The commercial real estate market gained 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.
Of the total registrations, 76 new commercial projects were registered in Ahmedabad, up 17% from FY21, the highest increase in the state.
Developers and real estate experts attribute the growth in demand to improved business confidence and plans for growth and expansion following a decline in Covid-19 cases.
Executive Director of Knight Frank India Balbir Singh Khalsa said the need for commercial space has increased as the industries and companies make plans for expansion. It includes office, retail and showroom spaces. In addition, as metropolitan areas expand with new urban plans, the need for residential and commercial real estate increases.
According to GRERA, investments worth Rs 5,005 crore were made in new commercial real estate projects in Gujarat in 2021-22, an increase of 13%, compared to Rs 4,436 crore in 2020-21. Out of the total investment, Rs 2,244 crore is in the commercial real estate market in Ahmedabad.
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