Gujarat’s commercial real estate market starts gaining momentum

The commercial real estate market started gaining 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. From the total registrations, 76 new commercial projects were registered in Ahmedabad, up by 17% from FY21, the highest increase in the state. Developers and real estate experts ascribe the growth in demand to better confidence among businesses and plans for growth and expansion after a decrease in Covid-19 cases. Executive Director of Knight Frank India, Balbir Singh Khalsa, said that as the industries and corporate plans for expansion, the need for commercial space has increased. It includes office, retail and showroom spaces. Moreover, as metropolitan cities expand with new town planning schemes, the requirement for residential and commercial real estate increases. As per GRERA, investments worth Rs 5,005 crore took place in new commercial real estate projects across Gujarat in 2021-22, up 13%, compared to Rs 4,436 crore in 2020-21. Out of the total investments, Rs 2,244 crore is in the Ahmedabad commercial real estate market. Image Source Also read: Hyderabad declared as India's top commercial real estate destination