Real Estate in Surat

1
Real estate in surat the eighth largest city in
India, is located in the State of Gujarat on the
left bank of Tapi River. Surat is known worldwide
for its diamond business and is, in fact, called
the 'Diamond City of India'. More than
three-fourth of the diamonds in the world are cut
and polishes in this Diamond City. It is the
second largest city in Gujarat widely popular for
its textiles, thus, deriving the names like 'Silk
City' and 'Textile City'.
2
Surat, being the second cleanest city of the
country, makes for one of the paradisiacal cities
to live in India. The growing demand for land
development and the shifting focus of industries
to tier-III and tier-IV cities has proved
beneficial for the city of Surat too. It is now
being eyed by leading IT companies, Corporates
and BPO firms who are willing to establish their
presence in Surat. The IT sector especially along
with ITes and BPO is thriving in the city of
Gujarat after Ahmedabad and Vadodara. There are
various reasons leading to selection of these
cities as next IT hubs or industrial hubs like
their strategic location i.e. proximity to
existing or current business centres.
3
Some of the important factors contributing to the
growth and increasing preference for Surat could
be affordable prices, serene ambience, convenient
public transport, good education facilities,
excellent employment and self-employment
potentials and entertainment facilities like
multiplexes, etc. Easy availability of usable
land, comparatively cheaper labor, congenial
environment, etc. is always looked for by the
industries as it makes for ideal business
destination. Suitable civic infrastructure,
improved medical and educational facilities are
also important as they forecast the scope for
absorption potential of the products and
services.
4
has given a high boost to the real estate
industry of the city delighting the property
developers and property agents. The real estate
developers are now launching projects that offer
convenience, great living experience and
state-of-the-art amenities at affordable prices.
The success of local developers following the
agenda of providing 'affordable housing' to the
common man has inspired larger builders to pump
in money into a growing city like Surat. Some of
the upcoming projects in Surat real estate
include a hotel projects by Bhagwati Banquets and
Hotels Limited with an investment of Rs. 77
crores Siddhi Shopping Complex and a mega
township 'La Heights' by Pooja Corporations and
many more.
5
The growing demand for property in Surat
naturally emphasizes on the need for more
residential and commercial spaces. Surat is a
home to many important educational institutes
resulting in huge influx of students from outside
the city. The skilled professionals hired by MNCs
in the city also keep bustling in the city to
meet the workforce demand of the new setups. Both
the students and professional together bolster
the demand for housing in Surat, thus,
encouraging real estate developers to build more
and more residential properties. Added to this is
the demand of housing by NRIs as they usually
invest large amounts of money in the residential
sector of Surat. All such elements put together
lead to a considerable rise in demand for real
estate. But there is a deficit between demand and
supply of property in the city.
6
The availability or supply of property is not
able to meet the burgeoning demand resulting in
higher property and rental values. These values
are still lesser than other major cities but are
expected to rise soon in wake of the fast paced
developments taking place throughput the city. It
is, therefore, the ideal time to invest in Surat
property market before the prices svelte higher
and become unreachable.