PropIndex | Magicbricks

Residential Market Insights

Political maneuvers and big infrastructure projects drive Ahmedabad's real estate market

Ahmedabad as a politically charged city, further cemented its position with the recent visit of the President ofAmerica, Mr. Donald Trump. This, along with the presence of GIFT City, and big infrastructure projects likeMumbai-Ahmedabad High-Speed Rail, are driving developers and buyers alike to the residential segment in the city.

Ahmedabad, a relatively affordable city compared to the rest of the metros, has been one of the biggest beneficiariesof affordable housing schemes. IT Parks like DLF IT Park, and GIFT City, are further sustaining the end-user demandin the city. However, the continuous rise in prices over the last four years has pushed the buyers to look for smallerhomes. The amendments to the Gujarat Ownership Flats Rules, 2019 (Redevelopment Act), have enabled theredevelopment of co-operative housing societies, and is likely to increase fresh supply in the coming years.

5 YearChange YoY QoQ

0.5%6.4%17.0%

5 YearChange YoY QoQ

1.2%5.3%20.8%

"Under Construction(UC) prices have grownat a stronger 21% inthe last 5 years, makingUC properties costlierthan RM ones in the

city"

AhmedabadJan-Mar 2020

Parameters India Ahmedabad

Demand+ +5.3% +5.2%Supply++ -0.8% +1.1% Price Index+++ +0.1% +0.5%

"Ahmedabad's pricegrowth of 17% in 5years and 6.4% YoY isone of the best in theindustry, amongst TIERI cities of India"

Notes:Above parameters represent QoQ change in Q1 2020 atIndia and city level + volume of property searches ++ volume of active listings +++ change in the weighted average price

Source: Magicbricks Research

Adani Realty

Godrej Properties

Goyal & Co.

Shaligram Buildcon

Gala Group

Swati Procon

Kavisha Corporation

JP Iscon Group

Sun Builders

Shivalik Group

Godrej Garden City SG Highway

Casa Vyoma Vastrapur

Suvas Apartments Thaltej

Devnandan Sankalp City Naroda

Shilp Shaligram Vastrapur

Iscon Platinum Bopal

Adani Shantigram SG Highway

Sheetal Westpark Vastrapur

Shaligram Prime South Bopal

Shree Balaji Wind Park Vaishno Devi

Average changes in prices for localities in various price segments

Market Dynamics

Ready to Move Price Index

Under Construction Price Index

- Metro construction to pushdevelopment to the outskirts of thelocalities like Vastral, Thaltej, andMotera

- Hike in Floor Space Index (FSI) byGujarat government last year to aid inboosting supply and keeping pricesaffordable in Ahmedabad - The under-construction Ahmedabad-Dholera expressway to raise demand inthe peripheral areas of Ahmedabad

"Prices in Q1 2020 grewacross most pricebuckets, though pricegrowth was morepronounced for

premium UC propertiesand affordable RMproperties"

Key Trends to Watch Out

2014

2015

2016

2017

2018

2019

2020

2,000

3,000

4,000

5,000

Avg. Price per sqft

2014

2015

2016

2017

2018

2019

2020

2,000

3,000

4,000

5,000

Avg. Price psf

Price Bracket (INR per sqft)

< 4,000 4,000-5,000 5,000-6,000 > 6,000

RM UC RM UC RM UC RM UC

0.2%

1.6%

-0.4%

0.7%

1.8%

0.1%

1.3%

0.2%

Key Projects based on consumersearches

Key Developers based on activelistings

Average Price INR per sqft

Average Price INR per sqft

The above table represents the top developers by share ofactive listings on Magicbricks website in Q1 2020

Source: Magicbricks Research

Note:The above table represents the top projects by consumerpreference on Magicbricks website in Q1 2020

Source: Magicbricks Research

Notes:1. Ready to move price index represents the weighted average price of completed properties on Magicbricks website as on March 20202. The trend line represents the average prices of dominant asset class in each locality of the city. Source: Magicbricks Research

Note:1. Under-construction price index represents the weighted average price of under-construction properties on Magicbricks website as on March 20202. The trend line represents the average prices of dominant asset class in each locality of the city.

