Recently, India’s real estate industry is witnessing slower growth rate in residential properties, which lead to fall in prices in Mumbai and Delhi by 30%.
This has came as a good news for buyers with lower budgets. I won’t say it is the best time to invest, but definitely it is the best time to buy if you’re looking for a home.
To help you here, I’ve listed top 5 cities in India to buy affordable home.
1. Ahmedabad
In recent research by Knight Frank, Ahmedabad ranked second to buy affordable home. You can buy a 1,000 sq.ft. property in Ahmedabad under Rs. 50 Lakh Rupees, however rent average prices are more than Rs. 17,000.
Most noteworthy projects are from Tata Housing and Godrej, who’ve launched affordable housing products in the Ahmedabad market.
The Smart Value Homes Ltd., which is a subsidiary of Tata Housing, is offering affordable homes with starting price of 16 Lakh rupees.
Meanwhile, Godrej Properties Ltd. is offering affordable housing scheme in Godrej Garden City township in Ahmedabad with starting price of 16.5 Lakh rupees.
Both have special features of smart homes, quality lifestyle, nearness to schools, hospital, highways, and other additional benefits.
2. Bangalore
In a report, IndiaToday attributed Bangalore – rising affordable homes market. Bangalore attracts large migration across from India and the world as it has one of the largest IT Silicon Valley in the world.
Moreover, large universities and educational institutions such as IIT, IIM and NLSIU are situated in Bangalore, making it one of the popular hub of education in India.
With affordable homes, you can easily find smart homes in the inner of city quite easily. An apartment in Bangalore can cost just Rs. 3,000 per Sq.Ft.
Brigade Orchards township in Devanahalli in Bangalore Rural District is offering start price at Rs. 3,500 Sq. Ft.
Meanwhile, Sowparnika also offering apartments scattered across city at just Rs. 2,000 Sq. Ft.
There’s lot of gems in Bangalore in real estate you will easily, and again, Bangalore is popular for friendly neighborhood, cleanliness, job opportunities, and infrastructure.
3. Chennai
Chennai is the second IT hub in India, which is popular for its coastline, serene beauty, growth and development.
Chennai is expanding at faster rate, leading to larger suburbs and more housing projects. The Mahindra Group has entered the market with affordable housing, where it is offering 350-600 Sq. Ft. homes at prices less than Rs. 20 Lakh.
Apart from this, Dugar Housing is offering 1 and 3 bedroom apartments in Ambattur at Rs. 3,450 Sq. Ft. Then there is CNBC awarded VijayShanthi Builders offering affordable apartments in Chennai.
Actually, it is Chennai’s suburbs that are fueling the demand for affordable homes making it easier for low budget customers to buy home in Chennai or around it.
4. Hyderabad
According to Knight Frank, Hyderabad is the most affordable metro in India to date. After witnessing stagnation in market in 2011-2012, the real estate market in Hyderabad has bounced back with a bang.
Hyderabad real estate popular trend revolves around smaller and smarter homes, where large to small developers are investing in heavily according to Knight Frank.
With IT and IT related industry getting the boost with positive activities in the market, real estate market in Hyderabad witnessing upward trend.
Till 2012, more than 50 percent of the upcoming residential projects fell under the Rs. 50 Lakh unit price bracket. Which means that locating and buying affordable home in Hyderabad is easy.
There are popular affordable home projects from BricMor, Mahesh Plots, Aparna-Tulip, Manjeera Diamond Towers, Saket Bhu:Sattva, Necklace Pride and others.
5. Delhi’s National Capital Region (NCR)
Delhi’s NCR is made of Gurgaon, Noida, Ghaziabad, Greater Noida and Faridabad. Delhi has become costly not only for residents but also for commercial property, making it unfeasible for nouveau-riche to buy home or office here.
Here NCR comes in to the scene, for people who’re seeking small to large-sized properties at affordable cost.
On the NH24 stretch you will find most affordable housing projects in Delhi NCR in the price bracket of Rs. 2,500 to Rs. 3,000 Sq. Ft.
Apart from this, there are many independent builders and developer around Delhi NCR region, where you can easily locate small home in the price bracket of Rs. 15 Lakh to 50 Lakh.
There’s been much development in NCR region, and with new projects coming up in Greater Noida, Faridabad, Ghaziabad and Gurgaon, you will easily find cheaper homes and offices.
Most notable developers to offer affordable housing in Delhi NCR region are Wave Hi-Tech City, Supertech, Landcraft, Cygnet Heights, CHD Resortico, Urban Homes, Ajnara, and Sikka etc.
There are more, with just Google search you will find endless list of developers and builders offering affordable homes in NCR region.
Apart from NCR region, if you’re looking for more cheaper options with scenic view then you can go litter farther from Delhi to places such as Dharuhera and Bhiwani, Neemrana, Alwar and Bharatpur. Read more about these places here on Hindustan Times.
I hope you will find this list usable.
There maybe more cities in India, where you can find affordable housing, if you know any of it please share it in comments with details of the projects in the city.
Also, do not forget to share and like. (it will motivate me to write more for you)
Cheers!