Thinking of purchasing commercial property in Surat? You should definitely have a keen understanding of the market before taking any decision. There have been some subtle changes in terms of prime locations and other aspects as far as the commercial realty market is concerned. One of the biggest developments is that the Ring Road is no more as valuable as it should have been! Commercial and residential real estate here is not as prized as earlier. Old is not gold anymore and this is something you should know. The area is home to the WTC and Empire estate buildings which made it an iconic boulevard of sorts. These office spaces were highly prized in all of Surat. However, loads of businesses and companies have started shifting to the International Trade Centre on Majuragate which is widely being heralded as a better alternative.
Additionally, the demand for commercial property in Surat should be centered on the International Commerce Center on Majuragate and many companies will again shift base here from the International Trade Centre as well. The Union Trade Centre on the Udhna Char Rasta should be another hotbed for commercial realty as many companies and businesses are expected to move here as well. The textile business is also witnessing somewhat the same trend. The Surat Textile Market was always regarded as the biggest textile hub in the city but the newer generation does not want to set up shop there, particularly due to the costlier rates as compared to newer textile hubs and markets which also offer better amenities and facilities. This displacement of the old hubs vis a vis the new is being observed in several business sectors across Surat. The Ring Road will soon be obsolete in another five to ten years.
This is mainly because the new generation looks for best commercial property in Surat with adequate infrastructure and amenities. These cannot be expected at these 20-25 year old iconic landmarks where even parking space is a major problem. People were not shifting their offices earlier owing to widespread belief that customers would not accept such changes readily. However, 10-20% is set to move base to newer and emerging business clusters and this itself will lead to a major exodus. Alternatively, rentals in the old areas will go down as a result of the same, thereby leading to better opportunities for those fixated on the area and the prestige that comes with the same.