The new supply of commercial real-estate has plummeted by a staggering 80% over the past five years. In 2017-18 Gujarat saw 411 commercial projects registered with the Gujarat Real Estate Regulatory Authority (GujRERA) with a combined carpet area of 54.20 lakh sq.m.
However, the number has steadily decreased over the years. In 2021-22 only 241 commercial projects with carpet area of 12.64 lakh sq m were registered and the numbers dropped to 172 projects with a total of 8.36 lakh sq m of carpet area in 2022-23. The total commercial property, project cost was Rs 19, 399 crores in 2017-18 which reduced by 79.2% to Rs 4.026 crore in 2022-23.
GujRERA data suggests Ahmedabad alone contributes almost 40% to Gujarat’s commercial real estate sector as investors from across the state invest in the city. The commercial property demands in Ahmedabad is rising because the rental yields have improved in various parts of the city. Ahmedabad registered 164 commercial property projects with a total carpet area of 21.68 sq mt in 2017-18. The dropped to 69 project and 3.34 lakh sq mt carpet area last year.
