INDIA’S MOST AFFORDABLE CITIES FOR HOUSING
The term ‘affordable housing’ is a misnomer in India as its definition can change from a metro to a tier 1 and 2 cities to smaller urban centers. As per the real estate industry experts while, the size of units currently at 60 sq. m that qualify as per the government for various affordable housing benefits is appropriate, the uniform price band of up to INR 45 lakh for affordable housing is not aligned to the market realities of various cities. If you are planning to buy a house, below are the most affordable residential markets in India. These cities provide best of physical and social infrastructure, living standard and cherry on the top – affordable homes. AHMEDABAD Ahmedabad has always been a price-sensitive market. Bopal and SG Highway are the top housing markets because of their excellent infrastructure, good connectivity and increasing business and economic activities. Localities in western and northern Ahmedabad such as Narol-Naroda Road, Chandkheda-Motera, Pahlad Nagar and Paldi-Ambavadi have proved to be the hotspot for potential homebuyers due to the presence of multiple, affordable residential developments. The 3 BHK units are dominating the housing market in localities such as SG Highway, Bopal and Satellite. Mid-segment homes (INR 4,000 – 6,000 sq. ft) accounted for a 41% share of the total demand in the city and there has been an increasing demand for the <4,000 per sq. ft area homes. For properties >INR 6,000 psf, Ambawadi, Bodakdev and Thaltej-Shilaj Road recorded high demand due to its proximity to SG Highway, which is considered as an important business district of Ahmedabad. CHENNAI Chennai remains one of India’s most affordable housing markets, thriving on manufacturing particularly the automotive industry, IT and logistics sector. The city offers mixed economy and reasonable cost of living when compared to other metros in India. Premium properties with all the amenities are generally priced between Rs 60 lakh to Rs 1.2 cr. Homes in upmarket areas are priced between Rs 1.2 cr to Rs 5 cr. The apartments in the city are available at as low as Rs 4,000/sq ft and can go up to Rs 30,000/sq ft. Ambattur is popularly called an auto ancillary hub. The average super built-up area price here is Rs 7,289.5 per sq. ft. Oragadam is an industrial suburb located on the outskirts of Chennai between Grant Southern Trunk Road (GST) and NH-4. Here property rates are Rs. 5546.5 per sq. ft. Old Mahabalipuram Road consists of resourceful social infrastructure developments and educational institutions. Maximum demand here is for multi-storey apartments, more specifically 2 BHK residences. The current average super built-up area price is approx. Rs. 6,350 per sq. ft. Guduvancheri situated in the south-western part of Chennai. he residential plot prices are extremely reasonable in the area. The average super built-up area price for apartments here is approx. Rs 6148 per Sq. Ft. Pallikaranai located in South Chennai is yet another major IT/ITeS Corridor where the sales rates for apartments is around Rs. 4,630 per sq. ft. to Rs. 6,564 per sq. ft. HYDERABAD Hyderabad has grown into a multicultural city thanks to the employment opportunities it offers. Hyderabad’s affordability index was 53% in 2010, improved to 33% in 2019. With the advent of the pandemic in 2020, it further improved to 29% in 2021 and in 2022 it was 31%. The city has remained a strong market for mid-ranged housing with the price range of Rs 50 lakh to Rs 1 crore. The city is constantly expanding with many affordable areas, like Sun City, Boduppal, and Gangaram. Friends Colony is a promising affordable locality in West Hyderabad with home prices averaging around Rs 4,700 per sq ft post a 20 percent annual appreciation. Boduppal in Hyderabad is located along the Hyderabad-Warangal-Bhopalpatnam Highway (NH-163), is optimally positioned near the industrial areas like Nacharam and Mallapur and the Stadium Metro Station on the Blue Line of