Factors behind growth of Surat’s luxury housing market

by | Jul 22, 2015 | Business

Surat is witnessing a sea change in its realty market in recent times. This is mainly because of the growing infrastructural base of the city along with industrial competency. The latter aspect is drawing more and more professionals and businessmen to the city while skyrocketing infrastructural development is also creating housing demand. Several corporates, MNCs, manufacturing giants and global companies are setting up shop in Surat and the local economy is also getting a boost in turn. Several diamond merchants and manufacturers from Mumbai and other cities are coming down to Surat to re-establish their businesses here. Leading diamantaires are also setting up malls and other infrastructure for retailing their products, thereby fuelling heady growth in the city while textile hubs and SEZs are also being developed in several areas of the city. All this has contributed towards the overall transformation of the housing market in the city. From 2 and 3 BHK apartments, high net worth buyers and businessmen are now seeking 4 BHK flats in Surat and this something that is astonishing to say the least!

Growing demand for penthouses and luxury 4 BHK flats in Surat has been surprising for many developers and real estate experts in the area. This is primarily because Surat was always a nondescript and quiet market when it came to residential real estate. Surat was always known for simple and modest 2 and 3 BHK apartments that buyers wanted. However, the influx of premium buyers from higher segments is now creating a sharp change in market dynamics. Buyers now want premium apartments that come with the best fittings and luxurious interiors. Additionally, they also desire the finest amenities at their complexes including swimming pools, sports and fitness facilities, playgrounds, community halls, gardens, power backup and more. This is another trend that developers are taking note of while planning and executing projects in the city. People are now willing to pay a premium for lifestyle features.

Luxury 4 BHK flats in Surat are finding takers along with premium, well designed luxury villas in several parts of the city. These villas are also equipped with several contemporary amenities and showcase stunning contemporary designs. Villas were a segment unheard of in Surat’s property market earlier. With time, developers are witnessing a steady shift from mass housing models to premium, luxury based housing prototypes that customers want them to replicate at strategic locations.

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