property Growth In Ahmedabad Back In Revival Mode

| Updated: February 14, 2024 11:39

The development of new property is showing a steady revival in Ahmedabad after the two-year lull induced by Covid.

The Ahmedabad Municipal Corporation’s property tax department recently published data that shows after a drastic fall in 2020-21, when the total number of new commercial and residential properties fell to 30,379 from 77,499 the previous year, the number of new properties jumped to 1.13 lakh in 2021-22.

Though it saw a relative dip in 2022-23 with total new properties standing at 67,829, in 2023-24 it again showed a rising trend, settling at 93,664.

The data says in last six years, total 3.82 lakh new properties have been added in the city which is an average addition of 63,739 properties every year. The city’s residential properties grew by 46,746 and commercial properties by 17,993. In the last two years, the city got 1.61 lakh new properties, data showed.

As on 2023-24, the city has a total of 24.46 lakh properties, including 18.30 lakh residential properties and 6.16 lakh commercial properties.

Experts said in 2020-21, areas such as Bopal-Ghuma were merged with AMC which resulted in a sharp spike in the new properties in 2021-22. The officials said high property prices, including that of lands, were attractive in the western area of Ahmedabad for residential properties, but the affordable prices in the eastern part of the city attract more commercial developments.

AMC’s data showed that during 2023-24, the civic body collected Rs 1,000 crore from property tax and collected Rs 300 crore from other taxes such as profession and vehicle tax.

A senior AMC official said among the seven zones of the corporation, North West Zone including areas of Ghatlodia, Thaltej, Gota, Bodakdev, Chandkheda; alone has given maximum development permission to 982 projects while only 64 development permissions have been given in Central Zone covering walled city areas.

In the Northwest Zone of the city, the highest development permits are for residential schemes, while on the other hand, in the eastern part of the city New Nikol, Nikol, New Naroda in the East Zone are the preferred destinations.

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