Rs 5,000 crore land deal in Amdavad in last 9 months:GIHED

Correspondent, Ahmedabad

With the signs of recovery in the realty market in Ahmedabad in recent times, land deals worth around 5,000 crore have taken place in the city in last nine months, President of The Gujarat Institute of Housing and Estate Developers (GIHED), Mr Dipak Patel claimed today.

Taking on the sidelines of the 11 th GIHED Property Show 2015 that kick-start at the Gujarat University Convention Centre, Mr. Patel said,’The past nine months have shown sings of gearing up after a sluggish period in the Ahmedabad property market. Both commercial as well as residential space has shown improvement and land deals worth around 5,000 crore have been signed. Recent cuts in home loan rates by banks will also improve demand in the realty market of the city. Properties in areas like Satellite, SG Highway, New Ranip, South Bopal have become hot favourites.’

‘Our survey suggests that considering the growth scenario, Ahmedabad requires at least 25,000 new houses every year against the new construction of around 15,000 units. With migration from villages and other cities in to Ahmedabad, the demand will surely go further up,’ he said.

Meanwhile GIHED Vice President Ashish Patel and treasurer Tejas Joshi said that over 250 projects of 70 leading developers were under display in the show that began today. ‘Over 25 of these are high rise (above 20 storey ) projects,’ they said.

– DeshGujarat