Gujarat’s commercial real estate market starts gaining momentum
Real Estate

Gujarat’s commercial real estate market starts gaining momentum

The commercial real estate market started gaining momentum last year. According to Gujarat Real Estate Regulatory Authority (GRERA), new commercial project registrations in Gujarat increased by 24% to 213 in 2021-22, compared to 171 in 2020-21.

From the total registrations, 76 new commercial projects were registered in Ahmedabad, up by 17% from FY21, the highest increase in the state.

Developers and real estate experts ascribe the growth in demand to better confidence among businesses and plans for growth and expansion after a decrease in Covid-19 cases.

Executive Director of Knight Frank India, Balbir Singh Khalsa, said that as the industries and corporate plans for expansion, the need for commercial space has increased. It includes office, retail and showroom spaces. Moreover, as metropolitan cities expand with new town planning schemes, the requirement for residential and commercial real estate increases.

As per GRERA, investments worth Rs 5,005 crore took place in new commercial real estate projects across Gujarat in 2021-22, up 13%, compared to Rs 4,436 crore in 2020-21. Out of the total investments, Rs 2,244 crore is in the Ahmedabad commercial real estate market.

Image Source

Also read: Hyderabad declared as India's top commercial real estate destination

The commercial real estate market started gaining momentum last year. According to Gujarat Real Estate Regulatory Authority (GRERA), new commercial project registrations in Gujarat increased by 24% to 213 in 2021-22, compared to 171 in 2020-21. From the total registrations, 76 new commercial projects were registered in Ahmedabad, up by 17% from FY21, the highest increase in the state. Developers and real estate experts ascribe the growth in demand to better confidence among businesses and plans for growth and expansion after a decrease in Covid-19 cases. Executive Director of Knight Frank India, Balbir Singh Khalsa, said that as the industries and corporate plans for expansion, the need for commercial space has increased. It includes office, retail and showroom spaces. Moreover, as metropolitan cities expand with new town planning schemes, the requirement for residential and commercial real estate increases. As per GRERA, investments worth Rs 5,005 crore took place in new commercial real estate projects across Gujarat in 2021-22, up 13%, compared to Rs 4,436 crore in 2020-21. Out of the total investments, Rs 2,244 crore is in the Ahmedabad commercial real estate market. Image Source Also read: Hyderabad declared as India's top commercial real estate destination

Next Story
Infrastructure Urban

Govt Notifies Revised MSME Classification Criteria

The government has announced revised criteria for classifying Micro, Small, and Medium Enterprises (MSMEs), which will come into effect from April 1. The changes include an increase in both investment and turnover thresholds across all categories. Micro-enterprises will now be classified as those with investments up to Rs 25 million, up from the previous Rs 10 million, while the turnover limit has been raised to Rs 100 million from Rs 50 million. Similarly, small enterprises will now include units with investments up to Rs 250 million instead of the earlier Rs 100 million, and their turnover l..

Next Story
Infrastructure Urban

100% Gram Panchayat Coverage Under JJM in Chhattisgarh

The Jal Jeevan Mission (JJM) has achieved full coverage in several gram panchayats across Chhattisgarh, with 64 in Kanker, 87 in Balod, 30 in Kondagaon, and 329 in Dhamtari districts now classified as Har Ghar Jal, meaning every household has access to tap water. As per data reported by states and union territories on the JJM Integrated Management Information System (IMIS), a total of 1,20,097 gram panchayats nationwide, including 2,001 in Chhattisgarh, have achieved this status. Additionally, 1,14,366 water supply schemes, including 4,515 in Chhattisgarh, have been transferred to community ma..

Next Story
Infrastructure Energy

India’s ISTS-linked Green Open Access to Add 40 GW by 2030

The Interstate Transmission System (ISTS) is expected to facilitate approximately 40 GW of green open access (OA) capacity by 2030, provided that transmission challenges are addressed and no significant barriers arise. This capacity would constitute nearly one-third of India's projected green OA capacity by the end of the decade. ISTS-based renewable energy projects enable inter-state power transfer, helping utilities balance supply and demand gaps faced by local distribution companies (DISCOMs). Since 2020, these projects have contributed significantly to the issuance of utility-scale renewa..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?