After a lull during the COVID-induced pandemic, the real estate scenario in Gujarat is picking up pace.
According to data provided by Estate Developers’ Associations in India (Credai), the number of plotting scheme projects after the pandemic stood at 246, up 98.3% compared to 124 projects in FY 2020 and FY 2021.
This number could be even higher given that several schemes do not get registered with RERA if they fall in non-planning areas.
A national daily, attributing sources, claimed that Vadodara, Ahmedabad, Surat, Gandhinagar, and Rajkot witnessed a phenomenal rise in the real estate market ever since COVID relaxed its grip.
The report added that demand was high in Ahmedabad and Gandhinagar. Plotting projects accounted for 15% of the new total project volumes in Ahmedabad, as opposed to 79% in the same category in Gandhinagar.
With clubs from across Ahmedabad announcing new projects away from the city, large areas, 500 to 10,000 square yards, attracted investments.
The report provided by the daily, attributing stamp duty registration data, claimed that around 3.3 lakh plot documents were registered in Gujarat in FY 2023, compared to 2.04 lakh in 2020–21. The value of registered documents rose from Rs 92,033 crore to Rs 93,796 crore.
Developers credited the massive strike in Gujarat’s reality sector to plotting projects. According to Credai, the report adds, the market value of plotting projects went up 93% in FY 2022 and 34% in FY 2023. Those who invested in real estate in 2020-21 and 2021-22 are being rewarded by way of appreciation in properties, industry experts claimed.
Viral Shah, secretary, Credai, Ahmedabad, told the media house, “Since Covid-19, property demand underwent a paradigm shift. People aspired for a better lifestyle and as a consequence, the demand for bigger homes went up. The affluent class increasingly began evaluating opportunities of having first home away from the urban hustle of city. As a result, the demand for plotting schemes with club-class amenities began to grow.”