PropIndex | Magicbricks

Residential Market Insights

Demand moving to peripheral areas

Ahmedabad, being a relatively affordable market compared to the other metros, consumers have been able to afforddecent-sized apartments in the past. However, it looks like this trend is changing with average city prices breachedthe INR 4,500 per sqft mark in 2018. As per magicbricks research, the consumer focus is shifting towards the smallerunit sizes in projects developed by prominent developers. Interestingly, it also makes these houses eligible for theCredit Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojana (PMAY-U).

Ahmedabad market has seen prices accelerating in the last six quarters, growing by around 7% YoY for both Underconstruction (UC) and Ready to move (RM) segments. Development of metro and Gift City has been a significantdriver for city's real estate sector. However, demand-supply mismatches have started to become visible in somepockets of the town as consumers look for affordability.

5 YearChange YoY QoQ

1.9%6.9%21.2%

5 YearChange YoY QoQ

1.0%6.9%13.8%

"Under-constructionsegment has been morevolatile, registering alower price growth of13.8% in last 5 years"

Ahmedabad Q4 2019

Parameters India Ahmedabad

Demand+ +4.0% -0.9%Supply++ +1.5% -0.1%Price Index+++ +1.2% +1.9%

"Benefitting from alower base, city pricesgrew by a decent 6.9%YoY, with a 1.9% QoQ

growth"

Notes: + represents the QoQ change in volume of propertysearches on Magicbricks website in Q4 2019. ++ represents the QoQ change in volume of active listingson Magicbricks website in Q4 2019. +++ represents the QoQ change in the weighted averageprice at India and city level..

Key Developers based onactive listings

Adani Realty

Godrej Properties

Goyal & Co.

Gala Group

Kavisha Group

Swati Procon

Shilp Group

Pacifica Companies

JP Iscon Group

Shivalik Group

Key Projects based onconsumer searches

Malabar County II SG Highway

Applewood Estate S..Bopal

Venus Parkland Vejalpur

Swareet Vejalpur

Godrej Garden City SG Highway

Kirti Sagar Apartme..Satellite

Suvas Apartments Thaltej

Vandematram City Gota

Adani Shantigram SG Highway

Sikhar Tower Satellite Road

Price Bracket (INR/sqft)

< 3000 3000-4000 4000-5000 > 5000

RM UC RM UC RM UC RM UC

YoY changes in various price segments

Market Dynamics

Ready to Move Price Index

Under Construction Price Index

- Completion of East-west andNorth-south corridors by 2020 to drivethe real estate growth in theestablished areas of the city.

- Phase II of the metro connectingGandhinagar and Gift City withAhmedabad is likely to push the city'sexpansion to the north.

- The posh areas of the city to the northof the Sabarmati River to continue to dowell, as the city's economy is expectedto perform well under the influence ofGIFT City and a progressive stategovernment.

"All but one pricesegment in both UC andRM property typeswitnessed priceincrement for the

quarter"

Key Trends to Watch Out

2014

2015

2016

2017

2018

2019

2020

2,000

3,000

4,000

5,000

6,000

Avg. Price psf

2014

2015

2016

2017

2018

2019

2020

2,000

3,000

4,000

5,000

6,000

Avg. Price psf

Average Price INR psf

Average Price INR psf

Note:The above table represents the top developers by numberof active listings on Magicbricks website in Q4 2019

Source: Magicbricks Research

Note:The above table represents the top projects by consumerpreference on Magicbricks website in Q4 2019

Source: Magicbricks Research

Notes:1. Ready to move price index represents the weighted average price of completed properties listed in the city on Magicbricks website as on Q4 20192. The data represents price trend for properties in multistorey and builder floors only Source: Magicbricks Research

Notes:1. Under-construction price index represents the weighted average price of under-construction properties listed in the city on Magicbricks website as on Q4 20192. The data represents price trend for properties in multistorey and builder floors only

Source: Magicbricks Research

Note:Above table represents the price changes for Ready to move (RM) and Under construction (UC) properties on Magicbricks website in Q4 2019 for various price buckets

Source: Magicbricks Research

Page 1© magicbricks.com

1 BHK13%

3 BHK33%

Above 3 BHK7%

2 BHK47%

DEMAND

Demand Supply Analysis Ahmedabad Q4 2019

Healthy demand for all price segments

2BHKs most sought after while 3BHKs most available unit typeAffordabile suburbs in vogueamongst consumers

Ahmedabad market in Q4 2019 witnessedincreased consumers focus on affordability, asconsumers galvanized towards smallerapartments configurations in peripherallocations of the city. As a consequence, somedemand-supply mismatch was seen in terms ofboth prices segments and BHK configurations,as supply failed to keep up with the changingdemand.

"2BHKs searches stronglydominated the Ahmedabadmarket, forming almost 50% ofthe searches, even as supply for2BHKs made up around 30% of

the listings "

- 2 and 3 BHK searches together contribute to80% of the searches in the category, with middleclass driving the real estate demand.

- Searches for properties costing under INR 3000per sqft, expanding as credit-linked subsidyschemes attract consumer interest to smallerticket size apartments.

- SG Highway, Bopal and Chankheda-Moteraremain the top three micro-markets inAhmedabad for the last two quarters, as most ofthe consumer demand continues to focus on theeastern and northern suburbs of the city.

