Property markets to get a boost in Surat

by | Sep 24, 2015 | Real Estate Agency

Demand for well designed 3 BHK flats in Surat is set to go up on the back of rising demand amongst aspiring property buyers in the city. Why is demand rising? This is being credited to several factors including the inception of the landmark Dream City project which translates into the Diamond Research and Mercantile project. This project should definitely help in positioning Surat as one of India’s leading cities and will definitely put it at par with other metropolitan cities in terms of the GDP or Gross Domestic Product figures. Mumbai based Dara Shaw & Co are the master planners for the project and are currently working out the feasibility of the same. This organization is working for the Gujarat Industrial Development Board or GIDB on the project. The GDP of Surat should definitely cross a whopping INR 112.3 billion as per approximate estimates in a period of five years if the project is executed in a timely and scheduled manner.

Surat is currently ninth in the pecking order by way of overall GDP and should certainly topple Mumbai, Kolkata and Delhi post the development of this project by the year 2020. Surat’s growth rate will be approximately 16.08 percent every year from 2015 onwards, according to experts and market watchers. This project will have an enormous impact on the GDP and the subsequent developments in infrastructure like the Delhi-Mumbai Industrial Corridor, Outer Ring Road and International Airport will also fuel huge residential demand in Surat. People will want to buy 3 BHK flats in Surat along with other properties. The Special purpose vehicle formed for the project will have representation and equity from the Surat Municipal Corporation and Surat Urban Development Authority.

The economy of the city will be hugely boosted by this project over a period of three years or so. Buying 3 BHK flats in Surat or other properties could turn out to be a masterstroke for investors at present owing to the lucrative returns expected from the same. Capital values will go up with further economic progress and the commercial, economic and infrastructural impact of the Dream City project. Growth will also rise in segments like entertainment, services and hospitality among others, thereby leading to an influx of professionals into the city from other states and regions of the country. Surat is poised to develop rapidly with the completion of this project and other infrastructural developments and hence, demand for residential property will rise quite naturally over the next few years.

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