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PropIndex | Magicbricks
Residential Market Insights
Demand moving to peripheral areas
Ahmedabad, being a relatively affordable market compared to the other metros, consumers have been able to afforddecent-sized apartments in the past. However, it looks like this trend is changing with average city prices breachedthe INR 4,500 per sqft mark in 2018. As per magicbricks research, the consumer focus is shifting towards the smallerunit sizes in projects developed by prominent developers. Interestingly, it also makes these houses eligible for theCredit Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojana (PMAY-U).
Ahmedabad market has seen prices accelerating in the last six quarters, growing by around 7% YoY for both Underconstruction (UC) and Ready to move (RM) segments. Development of metro and Gift City has been a significantdriver for city's real estate sector. However, demand-supply mismatches have started to become visible in somepockets of the town as consumers look for affordability.
5 YearChange YoY QoQ
1.9%6.9%21.2%
5 YearChange YoY QoQ
1.0%6.9%13.8%
"Under-constructionsegment has been morevolatile, registering alower price growth of13.8% in last 5 years"
Ahmedabad Q4 2019
Parameters India Ahmedabad
Demand+ +4.0% -0.9%Supply++ +1.5% -0.1%Price Index+++ +1.2% +1.9%
"Benefitting from alower base, city pricesgrew by a decent 6.9%YoY, with a 1.9% QoQ
growth"
Notes: + represents the QoQ change in volume of propertysearches on Magicbricks website in Q4 2019. ++ represents the QoQ change in volume of active listingson Magicbricks website in Q4 2019. +++ represents the QoQ change in the weighted averageprice at India and city level..
Key Developers based onactive listings
Adani Realty
Godrej Properties
Goyal & Co.
Gala Group
Kavisha Group
Swati Procon
Shilp Group
Pacifica Companies
JP Iscon Group
Shivalik Group
Key Projects based onconsumer searches
Malabar County II SG Highway
Applewood Estate S..Bopal
Venus Parkland Vejalpur
Swareet Vejalpur
Godrej Garden City SG Highway
Kirti Sagar Apartme..Satellite
Suvas Apartments Thaltej
Vandematram City Gota
Adani Shantigram SG Highway
Sikhar Tower Satellite Road
Price Bracket (INR/sqft)
< 3000 3000-4000 4000-5000 > 5000
RM UC RM UC RM UC RM UC
YoY changes in various price segments
Market Dynamics
Ready to Move Price Index
Under Construction Price Index
- Completion of East-west andNorth-south corridors by 2020 to drivethe real estate growth in theestablished areas of the city.
- Phase II of the metro connectingGandhinagar and Gift City withAhmedabad is likely to push the city'sexpansion to the north.
- The posh areas of the city to the northof the Sabarmati River to continue to dowell, as the city's economy is expectedto perform well under the influence ofGIFT City and a progressive stategovernment.
"All but one pricesegment in both UC andRM property typeswitnessed priceincrement for the
quarter"
Key Trends to Watch Out
2014
2015
2016
2017
2018
2019
2020
2,000
3,000
4,000
5,000
6,000
Avg. Price psf
2014
2015
2016
2017
2018
2019
2020
2,000
3,000
4,000
5,000
6,000
Avg. Price psf
Average Price INR psf
Average Price INR psf
Note:The above table represents the top developers by numberof active listings on Magicbricks website in Q4 2019
Source: Magicbricks Research
Note:The above table represents the top projects by consumerpreference on Magicbricks website in Q4 2019
Source: Magicbricks Research
Notes:1. Ready to move price index represents the weighted average price of completed properties listed in the city on Magicbricks website as on Q4 20192. The data represents price trend for properties in multistorey and builder floors only Source: Magicbricks Research
Notes:1. Under-construction price index represents the weighted average price of under-construction properties listed in the city on Magicbricks website as on Q4 20192. The data represents price trend for properties in multistorey and builder floors only
Source: Magicbricks Research
Note:Above table represents the price changes for Ready to move (RM) and Under construction (UC) properties on Magicbricks website in Q4 2019 for various price buckets
Source: Magicbricks Research
Page 1© magicbricks.com
1 BHK13%
3 BHK33%
Above 3 BHK7%
2 BHK47%
DEMAND
Demand Supply Analysis Ahmedabad Q4 2019
Healthy demand for all price segments
2BHKs most sought after while 3BHKs most available unit typeAffordabile suburbs in vogueamongst consumers
Ahmedabad market in Q4 2019 witnessedincreased consumers focus on affordability, asconsumers galvanized towards smallerapartments configurations in peripherallocations of the city. As a consequence, somedemand-supply mismatch was seen in terms ofboth prices segments and BHK configurations,as supply failed to keep up with the changingdemand.
