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Surat Witnesses Dramatic Rise in Real Estate Prices

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Surat Witnesses Dramatic Rise in Real Estate Prices

In today’s real estate market, investment is all about finding the best opportunity. The infrastructure development, economic growth, increased job opportunities are the major driving factors of a location for investment so that you can rest assured with higher returns. Followed by China, India is another country which witnesses highest range of pre-launch projects. On the Indian property markets, the existing slowdown in economic activities had a mixed effect. The capital values in residential markets have overtaken the last peak levels in several micro markets. All the cities are still witnessing great range of investor and end-user demand.

Among the sulking economy in India and global slowdown, the real estate market in diamond city Surat is glittering. Once again, it has been proved by Residential Price Index (Residex) by the National Housing Bank. In residential property prices, several cities have witnessed downturn in real estate. But Surat has seen growth in the October-December quarter.Aakash Group

The property prices growth has taken over all the seven zones in Surat, as compared to the growth over the last 5 years. It is phenomenal 44% of growth recorded in this year. Some areas of the city have seen great jump in property rates over 2013-14.

The rise of residential real estate prices of 11% to 12% is a healthy sign. In central zone, a huge number of properties were sold as the exodus of home-seekers from Fort locality to south west and west zones. Due to increased demand, the prices of residential real estate has seen dramatic rise.

The western corridor has seen the scope of development with the saturation of real estate market in Mumbai. Surat is expected to keep on growing because of having significant inflow revenue from textile and diamond industry that has been pumped in real estate. Several real estate developers have invested in Surat like Aakash Group which is one of the leading developers. They have introduced 10 new projects in Surat.

Surat market has seen growth at 11% and Ahmadabad seen 0.6% of reduction in property prices during the 2011 quarters. According to Surat Municipal Corporation (SMC) director of planning, Jivan Patel, Surat has turned into a conductive real estate market with great infrastructure facilities and good governance. These are the main reasons behind boom in real estate.