In Ahmedabad and Gandhinagar, 4,164 homes are worth Rs 33,000 crore. That is less than 1% of the 5.05 lakh units registered in the twin cities. Yet they account for 21% of the Rs 1.55 lakh crore that developers stand to earn. These 4,164 homes, spread across 69 projects and priced above Rs 4 crore each, offer a glimpse into how the definition of luxury housing is changing.They are part of 5,160 RERA-registered schemes recorded between 2016 and 2025 — 3,740 in Ahmedabad and 1,420 in Gandhinagar. The numbers come from a directed research project (DRP) by Ashvin Hirani, a student of Faculty of Planning, CEPT University, with JLL as the industry partner. The researchers estimated the potential revenue from every registered project to map the changing profile of the market.The change is not limited to the top end of the market. Industry data cited in the study, using Rs 1.5 crore as the threshold for luxury housing, shows the segment’s share of new supply doubled from 5% in 2018 to 10% by the end of 2024. Affordable housing (priced up to Rs 40 lakh), meanwhile, moved in the opposite direction, with its share nearly halving from 54% to 28%.The forces at workProf Sejal Patel, dean and programme chair, MBA in Real Estate at CEPT University, says the shift is being driven by a combination of rising wealth, infrastructure expansion and changing development patterns.“There has been growth in the number of high-net-worth individuals (HNIs) in the city and its periphery. The city has undergone a major infrastructure upgrade, with development now extending towards areas such as Ambli-Bopal on one end and Khoraj on the other. With land parcels in core city areas becoming saturated, developers are using transferable development rights (TDRs) and floor space index (FSI) to build vertically in the city’s periphery,” she says. “The city is also poised for big-ticket events such as the Commonwealth Games (CWG) in 2030.”Arpan Parikh, VP-West India at JLL, says Ahmedabad’s premium housing market stands out for its end-user-driven, fundamentals-led growth. “Sindhu Bhavan Road, Ambli and Thaltej are seeing concentrated development, supported by better connectivity and upscale social infrastructure,” he says.The bungalow gives way to the towerFor decades, a bungalow on a large plot was the ultimate status marker in Ahmedabad. But with rising land prices and shrinking availability of prime plots, premium apartments are becoming the new expression of luxury. Developers and industry leaders say even wealthy buyers who can afford independent homes are choosing premium towers for their location, security and convenience, while demand for duplexes and penthouses with private pools is accelerating.Ahmedabad’s luxury apartment boom is drawing industrialists, young entrepreneurs and a steady influx of affluent families moving to the city. Industry estimates suggest around 20% of buyers in this segment come from Saurashtra-Kutch, shifting base to Ahmedabad for business and lifestyle reasons. Another layer
The city has undergone a major infrastructure upgrade, with development now extending towards areas such as Ambli-Bopal on one end and Khoraj on the other
of demand comes from a small group of ultrawealthy buyers who buy high-end apartments as city guesthouses, keeping furnished homes ready for family visits and business travel.Tejas Joshi, president of Credai Gujarat, says the changing preferences of affluent buyers are encouraging developers to bring more premium projects to the market. “Demand for ultraluxury apartments is consistent, and premium projects are increasing by 15-20% every year,” he says.Joshi says the trend is spreading to other cities too. “Surat, Vadodara and Rajkot are also experiencing growing demand for ultraluxurious apartments,” he says.According to Credai’s estimates, Surat has 800-1,000 ultraluxury units in the Rs 3 crore-10 crore range, Rajkot around 650 units between Rs 2.5 crore and Rs 5 crore, and Vadodara close to 500 units in the category.The land equationProf Patel says the city’s growth strategy has created pockets where developers can maximise land use and build vertically.“We found that the projects are predominantly in R2 (residential) zones with the highest TDR utilisation, followed by R2 and TOZ (transit-oriented zones), reflecting a preference for higher permissible FSI and transit-oriented growth. In contrast, luxury projects have a limited presence in R1 and other zones, indicating a focus on areas enabling greater development intensity and planning flexibility,” she says.
Supply of luxury housing projects
Paras Pandit, director at a realty company that has developed a project in this segment, says, “The availability of plots is very limited, and an ultraluxurious bungalow will cost Rs 30-35 crore.”“However, one can buy an ultraluxurious apartment with better facilities by spending around Rs 5 crore and experience the feel of a villa in the sky.”Pravin Bavadiya, former president of the Ahmedabad Realtors’ Association, says ease of movement is another factor. “For elderly people in the family, it becomes difficult to go to the second or third floor of a bungalow, but in an apartment, they can move everywhere,” he says.All eyes on GIFT CityIn GIFT City, homes are being pitched alongside an emerging global business district. Taral Shah, managing director of a real estate company that has launched an ultraluxury project in GIFT City, says the buyer profile here is distinct. “Industrialists and NRIs are the main customers for ultraluxury projects in the emerging international financial hub,” he says. “Developers need to provide world-class amenities in such schemes.” Aaryan Shah, associate director of a company developing an ultraluxury housing project in GIFT City, says the area’s growing corporate presence is attracting top-tier talent. “CEOs and CFOs of these companies need luxury homes for senior employees. With global companies expanding in Ahmedabad and Gandhinagar, demand for ultraluxury housing in GIFT City is rising,” he says.The luxury home is no longer defined only by what it contains but also by what it offers around it. Land and location still matter; they now share space with newer ideas of convenience and community.
