Ahmedabad: The city has experienced significant industrial and infrastructural growth over the past decade, resulting in numerous job opportunities and attracting talent from various regions, according to a joint report by CREDAI Ahmedabad and ANAROCK Group, a real estate consultancy. The report, Ahmedabad Residential Overview, reveals that the average real estate prices rose by 49% from 2018 to the first half of 2024. This report was unveiled at the inaugural Ahmedabad Residential Real Estate Summit.

Dhruv Patel, President of CREDAI Ahmedabad, noted, “There was a 16% appreciation in the last year, highlighting a consistent upward trend in the market. Average prices significantly increased from Rs 3,975 per sq ft in 2018 to Rs 5,925 per sq ft by the end of H1 2024.”

Shekhar Patel, president-elect of CREDAI National, commented, “This rapid economic advancement has also driven substantial development in the real estate sector. New development initiatives and improved connectivity will attract more investments to key areas of the city.”

The summit included a panel discussion on current and emerging trends in the real estate sector, covering topics such as policy and regulatory changes, growth opportunities and challenges, evolving consumer preferences, and the use of technology and digitalization.

The panel featured ANAROCK Chairman Anuj Puri, CREDAI National President-Elect Shekhar Patel, CREDAI Ahmedabad Chairman Chitrak Shah, and Bakeri Group CMD Pavan Bakeri. During the discussion, Bakeri highlighted the design of the Metro, suggesting that a better design could have saved a significant amount of land. Patel expressed optimism that the elimination of indexation benefits for long-term capital gains on real estate would help reduce the cash component in the realty sector.