Surat Properties – Moving up to heights

Surat is a port city in the Indian state of Gujarat. It is the ninth largest in India. The city caters to a populace of approximately 4.9 million. The transformation of the city is slow and steady but the past years have seen signs of revival and have given a boost to property prices in Surat to new highs.A number of businesspersons and companies are looking at Surat as a place of growth. As an investment destination, Surat offers nice opportunities with a fair share of risk which is perhaps one of the reasons for investments being limited. But, the scenario is likely to improve in very near future.

Real Estate Trends in Surat

Commercial: Sumeet Industries, Surat based polyster yarn manufacturer, has forayed into real estate development with plans to expand soon. The company may enter into a joint venture with reputed property developer in Kandla Port near Surat. It will build Kandla Port and over a million square feet near Surat.

Investing in Indian properties has become a common trend among affluent Non Resident Indians (NRIs). Today, NRGs can largely be seen parking their money in the state. And, they seem to be more interested in buying commercial properties.

Surat has seen group of NRIs making large investments in residential townships. These investments are often routed through Mauritius to avail tax benefits.

Residential:

Buying residential property in Surat has become easier due to the proficient real estate agents who know knit and grits of real estate market. Housing industry in Surat is growing at a rapid speed. Investment in residential projects in Surat is bringing huge profits to housing companies.

Retail:

Surat, the green city of India, witnessed its first glitzy shopping mall in June 2005 under the name of Picnic Shopping Mall. It now serves as a landmark to the place. Its main attraction is its low price than MRP. A number of retail projects have lined up to come up in Surat.

Close on the heels are other smaller cities such as Vadodara and Rajkot which are moving ahead in race. Pantaloon, a known name in retailing, has acquired a large space of 1.7 lakh sq ft. at Panchwati crossroads on posh CG Road in Ahmedabad. The store will come up near to an upcoming 50,000 sq. ft. Shopper’s Stop outlet which has tied up 1.3 lakh sq ft space near Rhino Circle in Vadodara and 1.1 lakh sq. ft. space in the well known area of Athwa Lines in Surat for the establishment of Central Brand.

Piramyd retail too has signed up for properties ion Surat and Ahmedabad. Another renowned retail chain of mobile supermarkets, Mobile Magic has opened five stores in smaller districts of Gujarat including two new showrooms in Surat.

Upcoming Real Estate Projects in Surat

Ahmedabad based Bhagwati Banquets and Hotels Limited plans to develop a 100-room five-star hotel in Surat near the City Pulse multiplex.

Hotel Project in Surat: Ahmedabad based Bhagwati Banquets and Hotels Limited is drawing plans to build a 100 room five star hotel in Surat near the City Pulse and Multiplex. The hotel will utilize a whooping investment of Rs. 77 crore; will feature restaurants, conference facilities, health and sporting facilities and a business centre.

Siddhi Shopping Complex: Pooja Corporations, a known property developer in Surat, is coming up with a shopping plaza. It will have concealed electrification with high quality switches.

Mega Township: Again, the same builder, Pooja Corporation is planning to make its presence in the city’s residential market stronger. Staying in step with the goals, the company will develop a mega township ‘La Heights’ in Surat.