Looking For an Affordable House? Check Out These Cities

In the wake of union government announcing ‘Housing for All by 2023 and the announcement of smart cities, the sluggish real estate sector in India is expected to witness a rebound. The soaring land prices have made it difficult to own or build independent houses and there is increasing demand from the emerging mid-income segment that wants homes packed with amenities at affordable prices.
The demand for affordable housing is so strong that it has made its way through the poshest of areas. This article will help buyers identify the cities where one can invest in lower-budget projects.

A recent JLL India report lists Hyderabad, Pune, Jaipur, and Surat among 10 cities in the country where flats can be bought within the budget of Rs. 30-50 lakh. These towns and cities offer a wide spectrum of investable options in real estate with relatively lower property price levels, the report stated.

10 Affordable Cities for Home

Hyderabad, Telangana

Hyderabad has a buoyant and thriving economy and a dynamic workforce, thanks to the thriving IT/ITeS industry. Some of the well-developed residential localities include Manikonda, Ku-katpally, Miyapur and Sainikpuri where houses are available in the budget range of Rs 30-50 lakh.

Pune, Maharashtra

Over the last couple of years, Pune has recorded good growth in the affordable housing segment. Small 1-2 BHK flats with basic amenities are available on the periphery of the city. One of the best Indian cities to live in, it has infrastructurein place and good standards of living.

Navi Mumbai, Maharashtra

A planned approach towards development has helped the city grow. The proposed SEZs at Dronagiri, Ulwe and Kalamboli and the upcoming international airport at Panel are expected to generate a massive amount of employment. This has boosted demand for commercial and residential developments.

Jaipur, Rajasthan

One of the most important real estate destinations of North India, Jaipur is among the best emerging investment destinations in the country. Some localities in Jaipur such as Malviya Nagar, Tonk Road and Ajmer Road are promising. With yearly capital appreciation to the tune of 12-17%, Jaipur holds great potential and promises good returns on investment.

Surat, Gujarat

Surat boasts of micro-markets, which has boosted development of variety of malls, multiplexes and top-notch residential apartment projects. The city has an excellent road network defined by several flyovers and wide roads.

Ghaziabad, NCR

Ghaziabad is an emerging residential neighbourhood of NCR. The city offers a very high supply of residential properties in the budget of Rs 30-50 lakh. Well connected via Metro and roads via Metro and the roads to the job markets of Delhi-NCR region, the city caters largely to the mid-segment home buyers. Infrastructural developments such as the extension of the Metro Rail and the widening of the NH 24 will further boost Ghaziabad’s realty market.

Nagpur, Maharashtra

nspite of the extreme climatic condi-tions, Nagpur is one of the fastest-growing cities in India, thanks to MIHAN and SEZ projects. The Maharashtra state government wishes to turn Nagpur into the next IT hub and the city is set for a major transition in its real estate profile.

Kochi, Kerala

Kochi’s residential real estate market is dominated by affordable housing seg-ment, which accounts to about 60% of the total housing projects in the city.

Coimbatore, Tamil Nadu

40% of real estate investments here come from investors living in neighboring big cities. Apart from the demand from professionals engaged in IT/ITeS, Coimbatore is emerging as a retirement destination. Young IT professionals demand smaller apartments.

Ahmedabad, Gujarat

With huge investments pouring into the state, rapid infrastructural development in the form of bullet trains, GIFT Smart City, the entrepreneurial nature of the population and a supportive, stable government, everything is going right for Ahmedabad. The oil, gas and energy industries, petro-chemical industries and automobile manufacturing industries are some of the major factors driving perennial demand for real estate in the city. The maximum supply of properties within the range of Rs 30-50 lakh is evident along the SG Highway and in areas such as Gota, Bopal and Satellite.