SURAT: The narrow by-lanes of Salabatpura in Surat's walled city are leading to gold mines for its residents!
House owners in this area are making a killing by selling their properties to businessmen, who are willing to pay a premium so that they can remain close to the area that houses the country's biggest wholesale textile market on the Ring Road.
No wonder then that real estate prices here have gone through the roof. In fact, buyers have to shell out nearly Rs 3 lakh per square yard here, which is almost double than the prices in city's most upmarket areas like Vesu, Parle Point, Athwalines, Piplod or Pal-Adajan.
Sample this: Ashok Jariwala, a leading zari manufacturer, sold his 54 sq yd house in Pipardi Sheri to a textile trader, who willingly offered Rs 1.75 crore. Jariwala now plans to shift to a 3 BHK flat in Althan, which he will get for Rs 75 lakh!
"It is a profitable deal for me. I will sell my textile shop at NTM market for Rs 1.50 crore and construct a two-storey shop in Salabatpura. There is enough parking and other facilities," said Rajendra Bansal, a textile trader who bought the property from Jariwala.
Traders are also avoiding buying shops on the main road due to parking, sanitation and water problems. Moreover, the area is already saturated by more than 155 textile markets housing 65,000 shops.
Ramesh Kapadia, who owns a 110 sq yd house in Salabatpura, is likely to sea a deal for Rs 3.15 crore. "I will be shifting to New City Light or Vesu soon," he said.
Rushabh Gotawala, an architect in Khangar Sheri said, "They are the small properties that are in high demand. It does not make business sense for traders to buy 1,000 sq yd property and invest a huge amount."
House owners in this area are making a killing by selling their properties to businessmen, who are willing to pay a premium so that they can remain close to the area that houses the country's biggest wholesale textile market on the Ring Road.
No wonder then that real estate prices here have gone through the roof. In fact, buyers have to shell out nearly Rs 3 lakh per square yard here, which is almost double than the prices in city's most upmarket areas like Vesu, Parle Point, Athwalines, Piplod or Pal-Adajan.
Sample this: Ashok Jariwala, a leading zari manufacturer, sold his 54 sq yd house in Pipardi Sheri to a textile trader, who willingly offered Rs 1.75 crore. Jariwala now plans to shift to a 3 BHK flat in Althan, which he will get for Rs 75 lakh!
"It is a profitable deal for me. I will sell my textile shop at NTM market for Rs 1.50 crore and construct a two-storey shop in Salabatpura. There is enough parking and other facilities," said Rajendra Bansal, a textile trader who bought the property from Jariwala.
Traders are also avoiding buying shops on the main road due to parking, sanitation and water problems. Moreover, the area is already saturated by more than 155 textile markets housing 65,000 shops.
Ramesh Kapadia, who owns a 110 sq yd house in Salabatpura, is likely to sea a deal for Rs 3.15 crore. "I will be shifting to New City Light or Vesu soon," he said.
Rushabh Gotawala, an architect in Khangar Sheri said, "They are the small properties that are in high demand. It does not make business sense for traders to buy 1,000 sq yd property and invest a huge amount."
nice post!!
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