Source: Magicbricks Research

Note:Above table represents the price changes for Ready to move (RM) and Under construction (UC) properties for dominant asset classes in each locality under various pricebuckets as on March 2020

Source: Magicbricks Research

Page 1© magicbricks.com

1 BHK14%

3 BHK32%

Above 3 BHK8%

2 BHK47%

DEMAND

Demand Supply Analysis Ahmedabad | Jan-Mar 2020

Significant demand-supply mismatch

Demand for 1 BHKs steadily increasingDemand-Supply mismatch inaffordable segment

Ahmedabad being predominantly an affordablehousing location, with 2 and 3 BHKs making upmore than 80% of the total demand.

"2 BHK configuration and pricebelow INR 4,000 per sqft, is thedominant property searchcriterion in Ahmedabad"

 - Market dynamics for 1 BHK configurationwitnessed an imbalance over the last quarter,with demand increasing marginally. It is themost undersupplied segment in Ahmedabad,with consumer preference more than double thesupply in the city's residential pie.

- With the support of Credit Linked SubsidySchemes (CLSS) under Pradhan Mantri AwasYojana (PMAY), affordable homes withinINR 4,000 per sqft have been in high demandamongst the various price brackets - Proximity to employment hubs includingindustrial areas and IT Parks around Ahmedabadand Gandhinagar steers the growth to theperipheral localities, with most focus in thenorth-eastern region of the city

- Most of the demand is concentrated along theSarkhej-Gandhinagar Highway, which has mostof the city's posh localities and commercialdevelopments

Top Micromarkets by consumersearches

Propensity of demand and supply in terms of searches andlistings by localities

1 BHK6%

2 BHK31%

3 BHK45%

Above 3 BHK18%

SUPPLY

5,000-6,00014%

4,000-5,00021%

> 6,00018%

< 4,00047%

SUPPLY Price buckets in INR per sqft

Top Micromarkets by active listings

5,000-6,00012%

4,000-5,00019%

> 6,00011%

< 4,00058%

DEMAND Price buckets in INR per sqft

Notes:1. Demand represents property searches on Magicbricks website during Q1 2020, segregated by Bedroom, Hall, Kitchen (BHK) configuration2. Supply represents active listings on Magicbricks website during Q1 2020, segregated by BHK configuration

Source: Magicbricks Research

.Notes:1. Demand represents property searches on Magicbricks website during Q1 2020, segregated by price buckets2. Supply represents active listings on Magicbricks website during Q1 2020, segregated by price buckets

Source: Magicbricks Research

Note:1. Above map depicts the key localities of the city, with the size of the bubble depicting demand (consumer preference) /supply (active listings) forproperties in the localities on Magicbricks website in Q1 20202. This is an interactive map available on Magicbricks.com under Propindex section.Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.

Source: Magicbricks Research

Note:1. Top micro-markets of the city, ranked by their active listings onMagicbricks in Q1 20202. Price ranges represent the range of avg locality prices in themicromarket in INR per sqft.

Source: Magicbricks Research

Note:1. Top micro-markets of the city, ranked by number of searches onMagicbricks in Q1 20202. Price ranges represent the range of avg locality prices in themicromarket in INR per sqft.

Source: Magicbricks Research Shahibuag

Jivraj Park

Narolgam

Juhapura

Makarba

Motera

Naroda

Tragad

Vasna

Ranip

Shilaj

Shela

Gota

© OpenStreetMap contributors

Demand/SupplyDemand

SG Highway 2750 - 7950

Bopal 2900 - 8700

Satellite 4800 - 7450

Narol Naroda Road 1700 - 5500

Prahlad Nagar 3300 - 6850

Chandkheda 2850 - 3900

Chandkheda-Motera 2600 - 4100

11

22

33

44

55

66

77

SG Highway 2750 - 7950

Bopal 2900 - 8700

Satellite 4800 - 7450

Prahlad Nagar 3300 - 6850

Paldi-Ambadi 3700 - 7200

Narol Naroda Road 1700 - 5500

Chandkheda 2850 - 3900

11

22

33

44

75

56

67

Micro-Market Price Range Rank Rank Q1-20 Q4-19

Micro-Market Price Range Rank Rank Q1-20 Q4-19

Page 2© magicbricks.com

Note:1. Size of the bubble depicts demand, measured by volume of property searches in localities in Q1 20202. Color of the bubble represents price change in Q1 2020, with green color representing price increase and red color price decrease.3. This is an interactive map available on Magicbricks.com under Propindex section.Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.

