Surat real estate sector promises good return
Surat- The city’s realty sector has witnessed slow and steady progress in the year 2012. Many residential projects were launched in the city.
In the year 2012, the capital value of residential projects noted an average escalation of 10-12 percent across the city. This news was confirmed by National Housing Bank (NHB) when they realised the residex for the year 2011-12.
Certain realtors found that the growth of property value in the residential sector has doubled in the past two years. On the other hand, the commercial rentals have increased by more than 40 percent.
The factors which induce real estate sector in Surat are expanding IT sector, retail and local secondary-tertiary industries which generated many job opportunities for the mass. Other factors include improving infrastructure and connectivity, affordable land values and availability of manpower.
The proposed Surat Navasari Industrial Area (SNIA) to be developed along the Delhi Mumbai Industrial Corridor (DMIC) is also considered as a major economic driver. It is believed that these industrial developments will highly affect other real estate developments like luxury apartments, shopping malls and commercial towers in the city which in turn will create property appreciation.
The current apartment values in the localities like Adajan, Piplod, Vesu, Hazira Road, and Green City light are Rs 2,500-4,000 per sq ft which attracted buyers and investors specially for luxury apartments. In the last six to eight months, it was noticed that these areas noted significant growth of 15-20 percent.
Since commercial sector is also growing in the city, Surat Municipal Commission is planning to take corrective and active measures to improve civic amenities and city transport link.
Tree-transplantation drive in Surat real estate
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