Top cities in India which are offering houses in your budget

It seems like, years 2016 is positive for real estate developers as well as end users because there are several affordable housing projects in all over India which are ready for launch. Due to active and optimized urban planning schemes in Indian states and cities now the budgets for properties is somewhere affordable for specific segment, however; its still true that there are not much number of cities where you will find affordable property and in India its far-fetched dream common man to own a property in most of the metro cities.

With the boom in commercial real estate sector, now budget for personal housing is also shooting on high levels. In past few years, the real estate landscape has witnessed spatial transition and due to that it has led towards the consistent rise in the budget of the properties. According to recent report of JLL India, which is global property consultant firm, there are still some cities in India where housing is still affordable. As per the statement of Anuj Puri, Country Head of JLL India, “It is expected that 2016 will be good year for investment activities that were seen in 2007; the previous peak year which saw investments of more than $8 billion into Indian real estate”. The names of cities are following where you can grab your dream property in the budget of Rs. 30 to 50 Lakh;

• Hyderabad, Telangana:  Hyderabad is the combined capital of Andhra Pradesh and Telangana and it is also the centre of dynamic workforce and now again its trending the buyer’s market. In Hyderabad, there are many well-developed residential localities such as; Sainikpuri, Kukatpally¸ Miyapur and Manikonda where you can buy house in the budget of Rs 30-50 lakh. In simple words we can say that Hyderabad is perhaps one of the most affordable cities among all tier 1 cities of India.
• Pune, Maharashtra: In last two years, Pune has recorded good growth in terms of economy and growth in the affordable housing segment. Here you can buy affordable property of 1 BHK and 2 BHK in different areas. Apart from that people from high-end segment are buying 3BHK and 4 BHK budget homes. Pune offers better standards of living than any most other metros
• Jaipur, Rajasthan: Jaipur is one of the fastest developing city with many influencing growth drivers and due to that it has progressed tremendously in last three years. In Jaipur, there are some regions such as; Malviya Nagar, Tonk Road and Ajmer Road, which is good for investment deals. Currently, with annual capital appreciation of 12 to 17 percent, Jaipur holds great potential and promises good returns on investment.
• Ghaziabad, NCR: Ghaziabad is perfect destination for those who wish to buy property near Delhi, Noida and Gurgoan because here the supply of property is very high and its easy to find the budget home of Rs 30-50 lakh. 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: We all know that Nagpur is city with extreme climatic conditions and in present Nagpur is one of the fastest-growing cities in our country. Apart from that now even state government is 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.
• Kochi, Kerala: Now days builders are not focusing on affluent buyers, they are focusing on the affordable housing because in present there are huge demand of affordable housing and its accounts more than 60 percent of the total housing projects in the city. The increasing land prices have made it difficult real estate developers to build independent houses, and due to that now there is increasing demand from the emerging mid-income segment that wants homes packed with amenities at affordable prices.
• Coimbatore, Tamil Nadu: Currently, Coimbatore is a market which is responsible for the 40 percent real estate investments including cities Bangalore, Cochin and Chennai and apart from that professionals are also looking for property in Coimbatore because its emerging as a retirement destination and people are interested to buy 2 BHK homes in Coimbatore.
• Ahmedabad, Gujarat: In present, Ahmedabad is witnessing rapid infrastructural development in the form of GIFT Smart City¸ bullet trains and entrepreneurial nature of the population. The gas, oil 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. Currently, there are high demands of affordable property and due to that you can easily find properties within the range of Rs 30-50 lakh.

Image Credits : DNA

In past few years, Pune and Mumbai have seen aggressive growth in term of property prices since year 2012 by 49.97 percent and 73.91 percent respectively, whereas; the second most pricey real estate market was Delhi/NCR as it was observed that in Delhi/NCR the marginal price rise was 9.13 percent since year 2014. According to reports, it’s clear that if you want to rent or buy an apartment, so Mumbai and Delhi-NCR are among the most expensive cities, especially than when you are from middle class, whereas; Hyderabad and Ahmadabad are still most affordable city to buy or rent house as per the reports of ArthaYantra, a Financial Life Management Advisory Firm.

According to reports, since 2012, Mumbai witness 73.91 percent, Pune witness 49.97 percent and real estate market of Delhi-NCR has observed the marginal price rise of 9.13 percent, whereas; reports showed that Bengaluru witnessed a price rise of 9.76 percent since 2012 and Chennai was with 5.55 percent  marginal price rise. However; when it comes to Ahmedabad and Hyderabad so they have a negative growth in price and it was -20.70 percent and -10.46 percent respectively. In terms of property prices the growth since 2014, Mumbai again led the pack with 16.04 percent rise in home prices and it was followed by the Kolkata with 11.27 percent, Chennai with 8.78 percent and Delhi-NCR with 6.37 percent. Whereas; Hyderabad, Ahmedabad and Bengaluru was among the cities which witnessed a negative rise in home prices since last year and it was -0.42 percent, -4.46 percent and of -2.55 percent respectively.

According to report of ArthaYantra, Ahmedabad has seen a negative growth since 2012 in terms of property rents and due to that to placing it on the top most position in affordability-to-rent city. Whereas; Hyderabad has seen reasonable increase in the rental values, but drop in the property price, so it’s sensible to place it on the top most position in the list of cities where property prices are affordable.  However; Bengaluru is more favorable towards renting in comparison of buying property as it has seen a drop in property prices due to its demand in real estate industry. When it comes to affordability, so survey showing that someone with the annual income of Rs 25 lakh cannot afford residential property in Mumbai, however; same person with same annual income can buy property in Delhi/NCR. Buying property in the city like Chennai is only suitable for those people who have annual income of over Rs 20 lakh, however; if you have annual income of above Rs 17 lakh, so you can attempt to buy property in Pune city too.

In present, Bengaluru is one of the most affordable buy destinations for people who have the annual income of over Rs 15 lakh, and people with the annual income of over Rs 15 lakh can also buy property in Kolkata. But when it comes to buy property in the city like; Ahmedabad and Hyderabad, so they are among the cheapest cities and due to that people with the annual income of over Rs 9 lakh can buy residential property.