Surat Diamond Bourse spurs realty market as projects worth 7400 Cr launched

Surat (Gujarat) [India]: As India’s second diamond exchange, the Surat Diamond Bourse (SDB), which is three times the size of its Mumbai counterpart, the Bharat Diamond Bourse (BDB), prepares to open at the Diamond Research and Mercantile (DREAM) City at Khajod in Surat, it has set the stage for real estate developers. About 34 residential projects worth Rs 7,400 crore have been launched in the areas surrounding the prestigious world-class diamond exchange project.

The SDB project, billed as a global diamond powerhouse, was conceptualized by Surat’s diamond barons, particularly the chairman of Kiran Gems, Vallabhbhai Lakhani, as part of the Gujarat Government’s vision. It is part of the DREAM city, a government initiative that will cover 700 hectares of land in Khajod—it was previously the Surat Municipal Corporation’s landfill (SMC).

The ‘Smart City, which is closer to the Surat International Airport, connects to the Outer Ring Road, a major highway project under construction.

According to sources close to the project, the DREAM City, SDB, and Outer Ring Road projects have boosted the city’s real estate market, which had been in decline due to the coronavirus pandemic. The areas surrounding the SDB, such as Gavier, Abhva, Dumas, Vesu, Magdalla, and Bhimpore, have become goldmines for property dealers, with land parcel prices skyrocketing in the last six months.

With all 4,200 diamond offices in the SDB have been claimed by the industry members, the majority from Surat and Mumbai, the realtors are leaving no stone unturned to ensure that their projects are executed timely, given the influx of the people connected with the diamond trade from Mumbai.

“Due to the SDB project, the areas like Dumas, Vesu, Magdalla, Gavier, Abhva, and Bhimpore are the first choices among the people connected with the diamond trade. All these areas are within a radius of 3 km, giving them ease of travel to their workplaces in the SDB” said a realtor.