A slowdown in demand for residential properties and skyrocketing bank interest rates have yet again played truant on Ahmedabad's real estate market. The latest quarterly Residex figures - residential price index by the RBI - point towards an overall dip of four per cent in real estate prices for the quarter of July-September when compared to April-June quarter.
However, few zones in the city have shown marginal rise in real estate index. The west zone, for instance, which includes areas like Prahladnagar, Ambli, Bopal, Jodhpur, Satellite, Solagam, Shilaj road, Vastrapur, Vejalpur, Ambawadi and Chandkhedagam has posted a rise of 5.46% in July-September quarter.
The western part of Ahmedabad has been experiencing a spurt in realty prices largely due to upcoming car plants on the Sarkhej-Sanand stretch, and the metro rail project. An interesting feature noticed in the western zone is also that prices have fallen by 9.38% between January and September this year.
The northern part of the city like Buddhnagar, Saijpur-Bhoga, Sardarnagar and Vishnunagar have recorded the highest increase of 10.77% in prices over the previous quarter. This, analysts explain is mainly due to the movement of the middle income salaried class for 2BHK affordable apartments to the northern part of the city.
The central zone witnessed a rise of 7.51%, which includes areas like Bhadra, Dudheshwar, Gaikwad Haveli, Girdharnagar and Wadigam. Here realtors say old pol houses are being pulled down to make way for two and three BHK apartments and are catering to the rising demand for houses in the middle income groups.
NHB has taken 2007 prices as Residex level of 100 points as the benchmark for all cities including Ahmedabad.
The heavy fall in real estate prices was noticed in south zone - 26.11%.