the Hyderabad Metro. Home values in the locality are around Rs 4,500 per sq ft. In terms of rentals, a 2 BHK unit in Boddupal is around Rs 10,000 per month. The property prices in Gangaram, Ameenpur and Bollaram and commercial hubs like Madhapur and Gachibowli are around Rs 4,300 per sq ft. Sun City in Hyderabad is an attractive locality with a residential stock of villas and apartments with price in the locale around Rs 4,400 per sq ft. Shamirpet is a developing locality with property prices around Rs 2,400 per sq ft. Tellapur is one of the fastest growing locations in Hyderabad due to its proximity to the IT hub outer ring road (ORR). Narsingi with good social infrastructure and connectivity caters to various residential options available, including villas, gated communities, and community apartments. The villas can be brought at the range between Rs 4 crores – Rs 12 crores. Bachupally is gaining popularity where villas comes in the range between Rs 3 crores – Rs 5 crores. Kokapet is one of the fastest growing residential locations in the southwest of Hyderabad. The basic price varies between 7.5k–12k where 2BHK and 3BHK apartments range between 20k–25k and 30k–35k respectively, while luxurious villas range between 7 crores – 15 crores. KOLKATA The real estate business in Kolkata is flourishing, where homebuyers have plethora of choices in the residential segment. In addition, the housing market here is stable as prices do not fluctuate often which is its biggest strengths. The end-users, can find ready-to-move-in flats in Kolkata in the Rs 50 lakh INR segment. Kolkata east includes micro markets like Rajarhat, New Town, EM Bypass, Salt Lakes and Tangra. North Kolkata includes micro markets like Dum Dum, Ultadanga, BT Road, Uttarpara, Barasat, Madhyamgram, Serampore and Hoogly. The South Kolkata key micro markets are Joka, Behala, Narendrapur, Rajpur-Sonarpur, Tollygunge, Baruipur and Garia The connectivity to the southern employment hubs and the anticipated metro line running from Airport-New Garia has added to the residential prospects in Bansdroni, making it a residential hot spot in North Kolkata. Prominent demand in this area is for 2, 3 BHK variants that is in between Rs 19— Rs 45 lakhs. Ballygunge is an upmarket and one of the preferred residential localities in Kolkata where 3, 4 BHK flats in Ballygunge range from Rs 1.93 Cr. to Rs 4.2 Cr from Rs 4,700-15,700 per sq. ft. A 1 BHK (470 sq. ft.) costs Rs 25 lakh on average, whereas a 4 bhk flat in Kolkata and above (2,800 sq. ft.) costs Rs 3.42 Cr on average. Salt Lake City is one of the popular destinations in Kolkata popular among IT professionals. The price per sq. ft. is between Rs 6500 – 7500. Mukundapur, Lake Town, Kalikapur, Patuli, Dum Dum and Kasba are also gaining prominence in the residential sector of real estate Kolkata. NAVI MUMBAI Navi Mumbai is not only affordable, but also a promising city due to its fast-growing areas of Shilphata, Panvel, Taloja and many more. The price of properties in Navi Mumbai start from Rs 10,0000 and the average price of properties in Navi Mumbai is Rs 1.08 crore. Areas like Vashi, Nerul, Belapur, Kharghar, Airoli, Panvel, Ulwe, and Sanpada becoming a go-to choice for people all around India. The average price per square feet rate in Kharghar is around Rs 9,000. The same in Ulwe is roughly Rs 7,000. Starting price of properties in Belapur CBD is Rs 94 per sq ft and the average price of properties in Belapur CBD is Rs. 13,010 per sqft. Starting price of properties in Vashi is Rs. 367 per sq ft and the average price of properties in Vashi is Rs. 16,896 per sq ft. In Kharghar property prices start from Rs. 250 per sq ft and the average price of properties in Kharghar is Rs. 8,796 per sq ft. In Airoli starting price of properties is Rs 4,500 per sqft and the average price is Rs 11,838 per sq ft. In Panvel starting price of properties is Rs 200 per sq ft and the average price of properties is Rs. 6,830 per sq ft. Starting price of properties