Surat’s property market witnesses huge growth

by | Aug 26, 2015 | Real Estate

The Surat property market has always offered good returns to investors and end users alike. However, things have taken off in a big way in recent times with the Diamond City growing and developing beyond measure. The property market here has witnessed huge development and the average housing prices have also been witnessing an upward pull on a continual basis. This has brought much happiness and good cheer for developers who were terrified at an impending continuation of the slump of previous years. This property boom has a lot to do with Surat’s growth in business and its ability to attract several migrants, professionals and businessmen in large numbers. This influx of people from other states and cities has boosted the property market hugely here.

The Surat property market has witnessed huge growth in prices over three quarters and several experts now call it an important housing market in Gujarat. Surat is presently being billed as the fourth fastest growing city across the entire globe and this is no mean feat. This simply points at the rapidly developing infrastructure and facilities in the city. The local economy of the city has also played a big role in boosting the realty market in Surat. The local economy is majorly dependent on textiles, diamond industries and other manufacturing units. The development of the diamond bourse is another development that has attracted huge real estate to Surat.

As per developers in the Surat property market, this sudden boom is not completely unexpected and was long awaited in fact. Several prospective customers have been shifting to Surat from other towns like Bhavnagar while several diamond industry professionals and businessmen are also coming here from Mumbai in large numbers. This has naturally boosted the demand for housing in the city. Several posh and coveted areas in Surat like Piplod, Vesu and VIP Road have witnessed substantial increases in prices to the tune of around INR 400 to 500 per sq ft post the announcement of the diamond bourse in Surat and have remained uphill since then. Diamantaires and industry professionals are purchasing apartments in premium areas of the city and this has led to an increase in land prices to the tune of 15% and more. Surat’s property market is currently witnessing healthy demand and this should continue for quite some more time to come. The thriving fortunes of the diamond industry have contributed majorly to the growth of the realty market in Surat.

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