Residential plan approvals witness 18% downfall in Ahmedabad
Ahmedabad- Residential real estate sector of Ahmedabad has observed a fall of 18 percent in the number of new schemes that were launched in 2012, reveals data by Ahmedabad Municipal Corporation (AMC).
While the number of plans approved in residential segment has dropped down significantly, the number of plans approved by the AMC in commercial and industrial development has nearly doubled compared to 2011.
In 2011, AMC’s town planning department had approved a total of 2,790 plans submitted by realty developers and individuals for residential, commercial, mixed and industrial construction or sub-plotting. Whereas in 2012, a total of 2,608 plans got approvals, showing a fall of 7 percent in 2012.
Around 1,665 residential real estate project plans were approved in 2012 while it was 2,038 in the previous year, notifying 18 percent fall.
Mixed development projects (commercial-cum-residential) too showed downfall as number of plans approved in the segment came down to 184 in 2012 from 220 plans in the year 2011.
On the contrary, number of plans approved by the civic body had almost doubled in commercial and industrial segments. About 245 commercial development plans were approved in 2012 against 126 in 2011 and 225 plans were approved in 2012 against 108 in 2011.
According to real estate consultants and developers, the economic slowdown, shortage of liquidity and high inflation have forced the developers to postpone their new project launches. As a result the residential and mixed development segments may have been affected.
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