Top Micromarkets by consumersearches

Propensity of demand and supply in terms of searchesand listings by localities

1 BHK6%

2 BHK32%

3 BHK44%

Above 3 BHK18%

SUPPLY

4000-500022%

3000-400031%

> 500031%

< 300017%

SUPPLY Price buckets in INR per sqft

Top Micromarkets by activelistingsa

4000-500019%

3000-400028%

> 500022% < 3000

30%

DEMAND Price buckets in INR per sqft

Notes:1. Demand represents property searches on Magicbricks website during Q4 2019, segregated by Bedroom, Hall, Kitchen (BHK) configuration2. Supply represents active listings on Magicbricks website during Q4 2019, segregated by BHK configuration

Source: Magicbricks Research

.Notes:1. Demand represents property searches on Magicbricks website during Q4 2019, segregated by price buckets2. Supply represents active listings on Magicbricks website during Q4 2019, 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 Q4 20192. 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 Q4 20192. 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 Q4 20192. Price ranges represent the range of avg locality prices in themicromarket in INR per sqft.

Source: Magicbricks Research

New Maninagar

Navrangpura

Changodar

Shahibuag

Jivraj Park

Narolgam

Juhapura

MakarbaSanand

Motera

Vastral

Tragad

Thaltej

Zundal

Vasna

Vatva

Ranip

Shilaj

Shela

Nikol

Gota

© OpenStreetMap contributors

Demand/SupplyDemand

SG Highway 2729 - 7718

Bopal 3042 - 8654

Chandkheda-Motera

2693 - 4558

Satellite 4711 - 7345

11

22

33

44

SG Highway 2729 - 7718

Bopal 3042 - 8654

Satellite 4711 - 7345

Prahlad Nagar 3274 - 6786

Chandkheda-Motera

2693 - 4558

11

22

33

44

55

Micro-Market Price Range Q4 Rank Q3 Rank

(Price in INR per Sqft)

Micro-Market Price Range Q4 Rank Q3 Rank

Page 2© magicbricks.com

Note:1. Size of the bubble depicts demand, measured by volume of property searches in localities in Q4 20192. Color of the bubble represents price change in Q4 2019, 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.

Locality NameAvgPrice

QoQChange

Vatva

Narolgam

Nava Naroda

Naroda

Nikol

Vastral 4%

2%

3%

3%

-3%

-6%

2,624

2,586

2,483

2,416

2,089

2,073

< INR 3,000 psf INR 3,000-4,000 psf INR 4,000-5,000 psf > INR 5,000 psf

Price Analysis Ahmedabad Q4 2019

-Prime localities of the city such as Satellite, Bodakdev and Ambli witnessed price appreciation in the quarter- Price appreciation was mostly concentrated on the west of the Sabarmati River in well connected established residential localities near commercial hubs- Almost all localities along the Sardar Patel Ring Road witnessed a price increment, suggesting the city's expansion to peripheral areas due to improvedconnectivity.- SG Highway, Bopal and Chankheda-Motera remain the top three micro-markets in Ahmedabad for the last two quarters, as most of the consumer demand

Source: Magicbricks Research

Thaltej-shilaj Road-1.0%

Vaishno Devi2.9%

Chandkheda3.3%

Maninagar-1.1%

Shahibuag2.4%

Jivraj Park-0.2%

Narolgam-3.2%

Makarba3.6%

Vejalpur2.4% Vastral

3.5%

Vasna2.5%

Vatva-6.4%

Ambli3.7%

Ranip2.5%

Shela3.7%

Nikol2.4%

Gota2.4%

© OpenStreetMap contributors

LocalityName Avg Price

QoQChange

Vaishno Devi

South Bopal

Ghatlodiya

Bopal

Makarba

Vasna

Maninagar

Gurukul 3%

-1%

3%

4%

3%

3%

3%

3%

4,971

4,659

4,467

4,364

4,160

4,135

4,097

4,055

Locality NameAvgPrice

QoQChange

Ambawadi

Ambli

Ambli - Bopal Road

Bodakdev

Iskon Ambli Road

Jodhpur

Memnagar

Naranpura

Navrangpura

Paldi

Prahlad Nagar

2%

-1%

3%

2%

2%

4%

0%

-6%

-4%

2%

3%

3%

4%

3%

3%

4%

-1%

5,693

5,934

6,068

6,981

5,699

6,055

5,864

5,462

6,296

5,116

5,360

5,960

7,378

6,260

7,229

7,364

6,440

-7.5% 7.5%

Avg Price Change %ge

Note:1. Above is the list of major localities of the city, with information about their average prices and QoQ price changes in Q4 2019. 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 Q4 2019, 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.

Q4 2019 Price changes for the city's major localities

Locality NameAvgPrice

QoQChange

Chandkheda

Ghuma

Gota

Jagatpur

Jagatpur Village

Jivraj Park

Motera

New C G Road

2%

2%

4%

3%

4%

3%

3%

3%

4%

0%

2%

4%

2%

3%

3%

3,853

3,932

3,730

3,966

3,810

3,182

3,451

3,510

3,816

3,864

3,890

3,845

3,826

3,563

3,299

Surabhi Arora | Head of Research Devendra Lohmor | Chief Manager Ankur Upadhyay | Data Manager Prateek Pareek | Assistant Managersurabhi.arora@magicbricks.com devendra.lohmor@magicbricks.com ankur.upadhyay@magicbricks.com prateek.pareek@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:

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

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