Future of Real Estate in Surat
Due to Covid restrictions and lockdown protocols, the global market has seen a huge impact on the economical front. Almost all the industrial sectors apart from the healthcare sector had to close down and face significant financial losses. It looked as if the market would take ages to recover from the stage it was left at. But, surprisingly the market has made an impressive recovery, and all the industrial sectors now stand in a better position than previously. Especially we have seen a boom in the real estate sector. There is an ever-soaring demand for residential and commercial properties across the globe. Surat has always been a rich opportune area for real estate. There has always been an ever-growing demand for real estate properties regardless of the calamities like floods, earthquakes, or even lockdown imposed due to covid restrictions. The future of real estate in Surat has become brighter than ever before. The real estate sector in Surat is consistently estimated to be developing by roughly 8-10% every year. The market experts in the real estate sector continue to estimate similar figures for the previous four to five years which gives an insight into Surat’s staggering progress in real estate. With upcoming and under-construction projects like that of bullet train connecting Ahmadabad and Mumbai with a stop in Surat, the transfer and setting up of Diamond Burse from Mumbai to Surat has resulted in a strong upsurge in the real estate market of Surat. There has been the highest number of new construction projects launched in the last couple of years in Surat. We have seen rising demand for not only commercial properties but even residential properties too.
The middle-class consumer of real estate in Surat has become very active in recent times. While there is a growing demand for affordable residential properties, even the local builders of Surat have started emphasizing providing their customers with the best-in-class facilities at an affordable price range. We have seen that most of the residential projects launched in recent times are targeted at constructing a residential apartment of 2BHK with as many luxurious amenities as possible. These affordable 2BHK residential flats have sprung up in all the areas of Surat offering facilities like:
- Society Swimming Pool
- Double Basement Parking
- Well Equipped Club House
- Terrace Garden
- Children Play Area
- Joggers/Senior Citizen Walking Area
Affordable luxury is what the customers are demanding now in Surat. The builders here have rightly identified the requirements of the residents in Surat and are adequately providing them with extremely attractive residential buildings. The most prominent residential hubs of the city are Jahangirpura, Begampura, Adajan and Umarvada. In recently developing localities like Parvat Patia, Dindoli and the Puna-Kumbhariya Road among others, the demand for residential properties is also on the rise. While Athwalines, Parle Point and areas along the Varacha road have a good concentration of commercial establishments. The newly launched residential as well as commercial projects are also the primary preferred opportunities for the investors in Surat. It has been observed that the investors in Surat have been purchasing 2BHK affordable residential apartments and renting them out as a source of secondary income. Affluent builders and construction developers in Surat have observed approximately 50 to 60 percent of the housing demand in Surat is for affordable units priced up to Rs 32 lakh or so.
Correctly identifying the demand for affordable yet luxurious 2BHK residential apartments, one of Surat’s leading developer groups, Shyam Developers has brought the Shyam Enclave project. Shyam Enclave is an upcoming project targeted at providing customers with their dream home. This residential project promises to provide its residents with quality living along with affluent luxury at affordable and pocket-friendly pricing. The project provides various luxurious amenities such as:
- Multipurpose Hall
- Lawn Tennis Court
- Table Tennis
- Mini Theatre
- Sun Deck
- Party Lawn, etc.
Thus, it can be concluded that Surat is a progressive economic center, with industrial and commercial activity in addition to the consistently high levels of migration. This has been a driving factor in the continuously increasing demand for residential properties. Such demand is mainly focused on the affordable price range, and the same is expected to continue for the time being. With steadily improving transport and social infrastructure, the residential real estate market can be predicted to maintain stable growth in the coming few quarters.