A few days back, relying on several reports, this website opined of the gradual refurbishment of the Indian real estate sector and now it seems that the same is getting balanced increasingly. You, without a doubt, may wish for to know the reason. Take a look at the following lines, if you are steadfast.
In accordance with a considerable section of industry experts, demand for premium residential apartments is on the rise in a lot of Indian cities, in particular Ahmedabad and is expected to touch 1,000 units by 2011.
“Demand for premium apartments is gradually growing in Ahmedabad and the supply is estimated to reach close to 1,000 units by 2011. Gradual industrialization and increasing aspirational levels are expected to trigger this growth,” said NK Patel, director of Real Estate Studies and Management Academy. Nevertheless, on the word of city-based real estate developers, supply of premium houses is higher than the demand and is growing at a larger rate.
“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,” added NK Patel.
Commenting on the positive indications in this regard, Rajesh Vaswani, Executive Director of Venus Infrastructure and Developers Limited, said, “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.”
It is useful to mention that the recently concluded study by global property consultancy, Knight Frank India Private Limited, assesses the total premium housing supply in the country to be in the region of 3,67,000 units by 2011.
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