Cost of apartments in Ahmedabad is reducing
As of date Ahmedabad has unsold apartments of Rs 3000 crore. While large developers are refusing to budge on the price front, smaller ones with poor holding capacities and lack of financial access are silently selling their stock at 25% lower than the existing market rates.
Most of the unsold units have piled up in the 300 premium residential projects in Ahmedabad.
There are several builders like Sun builders who are facing trouble in finding buyers for their stock of residential apartments. Price correction is happening “affordable” locations in the city where the property market has been on an upswing since 2009.
Properties in Ahmedabad, especially in Gota locality have witnessed the cost reduction. The costs of properties in this area were Rs 2555 per sq ft, which is being reduced to Rs 1888 per sq ft.
According to real estate experts, the areas around Gota have an estimated inventory build-up of 15,000 residential flats, which is pulling down the prices.However, demand for flats priced below Rs 20 lakh is remaining high as the cost is affordable to the common people of Ahmedabad.
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Source: Express India
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