Tepid demand for residential market in A'bad in January

With bungalow schemes and high ticket size apartments being affected the most, the residential property market in Ahmedabad saw tepid demand during the month of January.

As per the latest monthly monitor for January 2015 released by JLL India, launches too were stagnant in the market. "Residential market in Ahmedabad saw tepid demand during the month of January. Nonetheless bungalow schemes and high ticket size apartments were affected the most. Affordable housing in the city outskirts continued showing traction," JLL India stated.

While demand for residential properties saw a moderate fall, property launches more or less remained stable in January. In terms of office market, the city saw some traction in the segment.

"Select companies from automotive and manufacturing companies executed the transactions. Overall sub-market level rents remained stagnated," the report stated.

Among activities in the office space, Sankalp Square- II in Ellisbridge area of Ahmedabad was completed. Major transactions were witnessed in SBD sub-market. Similarly, Ahmedabad retail market witnessed notable transaction activity in the month of January.

As per the report by JLL India, select categories such as quick service restaurants (QSR) formats and retail banking were seen expanding their footprints at SBD sub-market of the city. Meanwhile, in terms of launches, residential market in Ahmedabad saw Sky City Villa being launched in Shela area of Ahmedabad.

However, according to JLL, the development of the healthcare and educational block in the Gujarat International Finance Tec-city (GIFT) City was commenced of-late. "This is likely to contribute to the overall growth of the cluster," the report further stated.