Why Surat is the next big residential realty destination

by | Jul 22, 2015 | Real Estate And Property Management

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A slew of new residential projects in Surat have been launched in recent times. This augurs well for the realty sector and points at growing demand and consumer attention to the same. With growing demand comes an increase in supply and this is what is driving the market in a fast growing area like Surat. Surat is witnessing skyrocketing growth when it comes to customer attention, newer project types and increased interest from investors. There are many benefits of investing in property in Surat. Many service class individuals and investors have many reasons to cheer on account of the growing value of their investments in Surat. This is mainly because of an upswing in the realty market in the Diamond City. Prices have been increasing continually across all quarters since July 2013. This has been a huge moot point for drawing more investment to the city.

As per statistics supplied by the National Housing Bank, housing prices have been increasing continually at a rate of 2.12 to 7.1% across quarters. This is the highest such increase recorded in the whole of Gujarat with only Ahmedabad registering growth percentages that are closer to this. This has indirectly given a fillip to the development of new residential projects in Surat as well. According to experts, Surat represents a very important housing market. This is the fourth fastest growing city in the entire world and that is no mean feat! This has resulted in unmatched infrastructural growth and this may have spurred developers into action. The economy of the city is very strong and is primarily based on manufacturing, diamond and textile units and trading. There have been efforts made by well known diamantaires to create a top class diamond bourse in the city and this may well have an effect on housing prices with regard to increasing them even further.

Experts also feel that the incoming population of individuals from other cities and even countries could spur greater demand for new residential projects in Surat. Surat is the very first preference for migrants from other towns like Bhavnagar. Mumbai diamond merchants are coming down to Surat in huge numbers as well and this has resulted in a housing boom on the back of burgeoning demand. Housing prices have gone up substantially in places like Piplod, Vesu and VIP Road and the increase has been to the tune of INR 400 to 500 per square foot on an average.

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