Top 5 affordable cities in India

Affordable Housing or ‘Housing for All by 2022’ is a vision that the Central government is pursuing laboriously. The aim is to provide affordable homes in the price budget of upto Rs 25 lakh. This vision has influenced the preference of buyers across the country. As per PropIndex (Oct-Dec 2014), an India Apartment Index report published by Magicbricks, maximum demand has been witnessed in the Rs 30-50 lakh category.

Though affordability is a relative term, taking the Rs 30-50 lakh price bracket as an affordable range, Magicbricks looks at the top 5 cities of India for buying homes:

Hyderabad

Possibly the most affordable city among all Tier-I cities of India, Hyderabad leads the list. Even the most developed localities in the city such as Kukatpally, Manikonda, Sainikpuri and Miyapur offer properties in the budget range of Rs 30-50 lakh. “The city has laid emphasis on world-class infrastructure creation. Its Outer Ring Road (ORR), radial roads, PV Narasimha Rao Flyover (longest in the country), upcoming metro coupled with a thriving IT/ITeS industry makes it one of the most promising city to live in”, says Maneesh Gupta, director, Valuation & Advisory Services and Residential Services, Colliers International.

The real estate market of Hyderabad has been stable for a long time now with unsold inventory piling up. This makes the city even more promising for end users as they have a number of options and chances of negotiation as well. “On the other hand, several initiatives by the new government promises growth in times to come,” says Gupta.

Bengaluru

While many may think the city is expensive, Bengaluru has the maximum supply of properties within the budget of Rs 30-50 lakh. However, such supply is currently available in areas such as Electronic City, Whitefield and along the Sarjapur and Banerghatta Roads, which falls on the outskirts of the city.

According to Gupta, “Robust demand in both commercial and residential spaces makes Bengaluru a preferred choice for large real estate in the country. What is working for the city is the end user market, stable growth in uptake as well as prices.”

Ghaziabad

Primarily residential, Ghaziabad offers a high supply of properties in the budget of Rs 30-50 lakh. Well connected via the metro and roads to the job markets of Delhi NCR, the city caters primarily to the mid-segment buyers. It is home to established housing clusters such as Kaushambi, Vaishali and Indirapuram, while the upcoming residential corridors here include Raj Nagar Extension and development along the NH-24, beyond Indirapuram.

The city has a high supply of ready-to-move-in properties by renowned developers. Infrastructural developments such as the extension of the Metro route to Ghaziabad and the widening of the NH 24 can further boost its realty market.

Pune

A city with a cosmopolitan culture, prominence as an education hub, established IT/ITeS center of the country and growing prominence as a manufacturing hub, Pune is a Tier-II city that desperately wants to join the ranks of Tier-I cities.

Rates here are lower than Bengaluru, however, the infrastructure is yet to be up to the mark. Localities such as Baner, Wakad, Kharadi and Hadapsar offer maximum supply in the budget of Rs 30-50 lakh. Except Baner, all these localities are in the developing stage. Public transport is another area where Pune city lags. However, it is working on the BRTS and metro plans.

Ahmedabad

A dark horse in the pack, Ahmedabad may be the last one in the list, but it is in no way the least. “The size of organised real estate market is small otherwise it could be the top. Things are going right for the city with bullet trains, GIFT, huge investments in the state, stable Government and entrepreneurial nature of the population,” says Gupta.

Maximum supply of properties worth Rs 30-50 lakh is along the SG Highway and in areas such as Satellite, Gota, South Bopal and Bopal. The petro-chemical industries, oil, gas and energy industries and automobile industries are some of the major drivers in the city.

Ankit Sharma is a real estate writer with Magicbricks having a knack for property trends and latest updates on the sector.
 

Source: http://content.magicbricks.com/industry-news/delhi-ncr-real-estate-news/top-5-affordable-cities-in-india/80073.html