Ahmedabad News: Realtors convert commercial projects into residential

05 Jul 2021 CW Team

Several real estate developers in Ahmedabad have decided to convert commercial real estate projects into residential projects, as commercial projects have taken a hit due to the Covid-19 pandemic.

Around 25 commercial projects in the city have been converted to residential schemes.

In the case of 20 commercial projects in Ahmedabad Municipal Corporation (AMC) areas, revised building plans have been approved. Five more projects in the Ahmedabad Urban Development Authority (AUDA) area have been converted from commercial to residential.

After getting its revised building plan approved, another real estate company, Venus Infrastructure, converted its commercial project behind Rajpath Club in Bodakdev into an upscale residential scheme.

Work from home, high inventory, corporate expansion on hold, territorial restrictions, and fewer footfalls in showrooms and malls due to Covid-19 have stifled demand for retail and office spaces in commercial projects, according to the real estate industry.

AMC officials told the media three commercial projects had their plans revised in 2018-19, bringing the total to seven in 2020 and the number jumped in 2021.

Residential housing is in high demand and the segment has provided cash flow to developers, prompting many to convert their commercial projects under construction to residential projects.

AMC and AUDA officials said commercial projects were in high demand in 2018 and 2019. Currently, about 80% of building plans awaiting approval in both the AMC and the AUDA are for residential projects. In recent years, the percentage has risen to 60%.

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