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Surat Real Estate Scaling New Heights
Surat, known worldwide for its diamond business, is the second largest commercial capital of Western India after Mumbai. Despite being one of the most populous cities of the country, it is the cleanest Metropolitan region of India. This commercial hub of Gujarat is now witnessing a realty boom with developers making a beeline to invest in property in Surat
With population of nearly 6.5 million, together with its twin city Navsari, Surat is the eighth largest metropolitan city of India. This Diamond City is charting new territories by exploring its potential for real estate developments in wake of the land shortages faced by the country. With economic revival has come the transformation of smaller cities and towns into the upcoming development hubs. In case of realty industry, the focus has shifted from metro cities to tier-II, III and IV cities primarily for the following two reasons:
Big cities like Delhi and Mumbai have been completely squeezed out with large scale property developments over decades. Since there is no further scope for realty expansion in these metros, national developers are on a lookout for new potential realty hubs in India.
Smaller cities, being unexplored offer tremendous scope for construction activities across all the segments. The potential of these cities has remained untapped for years and this is why, they come across as land reservoirs longing for realty growth.
Since developers have been hunting for land to meet consumer needs, they have gauged the scope for development in Surat as prodigious. Its residential, commercial and retail property segments present abundant opportunities for growth and expansion. The real estate in Surat is already on its way of becoming the most sought after realty destination in entire Western India. Apart from being a realty hub, it is also emerging as an investment destination for realty developers and investors across the country. This Diamond Capital of the World is attracting investors not only from India but even outside i.e. from NRIs.
Housing sector is the most preferred segment in Surat too like in other parts of the country. Leading property developers are coming up with all kinds of affordable and luxury homes to woo buyers from all classes i.e. to cater to the needs of both nationals and NRIs. Though the industrial sector of the city is quite well established, expansion work is going on in full swing. Even the retail property sector is developing manifold to meet the recreation needs of its growing population with number of malls, multiplexes and retail outlets opening up across the city. Surat real estate is at its best with builders taking keen interest in developing property in the peripheries of the Silk City’. There are various residential and commercial projects coming up in and around city and even in the nearby suburbs like Pal, Vesu, Piplod, Varachha Road, etc.
Owing to such humungous construction activities, there has been huge price appreciation in Surat real estate market. The realty costs have risen considerably especially post recession and with government playing an important part in boosting Indian real estate, Surat property rates have spiraled up. The infrastructure is being worked on in this Green City to match the international standards and encourage NRIs to pump in more money in Surat realty market. Both rental and capital values are fuelling up in wake of the supply deficit caused by supply shortage in the city.
The Textile Capital of India comes across as one of the best investment options in the Indian property market. It promises excellent returns in coming years to those who invest in Surat property now!
Deepika Bansal writes on behalf of
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