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Rising demand for new projects in Surat


After Ahmedabad and Rajkot, Surat is the next city of Gujarat seeing some significant growth in the realty sector. The city is also noting continuous appreciation in property values from past one year. The city surged immense demand in the 2BHK apartment with the size of 800-1200 sq ft and in the price range of Rs 16-25 lakh as confirmed by Rajesh Mishra from Berry Associates. Positive job scenario and expanding retail sector such as opening up small traditional textile industries chain viz a viz entry of new big retailers has boosted the demand of residential properties.

Localities such as Vesu, Adajan, Nana Varachha, Palanpore, and Piplod witnessed appreciation of up to 15 per cent in residential values during past six months. These are the most transacted localities of Surat and saw demand as well as supply in the residential segment says Sachin Piplani, from Shree Estates. The new projects launched in the year 2009-2010 have already noted an appreciation of more than 50 per cent and are available in resale, he added.

Surat is one of the fastest growing cities, both public and private players are actively participating in improving city’s infrastructure, connectivity and provision of adequate facilities. Surat Municipal Commission (SMC) is taking excellent initiatives in developing new roads, flyovers, drainage, drinking water, power facilities as told by Divyam Shah from Divyam Properties.

The city is also seeing enhancing demand in the luxury segment from HNI’s and NRI’s. The properties with large carpet areas (over 2200 sq ft) located at prime locations are fetching values of more than Rs 1 crore and are witnessing descent transactions. The new segment is more popular than the resale segment owing to the presence of lifestyle features in the new projects says Divyam.

Few of the active developers of the city who have launched their residential projects in the city are Gujarat Real Estates, Shubham Residency, Prime Constructions, JT Group and SR Corporations . The current capital values of apartment vary from Rs 2,200-4,000 per sq ft.

By and large Surat is seeing a total transition in the realty sector with wide range of new affordable and premium projects making their way into the city. The growing commercial and retail sector on the other hand is also contributing in the property growth as anticipated.