BRTS to Boost Real Estate in Surat
Surat’s realty market had been seeing some downward trend for almost six months due to oversupply of properties. However, the upcoming bus rapid transit system (BRTS) is not only expected to bring back the sheen to the sagging Surat market but also give it a further fillip.
Surat BRTS
The Surat BRTS is almost ready and currently undergoing trial run. It is already providing free rides to commuters for one month after which the fares are expected to be levied while increasing the number of buses. The free trial run commenced in January, 2014.
The BRTS is being developed in two phases, the first phase consisting of 2 corridors and the second phase consisting of 9 corridors. The first corridor in phase 1 is the 10 km Surat-Navsari Road. The trial run is currently between the Udhna-Sachin stretch of this corridor. Apart from the 11 BRTS corridors, there are also 10 interchange locations that have been proposed at different locations. The total cost of phase 1 is an estimated Rs. 78 crore.
The BRTS will affect areas of Udhna, Sachin, Adajan, Jahangirpura, Pal, ONGC, Anuwarat dwar, St. Thomas Junction, Daksheshwar Mahadev Junction, Magob, Hirabaug, Gajera School and Kosad EWS Aavas along with all the areas in between.
Effect on real estate
The BRTS is expected to be a huge money spinner for the Surat realty market. Several investors are known to have been eagerly waiting for the BRTS to become operational. Experts say that the BRTS may result in an increase in property value by at least Rs. 500 per sq. ft. in both the residential as well as commercial real estate segments primarily due to improved infrastructure and accessibility and the resulting demand for property.
The work on the Canal Road is also nearing completion with the BRTS operations expected to start in the next six months. This will hugely benefit areas such as Vesu, University Road and Udhna-Magdalla Road. The next two months are expected to witness the property prices to skyrocket in these areas.
The approximate property value in Vesu is already about Rs. 3,500-3,900 per sq. ft. and in Udhna the average value is Rs. 1,500 per sq. ft. The average property value in Sachin is about Rs. 1,800 per sq. ft. Both Sachin and Udhna witnessed a rapid price increase of 50-60% within the years 2012 and 2013 owing to the BRTS.
With more BRTS corridors planned and under development, the dull Surat real estate market can be finally expected to make a comeback with a bang.
