Gujarat as a state has the highest growth rate in India and Surat in India is ranked 8th in terms of GDP. It has a double digit growth rate of more than 11% for the past many years. Surat mainly relies on the diamond, jewellery and textile industries for its income. Its latest foray has been in the IT industry, with IBM, TCS and Wipro setting base it has gained the reputation of the next IT hub in Gujarat.
Due to the availability of finances and one of the best growth rates in India, real estate in Surat has seen a steady growth. The slow-down in the real estate sector in India has not had much of an impact on real estate in Surat, demonstrating the financial as well as infrastructural strength of the city. The city has huge location advantage, being on the trade route from Mumbai to Ahmedabad and further onto Delhi. This single advantage makes Surat the most preferred real estate destination in Gujrat.
The internal roads in terms of connectivity, traffic and quality are probably one of the best in the country. 85% of the roads are asphalt surfaced, which have enhanced life as compared to the normal tarmac roads.
All villages in the district have 24 hours electric supply. Surat as part of Gujarat uses solar panels installed on the canals as an energy source. The expressway to Vadodara and further on to Ahmedabad made by L&T is a piece of art. Once the bridge on Narmada which is under construction, is up, it would be one the best highways in the country. Surat also has a domestic airport, though only Air India has a flight to Delhi. A very strong infrastructure and a robust industrial as well as business setup have encouraged the real estate developers to take the property market in Surat to the next level.
Adajan Gam, City lights, VIP Road, Bhimrad, Dumas, Magdala and Vesu are popular real estate destinations in Surat. Real estate in Surat has a healthy mix of affordable apartments in surat, mid segment and luxury projects; thus catering to the entire canvas of population. The city attracts a lot of migratory population from across the state due to availability of job opportunities which has given the real estate sector a flip. This has enhanced the rental as well as first time buyer market in Surat.
With the advent of IT Parks and SEZ zones, Surat has dawned a new avatar. It has synergised the traditional business markets with the savvy IT culture, thus creating a diversified employment opportunity model. The real estate developers in Surat have exploited this well. Not only have they created It zone pockets in the City, they have planned the residential sector accordingly; keeping the needs of an individual investor in mind. For example, the residential projects planned in the vicinity of IT parks cater to 1bhk and 2 bhk luxury apartments in surat, which keeps the property costs down and are aligned towards the requirements of the end user. Real estate in Surat showcases a practical model, as to how the requirement and price game needs to the played in the real estate sector and needs to be replicated by developers in other cities.