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At 33%, ‘affordable homes’ new buzzword for Gujarat’s realty
The Times of India  |  April 4, 2019

Kalpesh Damor Ahmedabad

Realtors across Gujarat seem to be betting big on affordable homes. Around one-third of all the real estate projects registered with Gujarat Real Estate Regulatory Authority (GujRERA) fall under affordable housing category.


Of the total 5,191realty projects — residential, commercial, mixed use and plotting schemes — registered so far with the state regulatory authority, 33% or 1,694 are affordable housing projects. Among affordable housing projects, 878 are only residential and 816 are mixed use with residential and commercial units.


The data compiled by the state real estate regulator further reveals that with 502 registered affordable housing projects — residential and mixed use — Ahmedabad has the highest number of such projects. Ahmedabad is followed by Vadodara (361), Rajkot (265), Surat (236) and Gandhinagar(103).


‘Govt made affordable housing possible’


A recent report by real estate consultancy firm Knight Frank India also states that 2,844 residential units were launched in Ahmedabad during July-December 2018. Of this, a major part of the launches was in affordable housing segment.


“61% of the total units launched in second half of 2018 were in price category of less than Rs 50 lakh. It has generally been believed that Ahmedabad is a price sensitive market and is largely affordable,” the report adds.


According to real estate players, government’s push on affordable housing has also provided a much-needed impetus to the construction of dwellings at affordable prices. With this, affordable homes supply is going to increase in days to come.


Of the total 5,191 registered projects in Gujarat, 2,580 are residential ones, 1,639 are mixed use and 864 are commercial projects.