This is not only a matter of Ahmedabad in Gujarat, but the realty sector is currently witnessing a huge boom.
In Gujarat, house prices have increased the most in Ahmedabad. Now having a home in a posh area of Ahmedabad will remain a dream. Prices are constantly increasing. Currently, the average price of 2 BHK flats has reached around 55 to 65 lakhs, while the price of 3 BHK flats has reached 80 lakhs to 1 crores.
Further, if you go to Nikol, Naroda, Vatwa you can find affordable houses. Housing prices in Ahmedabad are reaching the sky. This is not only a matter of Ahmedabad in Gujarat, but the realty sector is currently witnessing a huge boom. The price of houses is increasing continuously across the country.
This information has been received from the report issued by the National Housing Bank (NHB) on Thursday. According to the NHB report, property prices have increased in 43 cities during the fourth quarter of the previous financial year (2022-23) i.e. from January to March.
According to the report, property prices in eight major housing markets in India increased during the January-March 2023 quarter. The highest increase in house prices has been seen in Ahmedabad. It was followed by Bengaluru and Chennai.
House prices fall in seven cities
According to the statistics, house prices have come down in seven cities out of 50 cities included in the survey. Interest rates on home loans are lower than pre-Covid levels, fueling growth in the sector. Home loan holders got relief as RBI did not change the rate today.
If the RBI reduces the interest rates in the future, then the EMI will decrease in the future. This may further increase the demand for houses. It will work to increase the price.
Furthermore, the city has seen 70 percent of the sales of houses priced below 50 lakhs, 22 percent of houses priced between 50 lakhs and 1 crore, and 8 percent of houses priced above 1 crore. The implementation of RERA has increased the speed of building construction in the city.
On the one hand, when the project has to be completed within the stipulated time limit, due to that situation, the speed of building and handing over the possession to the customer has increased. Thus, the good thing for Ahmedabad people, are that the property prices of those who own houses have seen a good increase.