Gujarat’s real estate sector exhibited an increase in project registrations during the financial year 2024-25, even though demand was sluggish in the last quarter. Data from the Gujarat Real Estate Regulatory Authority (GujRERA) indicates that 1,823 projects were registered in 2024-25, marking a 6% rise from the 1,713 projects registered in the prior fiscal year.
Analysts suggest that the initial nine months of the year saw a surge in project registrations, driven by expectations of improved demand later on. Furthermore, many developers finalized their plans to obtain RERA registrations before the anticipated increase in jantri rates.
The state has reported 1,823 new project registrations across various categories in different districts, along with significant new launches. Viral Shah, vice president of CREDAI Gujarat, remarked, “The data indicates that developers are optimistic about the sector. The first half of the previous financial year witnessed a strong number of new launches.” Industry insiders note that although the last quarter of FY25 saw a decline in demand, the trend in project registrations remained stable.
The state government released draft jantri rates, but the implementation details have yet to be announced. Nevertheless, many developers have completed the plan approval process for upcoming projects to mitigate the potential increase in purchase FSI (floor space index) costs following the jantri rate hike. However, the RERA registration process will require additional time, a developer explained. Furthermore, sources indicate that GujRERA is actively working to ensure thorough project registration, especially in districts where some developers have yet to register their new projects.
The state registered a total of 1,823 real estate projects in 2024-25, which is around 6% higher than the 1,713 projects in 2023-24
