Growing demand for residential properties in Surat

Demand is steadily rising for quality residential apartments in Surat. People are snapping up 2 BHK flats in Surat along with 1 and 3 BHK varieties at a rapid rate on account of huge growth and the avalanche of new projects that have been launched by developers in the city. Another factor lies behind this sudden demand for quality residential property in Surat. Property prices are going up by approximately 10-12% across several areas in the city and this has also resulted in a mad rush to book properties before prices rise further. Further price rises can be naturally expected owing to the prevalent industrial growth conditions that are being witnessed in the city. Developers are also quick to cash in on this trend and are offering several properties to buyers at huge discounts. There are several special offers and housing finance packages that are also luring buyers aplenty.

Commercial rental rates have also hugely increased in Surat over the years. Rental values have gone up by almost 40% in the last two years. Yearly appreciation for this sector thus stands at a whopping 20%. Buyers and investors are now looking at quick returns from their 2 BHK flats in Surat or other types of properties. The overwhelming need for residential property is expected to continue for at least another five to ten years according to market experts. This is primarily because of the huge influx of migrants from other cities into the city. This will never go down as of now owing to the excellent job prospects in the city and growing demand for skilled and unskilled professionals alike. This is scaling up demand to unprecedented levels in the city. People will continue to come down to Surat in search of better jobs or business opportunities. Several diamond traders are also migrating here from Mumbai, thereby raising overall housing demand in the city.

From 2 BHK flats to luxury villas, nothing is going unsold for too long! It is boom time for developers with growing corporate and IT hubs in several areas of the city and its suburbs like Bharuch, Ankleshwar, Valsad and Vapi among others. Preferred housing areas include Nana Varachha, Adajan, Green Citylight and Palanpore which have all witnessed property price increases to the tune of anywhere between 15-22% on an average! This does promise great prospects for investors.

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