City home sales up 15% in 2023 – Times of India

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Ahmedabad: The city witnessed a 15% increase in housing sales in calendar year 2023 compared to 2022, shows a report by a real estate consultancy.
The report said the city also witnessed an 8% increase in housing project launches.
While the city saw the share of home sales valued at Rs 50 lakh and higher increasing, it saw a 15% decline in office space transactions in 2023.
The report, ‘India Real Estate: Residential and Office’ by property consultant Knight Frank India, states that residential sales in Ahmedabad grew by 15% YoY from 14,062 units sold in 2022 to 16,113 units sold in 2023.
New home launches increased by 8% YoY from 20,809 units in 2022 to 22,497 units in 2023. Launches in the city were at a decadal high of 22,497 units in 2023.
The weighted average price of residential units in Ahmedabad increased by 4% YoY to Rs 3,031 per square foot in 2023. The city market is the most affordable of India’s top eight cities.
In terms of the shares of three ticket-size segments, there has been a shift in demand for units worth between Rs 50 lakh and Rs 1 crore, from 29% in 2022 to 35% in 2023.
Units priced above Rs 1 crore also witnessed an increase in their share of total sales, from 10% to 14% in the same period. There has been a decrease in the share of sales with ticket sizes of less than Rs 50 lakh, from 61% in 2022 to 51% in 2023.
The office market of Ahmedabad saw transaction volumes of 1.8 million square feet in 2023, 15% lower than in 2022.
Office space completions grew by 34% from 1.4 million square feet in 2022 to 1.9 million square feet in 2023. India-facing businesses remained the dominant occupier in the city, the report said.
Balbirsingh Khalsa, executive director of Knight Frank India, said, “High affordability, comparatively low prices per square foot and an improving local economic environment remain compelling drivers for the Ahmedabad residential real estate market and should help support market volumes this year.”

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