Commercial properties in Ahmedabad are 20 percent cheaper
The cost of commercial properties in Ahmedabad has started sliding down. The office spaces are getting sold at 20 percent less price than the present market rate.
The supply of the commercial property space has increased to 30 lakh sq ft. As the real estate investors are exiting the market, the cost of the properties are reducing and now the price is lowest than the price of the properties in 2010.
It is also reported that the cost of an office space in prime location in Ahmedabad was RS 6000 to 7000 per sq ft. Now as the investors are keen to exit the market, they have sold their holdings at Rs 4,500 per square feet for the same properties.
The biggest impact is seen on Shyamal Cross road and SG highway and also in Prahladnagar and Thaltej, where a number of Grade -A office buildings have come up in the last year-and-a-half.
The main reason of the reduction in property price in Ahmedabad is the huge quantum of supply that is exceeding the demand. It is also noticeable that the rental rates of the commercial properties have reduced by 30 percent in the market.
More related stories:
Impact fee is high in Ahmedabad
Local real estate Realtors are not interested in new projects
Source: Express India
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