"Need for Residential Flats in Surat is snowballing"- Surat Property Builders
Due to some of the remarkable residential projects with an exceptional infrastructure, beautiful ambiance and full amenities, real estate market in Surat is flourishing like anything. From 2012, it is incessantly observing consistent growth in real estate investments done in Surat. The residential segment of the Surat real estate market has witnessed tremendous growth in the rates for different location.
During the last two years, residential property rates in Surat have doubled with an average hike of 10-12%. Also, the commercial rental has also increased by over 40% compared to 2013. It is also mentionable that buyers and investors can get returns on their investments in less than a year, which is encouraging and necessary to motivate them to invest more to the Surat's real estate market.
Excellent Employment opportunities are a key influential factor: Property Investors
Employment opportunities have been augmented in Surat like anything due to the overall development of the city and rapidly increasing IT and corporate sector and introduction of new retail and manufacturing industries in Surat and nearby towns like Ankleshwar, Vapi, Valsad and Bharuch. This is because of easy availability of lands and plots and outstanding transport connectivity with other mega metropolises. All these aspects have accredited in growing demand of residential flats in Surat.
The Surat Navsari Industrial Area (SNIA), a scheme initiated by the authorities is just another diamond on the crown called Surat. It is the new passageway for growth and development in the Surat. It will also act as an ignition in creating demand of the residential flats in Surat. Government is conceiving to construct incorporated housing societies, deluxe residential apartments, shopping centre, and commercial estates.
Some of the most favourite areas for buying residential flats are Adajan, Nana Varachha, Palanpore and Green Citylight, which have witnessed a jump of 15 to 22% in the previous year. What appeals buyers and investors is the availability of luxurious flats at affordable rates. Builders in Surat are approaching with some outstanding residential projects, which are comfortable, with all amenities and at reasonable rates.
Boom of Real Estate market in Surat: NRIs buying residences in Surat to prolong their identity
Non Resident Indians, who belong to Surat and nearby villages, are also buying residential flats in Surat so that when they visit their homeland, they can stay there. This is also considered a major factor in boosting demand for residential flats.
Furthermore, wealthy individuals prefer to buy weekend homes where they can go and take rest far from crowded and noisy city. It is a part of a wealthy lifestyle adopted by High Net worth Individuals boosting the real estate market in an indirectly manner.
In conclusion, we can say that Surat is observing exceptionally well times in real estate sector and rapidly becoming one of the hottest real estate investment hub for luxurious residential properties.