"2BHKs searches stronglydominated the Ahmedabadmarket, forming almost 50% ofthe searches, even as supply for2BHKs made up around 30% of
the listings "
- 2 and 3 BHK searches together contribute to80% of the searches in the category, with middleclass driving the real estate demand.
- Searches for properties costing under INR 3000per sqft, expanding as credit-linked subsidyschemes attract consumer interest to smallerticket size apartments.
- SG Highway, Bopal and Chankheda-Moteraremain the top three micro-markets inAhmedabad for the last two quarters, as most ofthe consumer demand continues to focus on theeastern and northern suburbs of the city.
Top Micromarkets by consumersearches
Propensity of demand and supply in terms of searchesand listings by localities
1 BHK6%
2 BHK32%
3 BHK44%
Above 3 BHK18%
SUPPLY
4000-500022%
3000-400031%
> 500031%
< 300017%
SUPPLY Price buckets in INR per sqft
Top Micromarkets by activelistingsa
4000-500019%
3000-400028%
> 500022% < 3000
30%
DEMAND Price buckets in INR per sqft
Notes:1. Demand represents property searches on Magicbricks website during Q4 2019, segregated by Bedroom, Hall, Kitchen (BHK) configuration2. Supply represents active listings on Magicbricks website during Q4 2019, segregated by BHK configuration
Source: Magicbricks Research
.Notes:1. Demand represents property searches on Magicbricks website during Q4 2019, segregated by price buckets2. Supply represents active listings on Magicbricks website during Q4 2019, segregated by price buckets
Source: Magicbricks Research
Note:1. Above map depicts the key localities of the city, with the size of the bubble depicting demand (consumer preference) /supply (active listings) forproperties in the localities on Magicbricks website in Q4 20192. This is an interactive map available on Magicbricks.com under Propindex section.Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.
Source: Magicbricks Research
Note:1. Top micro-markets of the city, ranked by their active listings onMagicbricks in Q4 20192. Price ranges represent the range of avg locality prices in themicromarket in INR per sqft.
Source: Magicbricks Research
Note:1. Top micro-markets of the city, ranked by number of searches onMagicbricks in Q4 20192. Price ranges represent the range of avg locality prices in themicromarket in INR per sqft.
Source: Magicbricks Research
New Maninagar
Navrangpura
Changodar
Shahibuag
Jivraj Park
Narolgam
Juhapura
MakarbaSanand
Motera
Vastral
Tragad
Thaltej
Zundal
Vasna
Vatva
Ranip
Shilaj
Shela
Nikol
Gota
© OpenStreetMap contributors
Demand/SupplyDemand
SG Highway 2729 - 7718
Bopal 3042 - 8654
Chandkheda-Motera
2693 - 4558
Satellite 4711 - 7345
11
22
33
44
SG Highway 2729 - 7718
Bopal 3042 - 8654
Satellite 4711 - 7345
Prahlad Nagar 3274 - 6786
Chandkheda-Motera
2693 - 4558
11
22
33
44
55
Micro-Market Price Range Q4 Rank Q3 Rank
(Price in INR per Sqft)
Micro-Market Price Range Q4 Rank Q3 Rank
Page 2© magicbricks.com
Note:1. Size of the bubble depicts demand, measured by volume of property searches in localities in Q4 20192. Color of the bubble represents price change in Q4 2019, with green color representing price increase and red color price decrease.3. This is an interactive map available on Magicbricks.com under Propindex section.Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.
