With the Diamond bourse shifting from Mumbai to Surat, the Textile and Diamond city is going to make its mark and shine brighterSeptember 22, 2020
“Real Estate in Mota Varacchha is at boom due to Diamond Bourse shifting to Surat.”
Surat, Gujarat (India) : About 70 diamond companies from Mumbai have shifted to Surat during this coronavirus pandemic. The Surat diamond bourse will be ready by the year 2022 and till then most of the Diamond companies will shift to Surat from Mumbai. This will change the position of the city across the world. Even during this time of financial crisis across the world, Surat is standing still and the people especially those in the diamond industry are progressing even though, taking tiny steps. Once the Diamond bourse of Surat is ready and the Diamond businesses shift totally to Surat then the city is going to progress by leaps and bounds. This is giving new hopes to the real estate industry in the city which is facing various issues as of now. Right now 8 out of 10 diamonds are manufactured in Surat but all of the dealings and exports happen only from Mumbai. Moreover the corporate offices of most of the Diamond companies are in Mumbai’s Bandra Kurla Complex and small units are set up in Borivali, Malad, Goregaon, Dahisar etc. and all the operations happen from there. But things are fast changing and all of these big Diamond units and offices are being shifted to Surat.
This shifting was to happen about 2 years later but due to the coronavirus pandemic, migration has already started. It is going to take two more years for the Surat diamond bourse to get completely ready and about 70 companies from Mumbai will completely shift to Surat. Some of them have already started to shift to the city. One search businessman and the owner of HVK Diamond – Nagjibhai Sarkariya said, “in the year 2022 about 60% of the Diamond business from Mumbai was about to shift to Surat, which would generate more employment opportunities in the city and it will also open the demand for flats in the city. This will directly benefit the real estate industry. The migration has already started and people are already looking for houses here”
Another businessman Nareshbhai Lukhi said, “Not only have the corporate offices but the small units in different areas of Mumbai also started to shift towards Surat. Around 70 companies have already shifted to Surat and this numbers will double during Diwali. This is definitely going to benefit the real estate industry, as the workers of the industry will too migrate towards Surat along with the big businessman.”
The real estate sector is definitely going to get a much needed boost with this migration and chances are there that the Varachha and Mota Varachha area of the city will be the first choice for migrants. Most of the people associated with the diamond industry belong to Saurashtra, including the factory owner as well as the workers. Staying at Varachha and Mota Varachha area gives people the feeling that they are staying in Saurashtra and hence these areas are going to be their first choice.
Surat’s Real Estate Companies are ready to give the infrastructure to the migrants like that of Mumbai.
With the shifting of diamond companies from Mumbai to Surat the real estate industry of the city is ready to cater to the needs of the company owners as well as office staff and workers who are going to shift to the city. The situation is such that some Housing projects similar to that in Mumbai have started in the city. A builder named Jayantibhai Madhubhai Godani who is the owner of Victoria group said, “Due to the shifting of diamond industry from Mumbai to Surat we have already started receiving enquiries for shop and flats. These enquiries are mainly for areas such as Varachha, Mota Varachha, Uttaran and Sarthana Jakatnaka. Our aim is to give similar facilities like that in Mumbai to the people who are migrating and are going to migrate and hence we have started with the project of high rise apartments which will have various common facilities for them to use.”