The real estate market in Ahmedabad is steadily shaking off its stupor and positive headwinds are expected in the near future as per experts. Launches of residential and commercial projects in Ahmedabad are expected to increase considerably around Diwali this year. However, real estate developers are waiting for the smoother functioning of the ODPS (online development permission system). If this system works fine, then swift clearances for building plans will be possible and this will give a further fillip to the realty sector in the city.
Close to 100 projects across both residential and commercial categories could be launched this Diwali as per industry estimates. Real estate developers are highly optimistic about customer demand and there have been several positive factors like the finalization of major land deals and higher sales figures of housing units.
Many projects were earlier put on hold and these will be launched in the market this Diwali. This is because overall inventory levels have come down. Property prices have remained largely stable in the city and demand levels are only increasing as per experts. According to several experts, real estate developers have now adjusted to factors like GST and RERA and sales volumes have improved considerably which will give some fresh momentum to the sector.
However, ODPS needs to be smoothened out and glitches have to be fixed in order to give the sector a major boost according to several real estate developers. There are software issues which have led to a lower number of building plan applications getting approval while others have remained stuck. New launches in Ahmedabad went down by 29% to stand at 1, 323 units for the period between January and June 2018 as compared to 1, 874 units in the same period in 2017. However, things seem set to change with the improved buying sentiments and closer to 100 or more launches on the anvil around Diwali. Several new real estate projects have also been attracting buyers in Ahmedabad. Some of them include Aksar Villa, Mahadev Sashwat and Tata Value Homes Shubh Griha.