The real estate sector had been facing a severe crunch for quite some time with lack of proper demand and unsold inventory. This was a common scenario for developers all across the country. However, governmental measures and other market factors have rapidly infused positivity into the sector, particularly in areas which have witnessed rapid development and growth of late. Most residential projects in Surat are located in close proximity to the newly developed manufacturing, technology and business hubs and other commercial complexes. Economic activity in Surat is quite high and has actually drawn the attention of developers with its high potential for residential and commercial realty investments. Surat prides itself on its work culture and its penchant for drawing quality investments from some of the country’s best companies.
The demand for residential projects in Surat is quite natural going by its record growth rate and its ranking as one of Asia’s and India’s best cities to live and work in. The property rates in the city have also gone up as a result of skyrocketing growth and this has led to a much needed realty boom. Residential property is quite expensive when it comes to prime locations in Surat but demand has not quite abated yet. Construction activity is more frenzied in particular areas like the Dumas-Surat Road’s western flank which is now being viewed as one of the new growth areas of the city. Residential apartments are offered to contemporary buyers and are set in luxuriously designed complexes and enclaves that come with a whole host of facilities and amenities for residents.
The number of residential projects in Surat has gone up in proportion to its newly developed shopping malls, landmark office and commercial complexes and other infrastructural developments. Proximity to Mumbai is another aspect working behind the growth of the residential market. Being the textile and diamond capital of the world, Surat is home to a huge population of businessmen and professionals. This has sparked demand for quality housing to a large extent and has enthused developers with regard to constructing premium projects all across the city and its suburbs.
Some of the popular localities in Surat include Adajan, Anjana Farm, Anand Mahal Road, Choksi Bazar, Dumas Road, Lal Gate, Ring Road, Varachha, Surat Railway Station, Jahangirpura and Ved Road among numerous others. These are areas which are witnessing huge development in recent times in terms of social infrastructure, connectivity and residential real estate.