Real estate picks up in Surat as textiles gain momentum

Surat, May 4 (KNN) After two years of struggling with the challenges created by the pandemic, the textile business in Surat is gradually gaining momentum which has improved the rent of shops across the textile markets.

Until last year the business in the city’s textile market was not in a good shape which was reeling under recession during the Corona period and its deep impact was clearly visible on the real estate business as well. 

This impacted the rent of shops in the textile markets of Ringroad Textile Market, where the rent was Rs 40,000 to Rs 45,000 had come down to Rs 15,000 to Rs 20,000.

Major textile markets of Ring Road Textile Market and Moti Begumwadi Textile Market of Surat Textile Mandi saw a significant reduction in the rent of shops by 80 per cent. 

They were first hit by demonetisation and GST and later by Corona epidemic. In many of these markets, this shortfall has even reached two to two and a half times.

Since the third weak wave of Corona epidemic, the business conditions of Surat Textile Market are improving continuously and as a result this improvement is being seen in the textile business as well as the real estate business worth thousands of crores.  (KNN Bureau)