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Should you be buying an apartment in Surat?

An apartment in Surat may be a really attractive proposition right now! This is because of several aspects including a drop in prices. Yes, you heard it right! Surat is witnessing the first such drop in its history and investors and end users are flocking to the city to make the most of this drop! This has automatically created higher levels of demand for properties across several segments in Surat. Though Surat’s property market has always boomed over the last couple of years or so due to diamond industry growth and other manufacturing progress, the city has finally witnessed an anticipated drop in real estate prices after Rajkot and Ahmedabad among other major cities in Gujarat. Surat is witnessing a little drop in prices over a sustained period of six months but this has not been as lucrative for buyers as expected as builders are holding onto inventory as much as possible. Yet, such a drop presents an opportunity to snap up quality housing solutions at cheaper prices.

Buying an apartment in Surat is considerably easier now as prices have dropped even at the booking stage. Earlier investors are now selling apartments at considerably lower prices. This is a relatively unique situation in Surat’s market where property rate hikes are usually to the tune of 30-40% on an average. Areas like Vesu and Althan have witnessed substantial drops in property prices. Prices have come down majorly due to the unsold inventory volumes that are plaguing builders. There are several constructed and finished properties that were not being sold due to exorbitant prices and this pressure has led to a downfall in land rates in several areas in Adajan. Plot values have come down and scaled down property prices as a result.

Big projects are also seeing a drop in their rates irrespective of prime locations and other luxuries. Buying a cheaper apartment in Surat may well be the best decision of your life, particularly if you were always keen on investing in Surat but were deterred by the high prices. Overproduction of properties has led to this slump in prices as well though this has come as a major temptation for prospective customers in Surat. People are now bargaining hard in order to secure apartments at lower rates in several prime locations in Surat. Prices have even gone down by a whopping 25% in some localities of the city.

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