In all of India’s major metropolitan cities, property prices have soared to heights that aren’t remotely in the grasp of the average urban Indian. This great disparity in property rates and the purchasing power of prospective home owners reflects the lack of affordable housing in our great metropolises. Fortunately, where the metros are found lacking, several other Indian cities have stepped up; the following cities provide the best options for real estate
investment in the affordable segment (Rs 30-50 lakhs):
1. Ahmedabad, Gujarat
Ahmedabad has bustling industrial development, great infrastructure and a wealth of domestic and foreign investment coming in. All these factors ensure that the real estate market of the city is robust and dynamic, specifically in the affordable housing segment. Areas like Gota and Bopal are key drivers of affordable housing in the city.
2. Coimbatore, Tamil Nadu
Coimbatore attracts sizable real estate investments from home owners looking for second homes – whether it is senior citizens or young IT professionals from Bangalore and Chennai, the demand for affordable housing is huge. And Coimbatore certainly doesn’t disappoint those who flock to it.
3. Ghaziabad, UP
Ghaziabad is one of the few remaining areas in the NCR that still caters to affordable housing, while providing great connectivity (by road and metro) to adjacent regions and also a solid infrastructural base.
4. Hyderabad, Telangana
Despite having the status of a tier I city, Hyderabad manages to provide ample affordable housing options to its residents. Areas like Manikonda and Miyapur are but a few of the localities in which properties between Rs 30-50 lakhs are readily available.
5. Jaipur, Rajasthan
Quietly emerging as a top real estate destination in North India, Jaipur not only provides a wide range of affordable properties, but tops it up by offering a handsome 12-17% capital appreciation on real estate.
6. Kochi, Kerala
The Kochi real estate market is dominated by affordable housing, with an estimated 60% of all properties being in the affordable segment. Moreover, affordable homes in Kochi come with the best of amenities, making them even more attractive to prospective home owners.
7. Nagpur, Maharashtra
Nagpur is currently in the middle of a transition to a future IT hub of Maharashtra, and as such provides a wide variety of options in the affordable housing market.
8. Navi Mumbai, Maharashtra
Navi Mumbai’s affordable market has, over the years, become a haven for people who are intimidated by Mumbai’s soaring property rates. It continues to experience impressive growth and with new SEZs proposed and an airport coming up at Panvel, demand for affordable housing is expected to stay high.
9. Pune, Maharashtra
Pune offers something for everyone. While there is ample supply of 3-4 BHK luxury flats, the city also provides affordable 1-2 BHK residences as well, mostly towards the city’s periphery. Add to that, the highest living standards of any city in India, and you have an affordable housing market that will continue to attract residents.
10. Surat, Gujarat
Not only is Surat one of the fastest growing cities in the world, it is also an enviable affordable housing market. Excellent roads and infrastructure make Surat a top choice for those looking to invest in the affordable segment.
Now that you know where you can look for great yet affordable real estate, read more on our real estate guide
and brush up your knowledge about real estate before you invest!
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