GROWTH IN PROPERTY PRICES
Residential real estate market saw a boost of 2.96 per cent increase in property prices. This was majorly due to the fact that housing supply has been limited while consumer demand is slowly on the rise. Growth in price means that the property values are increasing. Therefore, for property owners this is good news. Does this also mean that it is a good time to invest? This is the tricky part. While it is lucrative to buy a property, the return on investment is low.
Rental yield represents annual return from renting your house in that locality.The rental yield of Ahmedabad has dropped marginally by 0.9 per cent. This means that those who already own properties before the price rise are in a better position. Those buyers must have bought when the price was slightly lower than the current price.
TOP LOCALITIES BY PRICE PER SQ FT
According to Magicbricks data, the top localities of Ahmedabad are Navrangpura, Ambawadi and Jodhpur. Though Navrangpura has the highest average price per sq ft, Jodhpur has undertaken the steepest rise in property price.
All three localities are in demand among the consumers, though its supply is unreliable. Jodhpur has the lowest supply of housing units while that of Ambawadi and Navrangpura are slightly better off.
At present, the annual rental yield of Navrangpura is 2.9 per cent, Ambawadi is 2.8 per cent and the figure is 3.2 per cent for Jodhpur. The highest rental yield of Jodhpur could be a result of high consumer demand not being met by proportionate housing supply. Therefore, potential tenants clamour for the available residences. Paucity of units could also have triggered the steep rise in property values.
POSITIVE FEEDBACK
All three localities have been given good ranking by the locals. The social infrastructure of these areas are established. Every day needs of residents are well taken care of. Schools, local markets, hospitals, restaurants, are located within the locality limits. Gandhigram Railway Station caters to Ambawadi and Navrangpura, while Vastrapur Railway Station caters to Jodhpur residents.
Amit Jain, a resident of Navrangpura, says, “It is an ideal location for family. It is located in posh and modern location of Ahmedabad with almost every multinational and government office is within easy reach. Absolutely clean and maintained localities and infrastructure, Navrangpura is the symbol of the success achieved by the state in the recent period.“
They offer an ideal environment for retirees, families and young couple. A good location is always beneficial for the buyers while purchasing a property.Since property prices are slightly high in these areas, one should check for discounts. With festivities around the corner, deals are being offered by developers in good number. If you get a good deal, take the plunge as growing prices are always good indicators for profitability in future.
CURRENT RESIDENTIAL INVENTORY
Here’s the summary of residential units available along with their price bracket available: In Navrangpura, a 1-BHK flat will cost somewhere between Rs 18-42 lakh. In Ambawadi, the same will cost you Rs 16-37 lakh and in Jodhpur you need to pay Rs 14-33 lakh for 1-BHK.
2-BHK flats will cost Rs 36 -84 lakh in Navrangpura, Rs 30-70 lakh in Ambawadi and Rs 28-67 lakh in Jodhpur.
On the other hand, 3-BHK flats are bit more expensive.They will cost you Rs 63 lakh Rs 1.47 crore in Navrangpura; Rs 75 lakh Rs 1.75 crore in Ambawadi and anything between Rs 60 lakh-Rs 1 crore in Jodhpur.
