Are You Looking For Affordable Homes?

Though affordability is a relative term, it is pertinent to look at destinations where residential properties are available relatively cheap. Here are top 5 cities with great lower-budget real estate investment prospects.

Navi Mumbai, Maharashtra

While property has increasingly become unaffordable in Mumbai, Navi Mumbai still provide numerous budget options ranging from Rs.30-Rs.50 Lakhs. The proposed SEZ’s at Dronagiri, Ulwe and Kalamboli, and the upcoming international airport at Panvel could change the face of this satellite city. These projects are expected to generate massive employment, and further boost demand for commercial and residential developments. The government’s approval to the Mumbai Trans Harbour Link will also provide a flip to Navi Mumbai’s property market.

Nagpur, Maharashtra

Nagpur is one of the fastest-growing cities in India. Its main claim to fame includes its MIHAN and SEZ projects. With Nagpur being turned into the next IT hub of Maharashtra, the city is set for a major transition in its real estate profile. The already established MIDC corridor along with the upcoming IT parks have made Nagpur attractive for realty investors. Government initiatives such as connecting Nagpur with Mumbai via expressway and an international airport will further work in the city’s favour.

Surat, Gujarat

The diamond capital of the world is a well-developed metropolis in Gujarat. Rated as one of the fastest growing cities of the world, conferred with the best Urban City of India award, Surat has also been recognized as the cleanest city in India by INTACH. Rapidly improving infrastructure initiatives have helped modernize Surat significantly. Micro-markets in New Surat, such as the entire stretch of Dumas Road, are dotted with malls, multiplexes and top-notch residential apartment projects. The city’s excellent road network, among other things, will help transform it into a realty hot bed.

Ahmedabad, Gujarat

With the city being a prime example of organized and fast-paced development for the rest of the cities in India, Ahmedabad has come a long way. With huge investments pouring into the state, rapid infrastructural development in the form of bullet trains, GIFT Smart City, the entrepreneurial nature of the population and a supportive, stable government, everything is going right for Ahmedabad. The oil, gas 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.

Hyderabad
Hyderabad could be one of the most affordable tier-1 cities in India. Even well-developed residential localities in the city such as Manikonda, Kukatpally, Miyapur and Sainikpuri, offer residential properties in the budget range of Rs. 30 to Rs.50 lakh. Property prices in Hyderabad are almost 60% of those in Bengaluru and Chennai. With the return of political stability, Hyderabad can now expect large investments into its property market.