Top 10 Affordable Cities
The governments’ initiative to provide ‘Housing for All by 2022’ is being pursued laboriously. The motive is to provide affordable homes within the price budget of up to Rs 25 lakh. Here are 10 cities that offer lower-budget real estate
investment prospects over mid-to-long term.
Hyderabad: The IT/ITeS industry has given impetus to the real estate consumer trend. It is perhaps one of the most affordable cities among all Tier-1 cities of India. Even the well-developed residential localities in Hyderabad, such as Manikonda, Kukatpally, Miyapur and Sainikpuri offer properties in the range of Rs 30-50 lakh.
Pune: Over the last couple of years, Pune has recorded good growth in affordable housing. Such projects are located on the periphery of the city. While there has been compelling growth in the high-end segment, the budget housing story is far more attractive to investors.
Navi Mumbai: With Navi Mumbai receiving final nod for the international airport, its property market is showing potential. While property prices have become unaffordable in Mumbai, Navi Mumbai offers options for housing within the budget of Rs 30-50 lakh. There are two major economic drivers that will change the face of this city – the proposed SEZs at Dronagiri, Ulwe and Kalamboli, and the international airport.
Jaipur: The upcoming IT parks promise a great future across all real estate asset classes. The 250-kilometer stretch between Delhi and Jaipur has become a hotbed for real estate development, with areas like Manesar, Dharuhera, Bhiwadi, Neemrana, Kotputli and Alwar becoming the new catchwords for investors.
Some localities in Jaipur such as Malviya Nagar, Tonk Road and Ajmer Road are among the best emerging investment destinations in the country. The announcement of the Metro has triggered faster infrastructure development, and property prices are expected to witness an upward surge in the next few years.
Surat: Rapid infrastructure initiatives have helped modernise Surat significantly. Even though Surat is not as populated as Ahmedabad, the excellent road network within the city – defined by several flyovers and wide roads – mean that this city will see rapid transition in times to come.
Ghaziabad: Ghaziabad is an emerging residential neighbourhood of NCR which has a high supply of properties in the budget of Rs 30-50 lakh. It is well connected via Metro and roads to the job markets of Delhi-NCR region. Some of the residential clusters in Ghaziabad that have gain prominence recently include Indirapuram, Kaushambi and Vaishali.
Nagpur: Its claims to fame include its MIHAN and SEZ projects. With the Fadnavis-led government taking interest in turning Nagpur into the next IT hub of Maharashtra, the city is set for a major transition in its real estate profile. The established MIDC corridor has made Nagpur that bear close watching by real estate investors.
Kochi: Development of IT/ITeS projects such as the Kochi Smart City and initiatives such as the Mobility Hub at Vytilla have fuelled demand for real estate. Today, the residential market is dominated by affordable housing segment, which accounts
to about 60% of the housing projects.
Coimbatore: With the government enhancing infrastructure development, the property market has witnessed a push in demand in RS Puram, Avinashi Road and Race Course, which are considered posh areas. Coimbatore is a market where 40% of real estate investments come from investors living in Bengaluru, Kochi and Chennai.
Ahmedabad: With huge investments pouring into the state, rapid development in the form of bullet trains, GIFT City, the entrepreneurial nature of the population and a supportive government, everything is going right for Ahmedabad. The oil, gas and energy industries, and automobile manufacturing industries are driving perennial demand for real estate.