In Gujarat, the real estate developers are focusing on affordable home more than other projects. Approximately, one-third of the property market projects registered with GujRERA i.e. Gujarat Real Estate Regulatory Authority fall under affordable housing section.
There are total 5,191realty projects including residential, commercial, mixed use and plotting schemes that are registered with the state RERA and 33 percent that is 1,694 projects are of affordable housing. Out of these projects, 878 are residential and 816 are mixed land projects that include residential and commercial units.
The state RERA authority informed that Ahmedabad has the highest number of affordable projects totaling to 502, followed by Vadodara with 361, Rajkot has 265, Surat has 236 and Gandhinagar 103.
Ashish Patel, president of real estate body GIHED-CREDAI said that a maximum number of real estate projects in Ahmedabad and all over Gujarat fall under the affordable housing segment as there is a huge demand for these homes.
According to a recent study by a consultancy firm Knight Frank India, during July-December 2018, exactly 2,844 residential units were launched in the Ahmedabad city as a part of affordable housing segment.
The report also said that 61% of the total housing units launched in the second half of 2018 were priced at less than Rs. 50 lakh. The Ahmedabad city is a price-sensitive market and is largely affordable.
According to the real estate experts, the Union Government’s emphasize on affordable housing that gave a much-needed impetus to the development of dwelling units at affordable prices. This is the reason that the supply of such homes will increase in coming time.
In Gujarat, out of the 5,191 registered projects, 2,580 are residential ones, 1,639 are mixed use and 864 are the commercial projects.