in Nerul is Rs. 208 per sq ft and the average price is Rs. 13,995 per sq ft. Starting price of properties in Sanpada is Rs. 4,259 per sq ft and the average price of properties is Rs 15,725 per sq ft. Starting price of properties in Shilphata is Rs. 1,250 per sqft and the average price is Rs. 6,760 per sq ft. With better road connectivity and new metro lines coming up, suburbs such as Shilphata, Roadpali, and Karanjade, have emerged as some of the fastest developing investment hotspots in Navi Mumbai. NOIDA As Delhi and Gurgaon get more crowded, this satellite city of Delhi has become the center of attraction for people looking planning to buy affordable housing option. Genuine buyers have shown a keen interest in ready-to-move properties and independent plots across Noida, Greater Noida. Noida land price range from Rs. 2,000 up to Rs. 13,000 per square foot of area. The average rate of a 1 BHK apartment is Rs. 2,590 per square feet rate in Noida. Sector 22and Sector 18 are the heart of Noida. Residential houses here range between the sale prices of Rs. 40 to 60 Lacs. The area of Sector 44 is a top posh residential area in Noida. Multistory Apartment are available at Rs 5,666 Sq ft. and residential Plot at around Rs 183,538 Sq. yard. Sector 55, 56 and 39 too are posh areas in Noida, where one can find excellent amenities. The average price of the properties here is around Rs. 3 to Rs. 5 Cr. Sector 47 is also pretty popular in Noida and has property rate around approx Rs 9,121 per sqft Sector 15 is well known as the IT centre of Delhi NCR. Here, residential house is available at Rs 3,574 / Sq. ft and plot for approximately Rs. 314,459 / Sq. yard. Sector 75 and 76 are well-planned and developed area with apartment type homes and Sector 137, 144 and 150 are the emerging posh residential areas in Noida. The average range of apartments here is between Rs. 60 to 80 Lac. PUNE The city is an important industrial and educational hub and ranked as one of most livable cities in India. Kharadi, located in east is a well-planned location in Pune. As majority of the buyers are IT professionals in this area, developers have focused on launching mid-segment projects in the mid-segment, ranging from Rs 40 lakh – Rs 80 lakh. Dhanori located in northeast of the Pune city is a developing suburb near Pune International Airport is surrounded by residential suburbs such as Tingre Nagar, Vishrantwadi, Lohegaon, Viman Nagar, and Wagholi. The average price of a housing unit is Rs. 4,544 per sq ft. 1BHK apartments in Dhanori are available for Rs 29.09 lakh, 2BHK for Rs 42.59 lakh and 3BHK for Rs 69.17 lakh. Baner an upcoming residential and business center in Pune with easy access to the IT parks in Wakad, Balewadi, and Hinjewadi offers properties from 1.5 crores – 2.5 crores. Hinjewadi also known as the IT hub of Pune has properties available in the price range of Rs 4,000-7,600 per square feet (sqf). A 1-BHK (620 sqf) in Hinjewadi costs an average of Rs 35 lakh, and 3-BHK (1,450 sqf) costs Rs 86 lakh. Wadgaon Sheri in north-eastern region is next to the upscale suburbs of Kalyani and Viman Nagar. Property rates at Wadgaon Sheri are between Rs 18 Lac – Rs 4.20 Cr with majority of properties being in range of Rs 60 Lac- Rs 80 Lac. Magarpatta is one of the hottest residential destinations in Pune. The average price of properties in Magarpatta is between Rs 2.05 crs– Rs 13.00 crs. In the western corridor of the city, Balewadi is a rapidly emerging area due to its proximity to the software park of Hinjewadi and Mumbai-Pune expressway. Flat prices in Balewadi are in the range of Rs 7,850 -9,900 per square feet (sq ft). The average property rates in Balewadi, Pune for flats/apartments stood around Rs 8,650 per sq ft. Due to easy accessibility Undri is emerging as a sought-after alternative residential micro market. Undri residential market is dominated by mid-segment houses priced between Rs 40 Lakh and Rs 80 Lakh.
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