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Gujarat's real estate sector saw a 6% rise in new project registrations in FY 2024-25, with 1,823 projects approved, up from 1,713 the previous year, according to GujRERA. The growth was driven by a surge in approvals during the first nine months, as developers anticipated a hike in jantri rates and rushed to avoid increased FSI charges. Surat led with 343 project registrations, followed by Ahmedabad with 550. Vadodara and Rajkot saw slight declines. Despite a slowdown in demand in the year's final quarter, registration momentum held steady. GujRERA is also enhancing compliance efforts to ensure broader market transparency and regulatory adherence.
Gujarat's real estate sector showed a modest yet significant growth in the financial year 2024-25, registering a total of 1,823 new projects across multiple categories and districts, as per data released by the Gujarat Real Estate Regulatory Authority (GujRERA). This marks a 6% increase compared to 1,713 projects registered during 2023-24, reflecting sustained activity in the state's property development landscape. Advertisement
This rise in registrations comes despite a slowdown in demand during the final quarter of the year. Experts attribute the overall growth to heightened activity in the initial nine months, where developers rushed to get approvals and commence projects, anticipating higher demand and attempting to stay ahead of a potential hike in jantri rates. Jantri rates, which are government-notified land prices used to calculate property taxes and other charges, were expected to rise. While the state government released a draft of the new rates, it did not announce an implementation date. Nevertheless, many builders took preemptive action, completing the plan sanctioning process to avoid additional costs associated with increased FSI (floor space index) charges that would follow the rate revision.
These early actions led to a surge in project approvals, with many developers proceeding with the GujRERA registration process. Although the demand dipped in the last quarter, the pace of registrations did not lose momentum. A number of these upcoming projects are still in the process of receiving their RERA approvals, which may reflect in future data updates.
Among the key cities, Surat saw the highest increase in registered projects, rising from 292 in 2023-24 to 343 in 2024-25. Ahmedabad followed with 550 registrations, slightly higher than the previous year's 531. Vadodara and Rajkot, however, witnessed a decline, with Vadodara dropping to 219 from 233 and Rajkot falling to 157 from 171. These variations suggest region-specific market dynamics and developer strategies in response to local demand and regulatory conditions.
GujRERA is also working to ensure wider compliance, focusing on districts where some developers have yet to register new projects. This initiative aims to strengthen transparency and regulatory oversight in Gujarat's growing real estate market, reinforcing investor confidence and promoting responsible development across the state.
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