Property market to blossom in Surat

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A well-developed tier 2 city, Surat is making headway towards development. And is one of the growing cities. With the kind of development and infra base that the city has, it has all the requisites needed to achieve the tag of a metro. Surat Real Estate is no less in any way than a big city and development happened here much before it reached other cities.

The city’s infrastructure is something people vouch for since decades and with the recent developments further boosting the already well-maintained basic infrastructure, the city looks beautiful and well-maintained.

Being the world’s biggest hub of diamond cutting and polishing, Surat always had an international name and clientele. Traders and professionals from across the world have been visiting the city since ages and that was the major reason that Surat real estate was the first priority for the government and numerous roads, under passes, by lanes, and fly overs were constructed by the local real estate authority. Also basic amenities like water, electricity, transportation etc. was given due attention, which ensured that the business coming from abroad continues without a hitch.

By Marwada (Own work) [GFDL, CC-BY-SA-3.0 or FAL], via Wikimedia Commons

By Marwada (Own work) [GFDL, CC-BY-SA-3.0 or FAL], via Wikimedia Commons

The city also has other sectors which are booming and gaining prominence and hence, the need for further real estate development is required. Professionals from across the country are migrating to the city for work and studies and the need for providing housing and other infra facilities lies with the government.

 

Property prices

Property types in Surat are a combination of high end properties to very simple but stylish small flats which offer basic facilities for the owner. Surat Real Estate is a perfect example of how to make low-end property look decent and comfortable. The present real estate prices range between Rs 1200 per square feet for a one bhk in to Rs 19000 per square feet (March to June 2013 figures). The rates are according to the size, location and construction of the property and the facilities provided with them.

 

Trends

The economy of Surat revolves around diamond cutting majorly and the city is right at the top with regards to this industry. But other areas of the economy are coming up too and the work culture of an IT professional is making some inroads in society as well. This group of buyers or enters look for good quality houses and want that the houses they buy or rent should have some basic modular amenities and facilities like security, gyms, parks etc.

This development is boosting real estate in Surat and it is growing with a steady pace and inching towards a double digit growth rate. The current growth rate in the property prices is between 4 to 9 per cent on a quarterly basis (March to June 2013 figures) and the experts believe this is just the beginning, as the prices can rise up to 15 per cent per quarter.

The further development of the infrastructure only promises good returns for those having properties in Surat and those who are planning to buy, they have a wide window to choose from and invest in the city. As the city’s economy is stable, thanks to the diamond business, the growth is likely to continue its momentum even during the time of recession or slow growth in the economy.

Experts believe that a real estate investment made today in the city of Surat with reap double returns in the next five years and if a property is put on rent today, it is likely to earn good money from the professionals migrating to the city for work and looking for accommodation in the city.

By Ravi Raj

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