GUJARAT: A rising powerhouse

The Gujarat real estate market has seen a big boom in the last one year than ever before 

Gujarat's real estate sector witnessed a significant recovery in 2023 after a temporary downturn in 2022. The state recorded an 84% increase in real estate transactions in the fiscal year 2022-2023, with a record-breaking turnover of Rs 8.45 lakh crore. This robust rebound was influenced by multiple factors. This was influenced by a lot of things, such as: The increase in people's disposable incomes The affordable interest rates on mortgages The state's infrastructure development is a priority for the government New construction projects in tier-2 and tier-three cities.

Cities like Ahmedabad, Surat, and Vadodara have particularly high residential property demand. There are many industries located in these locations, and there are plenty of job prospects. Ahmedabad, the bustling core of Gujarat, has unexpectedly emerged as a leading player in India's real estate market, surpassing major metro cities such as Mumbai, Bangalore, and Delhi in property sales. As per a recent report by property consultant firm, Knight Frank, Ahmedabad recorded an impressive 15% growth in 2023, defying national trends and anticipated expectations.

The Gujarat government is promoting the construction of affordable homes via various programs like the Pradhan Mantri Awas Yojana (PMAY), responding to a growing need for reasonably priced housing. The real estate sector is rapidly expanding in Gujarat's tier-2 and tier-3 cities, due to a lower cost of living and high-quality infrastructure, with the demand for residential and commercial properties expected to rise. The industry is also increasingly focusing on sustainability, using eco-friendly building materials, rainwater harvesting strategies, and creating energy-efficient homes. Consequently, a surge in demand for sustainable real estate is anticipated in the future.