Burgeoning Real Estate in Surat

Surat, popularly known as ‘The City of Textiles', is the 8th largest and the 2nd cleanest city in India. Not only is it a commercial hub of the state of Gujarat but of the entire country as well just next to Mumbai. With swift paced developments across all sectors, real estate in Surat seems to be blooming at its best. From developers to investors in both residential and commercial segments, everyone is taking interest in property market of the ‘Diamond Capital of India'.

Even though Surat is known worldwide for its diamonds and textiles, silk and chemical industries also contribute significantly to the economy. Besides this, National Council of Applied Economic Research (NCAER) and Future Capital Research's Roopa Purushothaman have declared households in Surat as the most prosperous in India in their latest study. Such growth and affluence in the city has intrigued interest of investors from both within the country and outside. Surat Real estate is gaining attention of local as well as national developers and they are now coming up with various residential, commercial and retail projects in the city. The realty developments in the city are in initial stages but this is what makes it an ideal investment destination for property investors. Since, growth in Surat property market has begun recently, the property values are certain to double up in coming times. It promises to yield great returns to those who invest today since developments in various areas are soon going to spiral up the realty costs across the entire spectrum.

Apparently, Indian realty market is growing by leaps and bounds since it has gone beyond developments only in metro cities. The entire country is bustling with large scale construction activities be it a metropolis or a tier-II city or even tier-III & IV city including towns and suburbs. In fact, in many cases, developers and investors prefer smaller cities owing to the lack of opportunities available and the sky rocketing prices of property. The saturation of Delhi real estate , Mumbai and Bangalore has boosted property markets of areas in proximity to these cities like NCR, Navi Mumbai and Mysore. While some developers are engaged in building properties in these surrounding areas of metropolises, others are scouting for locations that offer huge potential for land development. As a result, various cities like Surat, Chandigarh, Ludhiana, Lucknow, Guwahati, Kochi, Nagpur, Jaipur, Indore among others. Realty in Surat and Ahmedabad is especially in high focus in the state of Gujarat as they are the most active business centers of the state.

Surat is a tier-III city, home to rich people with naturally high purchasing power as a result of its commendable average AHI (Annual Household Income). This means that the citizens are looking for quality housing and luxury living even if they have to shell out some extra money. As a result, property developers are launching luxury houses equipped with various modern amenities and other facilities like 24-hour security, swimming pool, health club, play areas, etc. Such premium apartments in Surat are expensive obviously owing to the world class facilities, the potential for high returns and the leading builder names attached to them. Along with luxury housing, residential property in Surat is also witnessing construction of affordable housing projects as prevalent in the country.

The development in property in Surat is not limited to its residential segment but is also extended to commercial sector with various IT companies setting foot in the city. The concept of organized retail seems to be getting popular with time as consumers show thumbs up to the mall culture. The upcoming shopping malls and multiplexes in the city are a sure shot proof of their acceptability.