Demand for premium residential apartments is on the rise in Ahmedabad and is likely to touch 1,000 units by 2011, according to industry experts.
“Demand for premium apartments is gradually growing in Ahmedabad and the supply is estimated to reach close to 1,000 units by 2011. Gradual industrialisation and increasing aspirational levels are expected to trigger this growth,” said NK Patel, director of Real Estate Studies and Management Academy.
However, according to city-based real estate developers, supply of premium houses is higher than the demand and is growing at a larger rate.
“In spite of not having too many multi-millionaires, Ahmedabad is witnessing a steady growth in demand for premium residential housing and the supply is doubling every year. While for this year the supply of premium homes is estimated to be around 500 units, the figure is expected to double every year,” said Rajesh Vaswani, executive director of Venus Infrastructure and Developers Limited.
A recent study by global property consultancy, Knight Frank India Private Limited, estimates the total premium housing supply in the country to be around 3,67,000 units by 2011.
“While nationally the supply growth would be higher, in Ahmedabad it is still growing at a slower pace. In terms of area, by 2011, the supply of premium housing could be around 375,000 sft,” Patel added.