Locality NameAvgPrice
QoQChange
Vatva
Narolgam
Nava Naroda
Naroda
Nikol
Vastral 4%
2%
3%
3%
-3%
-6%
2,624
2,586
2,483
2,416
2,089
2,073
< INR 3,000 psf INR 3,000-4,000 psf INR 4,000-5,000 psf > INR 5,000 psf
Price Analysis Ahmedabad Q4 2019
-Prime localities of the city such as Satellite, Bodakdev and Ambli witnessed price appreciation in the quarter- Price appreciation was mostly concentrated on the west of the Sabarmati River in well connected established residential localities near commercial hubs- Almost all localities along the Sardar Patel Ring Road witnessed a price increment, suggesting the city's expansion to peripheral areas due to improvedconnectivity.- SG Highway, Bopal and Chankheda-Motera remain the top three micro-markets in Ahmedabad for the last two quarters, as most of the consumer demand
Source: Magicbricks Research
Thaltej-shilaj Road-1.0%
Vaishno Devi2.9%
Chandkheda3.3%
Maninagar-1.1%
Shahibuag2.4%
Jivraj Park-0.2%
Narolgam-3.2%
Makarba3.6%
Vejalpur2.4% Vastral
3.5%
Vasna2.5%
Vatva-6.4%
Ambli3.7%
Ranip2.5%
Shela3.7%
Nikol2.4%
Gota2.4%
© OpenStreetMap contributors
LocalityName Avg Price
QoQChange
Vaishno Devi
South Bopal
Ghatlodiya
Bopal
Makarba
Vasna
Maninagar
Gurukul 3%
-1%
3%
4%
3%
3%
3%
3%
4,971
4,659
4,467
4,364
4,160
4,135
4,097
4,055
Locality NameAvgPrice
QoQChange
Ambawadi
Ambli
Ambli - Bopal Road
Bodakdev
Iskon Ambli Road
Jodhpur
Memnagar
Naranpura
Navrangpura
Paldi
Prahlad Nagar
2%
-1%
3%
2%
2%
4%
0%
-6%
-4%
2%
3%
3%
4%
3%
3%
4%
-1%
5,693
5,934
6,068
6,981
5,699
6,055
5,864
5,462
6,296
5,116
5,360
5,960
7,378
6,260
7,229
7,364
6,440
-7.5% 7.5%
Avg Price Change %ge
Note:1. Above is the list of major localities of the city, with information about their average prices and QoQ price changes in Q4 2019. This is an interactive table available on Magicbricks.com under Propindex section.2. The locality prices are calculated by averaging the prices of all properties in a locality in multi-storey and builder floor segment, after removing the outlier properties that might distort the overall prices.3. The four tables above categorize the localities in various price buckets.4. The color of the numbers represent the price change in Q4 2019, with green color representing price increase, red color price decrease, and grey as neutral. Source: Magicbricks Research
Disclaimer: The data represented above is compiled by MagicBricks from multiple sources. MagicBricks gives no warranty, express or implied, as to the accuracy, reliability, and completeness of any information and does not acceptany liability on the information which may or may not be subject to change from time to time due to Governmental or non Governmental regulations/directions.
Q4 2019 Price changes for the city's major localities
Locality NameAvgPrice
QoQChange
Chandkheda
Ghuma
Gota
Jagatpur
Jagatpur Village
Jivraj Park
Motera
New C G Road
2%
2%
4%
3%
4%
3%
3%
3%
4%
0%
2%
4%
2%
3%
3%
3,853
3,932
3,730
3,966
3,810
3,182
3,451
3,510
3,816
3,864
3,890
3,845
3,826
3,563
3,299
Surabhi Arora | Head of Research Devendra Lohmor | Chief Manager Ankur Upadhyay | Data Manager Prateek Pareek | Assistant Managersurabhi.arora@magicbricks.com devendra.lohmor@magicbricks.com ankur.upadhyay@magicbricks.com prateek.pareek@magicbricks.com
Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.
For more information and research related queries, please contact:
-5% -2.5% 0% 2.5% 5%
Page 3© magicbricks.com
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