LocalityAvg.Price

PriceChange

Narolgam

Naroda

Nava Naroda

Ranip

Chandkheda

New Ranip

New C G Road

Ghuma

Shela

Devnagar

Jagatpur

Gota

Motera

Jagatpur Village

Jivraj Park

1.1%

3.2%

3.3%

2.7%

2.5%

0.3%

-0.2%

1.2%

-3.6%

2.0%

-0.2%

3.5%

1.8%

4.7%

4.1%

-5.9%

1.3%

3,975

3,910

3,910

3,890

3,875

3,850

3,850

3,837

3,651

3,619

3,582

3,483

3,368

3,318

2,477

2,334

2,143

< INR 4,000 psf INR 4,000-5,000 psf INR 5,000-6,000 psf > INR 6,000 psf

Price Analysis Ahmedabad | Jan-Mar 2020

- Most localities with price growth in the established areas of the city such as Satellite, Prahlad Nagar, and Vastrapur

- Proximity to the ring road and Gandhi Nagar driving prices in key areas of Motera, Nava Naroda, and SG Highway Source: Magicbricks Research

LocalityAvg.Price

PriceChange

Gurukul

Paldi

Sola

Ghodasar

Naranpura

Memnagar

Science City

Science City Road

Prahlad Nagar

Vastrapur

C G Road -5.8%

1.8%

0.7%

0.0%

-0.3%

5.0%

7.4%

-6.6%

3.1%

-5.5%

1.3%

5,971

5,813

5,717

5,633

5,618

5,587

5,575

5,289

5,263

5,243

5,019

LocalityAvg.Price

PriceChange

Navrangpura

Thaltej-Shilaj Road

Satellite

Thaltej

Nehru Nagar

Jodhpur

Ambawadi

Bodakdev

Iskon Ambli Road

Shahibuag

Ambli - Bopal Road

Ambli 1.0%

-1.1%

4.2%

-4.9%

3.0%

0.4%

-0.2%

0.1%

2.1%

1.6%

1.0%

-4.9%

7,611

7,306

7,193

7,050

6,445

6,286

6,218

6,195

6,185

6,142

6,125

6,083

Note:1. Above is the list of major localities of the city, with information about their average prices and QoQ price changes in Q1 2020. This is an interactive table available on Magicbricks.com under Propindex section.2. The locality prices are calculated by averaging the prices of all properties in a locality in multi-storey and builder floor segment, after removing the outlier properties that might distort the overall prices.3. The four tables above categorize the localities in various price buckets.4. The color of the numbers represent the price change in Q1 2020, with green color representing price increase, red color price decrease, and grey as neutral. Source: Magicbricks Research

Disclaimer: The data represented above is compiled by MagicBricks from multiple sources. MagicBricks gives no warranty, express or implied, as to the accuracy, reliability, and completeness of any information and does not acceptany liability on the information which may or may not be subject to change from time to time due to Governmental or non Governmental regulations/directions.

Q1 2020 Price changes for the city's major localities

LocalityAvg.Price

PriceChange

SG Highway

Vaishno Devi

South Bopal

Chanakyapuri

Makarba

Bopal

Ghatlodiya

Maninagar

Vasna 3.1%

-2.8%

2.3%

-0.5%

-4.2%

7.3%

-0.5%

0.7%

0.6%

4,555

4,497

4,322

4,201

4,179

4,179

4,177

4,170

4,026

Surabhi Arora | Head of Research Devendra Lohmor | Chief Manager Ankur Upadhyay | Data Manager Deepak Rajput | Sr. Research Analystsurabhi.arora@magicbricks.com devendra.lohmor@magicbricks.com ankur.upadhyay@magicbricks.com deepak.rajput@magicbricks.com

Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.

For more information and research related queries, please contact:

Thaltej-Shilaj Road1.0%

Navrangpura-4.9%

Vaishno Devi0.7%

Chandkheda1.8%

New Ranip3.5%

Shahibuag4.2%

Jivraj Park3.3%

Ghodasar-6.6%

Makarba-4.2%

Vejalpur3.2%

Motera2.5%

Naroda-5.9%

Ghuma2.0%

Vasna3.1%

Paldi-5.5%

Ranip4.7%

Shela-3.6%

Gota0.3%

© OpenStreetMap contributors

-7.5% 7.5%

-5% -2.5% 0% 2.5% 5%

Page 3© magicbricks.com