Indian Government’s ambitious project ‘Housing for all by 2022’ and favorable policies for real estate industry lining up to be implemented are making a lot of headlines and any regular Indian is being compelled to consider the real possibility of finally owning a home of his own. The plan is to provide such budget homes in the price band up to Rs 25 lakh. Hence an average Indian who comes under the mid-income segment may not be considering Mumbai, Delhi or Bangalore for a new home even after corrections and various customer friendly schemes. They still might have to look elsewhere to own that ‘piece of dream’; so where should he look? Here is a list of Indian cities where affordable housing is still not a distant dream.
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Among all tier-I cities of India, Hyderabad takes the lead when it comes to budget homes. 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. Real estate market of Hyderabad has been steady for a long time which makes it even more plausible for the customers as they have various options and options for good negotiations. It’s a rapidly growing city with flocks of IT/ITES biggies making it their business hubs and a lot of infrastructural developments happening around.
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Pune has always been known as the ‘Oxford of the East’ because of the numerous educational institutions which adorn the city. The cosmopolitan characteristic, pleasant weather, good food and proximity to Mumbai make Pune a potential destination for the budget home-seekers.
Localities such as Baner, Wakad, Kharadi and Hadapsar offer maximum supply in the budget of Rs 30-50 lakh band. Many affordable projects are located on the fringe of the city and offer decent small to medium size apartments with essential amenities.
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Owing to Ambitious infrastructural projects such as bullet trains, GIFT (Gujrat International Finance Tec-city) and huge investments in the state, Ahmedabad remains high in the index of India’s fast developing cities.
Maximum supply of properties worth Rs 30-50 lakh is along the SG Highway and in areas like Satellite, Gota, South Bopal and Bopal. The oil, gas and energy industries, and automobile manufacturing industries are the major drivers for the real estate surge in the city.
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Developers from Kochi are no longer only focusing on luxury projects. Now, the Kochi real estate market is dominated by affordable housing segment, which went up to about 60 per cent of the total housing projects in the city. Developments such as Kochi Smart City and the Mobility Hub at Vytilla have fuelled demand for real estate.
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A JLL report says that Ghaziabad is an emerging residential neighborhood of NCR which has a high supply of flats in the budget of Rs 30-50 lakh. It is well connected via Metro and roads to major parts of Delhi-NCR region. Some of the residential clusters in Ghaziabad that have grown with momentum recently are Indirapuram, Kaushambi and Vaishali. The city has a high supply of ready-to-move-in properties offered by renowned developers.
Story courtesy: www. http:// economictimes.indiatimes.com/, http://www.rediff.com/)