Can you really find affordable flats in Surat?

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When it comes to finding affordable flats in Surat, you may not be as satisfied as you hoped! Surat is currently witnessing a slowdown in its real estate market and getting proper housing options still remains a far flung dream for an average individual. Building material costs have gone up tremendously by at least 20% on an average. As a result, despite the best efforts of the government and builders, completely affordable housing solutions may be hard to procure for aspiring home buyers in Surat. Cement and steel prices have not really gone down and price stability has also not been possible for these essential materials. Quarrying rates have remained identical and this has been clubbed with a rise in labor costs to scale up construction expenditure by almost INR 150-200 per sq ft. As a result, customers have to fork out at least INR 2-2.5 lakh more than what they would have had to pay earlier.

Construction costs that were earlier around INR 800-1000 per sq ft have now gone up to a whopping INR 1000-1200 per sq ft which is definitely impacting availability of truly affordable flats in Surat. This is the impact of inflation and rising costs mentioned earlier. Affordable houses that the government wishes to get developed will not come at really cheap rates. Prices of proposed 1 BHK flats in major cities as per statistics garnered by the Gujarat Housing Board will stand at around INR 11 lakh on an average. 2 BHK homes will be priced anywhere between INR 18 and 21 lakh as well. While this is certainly low enough to merit buyer attention, it is a little steep compared to what customers feel is affordable enough! This is something that many home buyers have to reconsider, particularly when it comes to budget and availability alike.

The Government is steadfast on its goal towards providing suitable affordable flats in Surat for home buyers. However, reducing overall costs is proving to be a near impossible process. There is very little scope for bringing down costs through government authorities are working on the same. Several tenders have been floated by the government for projects that are worth around INR 790 crore on an average. Surat is one of the hottest destinations for these tenders but very few have been approved so far. Though these flats are immensely reasonable going by market rates in Surat, they may not quite be as affordable as you thought!

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