We know that you are always looking for the perfect home that is same as one in your dreams and is also within your financial reach. For a middle class buyer, putting their hard-earned money into real estate is a really complicated decision. In an era where the prices of everything are shooting up, let alone real estate, there are a few places that are still affordable for everyone.
Global real estate services firm, JLL India, conducted a research to find out the cities where one can find the most affordable residential options. If you look for investing in a property this year, must check out these 10 affordable locations. One can find properties in these locations with prices ranging between 30 and 50 lakh.
1- Hyderabad- Among the Tier-I cities of India, Hyderabad stands as the most affordable one. Despite the turmoil faced by the city due to political instability and global recession, it managed to keep up with a sound real estate market. Even the popular localities of Hyderabad like Miyapur, Manikonda and Sainikpuri have affordable property options.
2- Pune- Pune has witnessed commendable growth when it comes to affordable housing. The formula used by the builders is to offer 1 BHK and 2 BHK units in comparatively smaller sizes and at lower rates. Most of these affordable projects are located away from the main city but flanking the industrial and commercial hubs.
3- Navi Mumbai- Located on the peripheries of our financial capital Mumbai, Navi Mumbai stands affordable and offers properties in the range of 30-50 lakhs. Madh-Marve and Ulwe are the two fastest developing real estate markets of Navi Mumbai due to the proposed SEZs and other commercial establishments.
4- Ghaziabad- Ghaziabad also bagged a position on the list with ample residential options under 50 lakhs. Well-connected via metro and highways, the city enjoys easy accessibility to Delhi and other parts of NCR. Infrastructure advancements like the NH-24 and metro extension further boost the sales. It also has good supply of ready-to-move-in properties.
5- Kochi- The report suggests that 60 percent of the total housing options in Kochi falls in the bracket of 30-50 lakh. The residential demand is triggered by simultaneous commercial development in the city. Tourism and spices trading are the two main drivers of its economy.
6- Jaipur- Among the Tier-II cities, Jaipur falls among the most popular affordable locations. Situated on the confluence of NH-8, NH-12 and NH-11, the city holds tremendous potential as an investment destination.
7- Surat- Surat is receiving much attention of domestic as well as NRI investors. Property prices are very low as compared to Tier-I cities and commercial development is also in full-swing.
8- Nagpur- Voted as one of the best cities to live in, Nagpur real estate is in high demand because of the greenery, public transportation and excellent quality of life. However, the prices still stay affordable in the area.
9- Coimbatore- It is Tamil Nadu’s largest industrial center after Chennai. Touted as an upcoming metropolitan hub of South India, the city attracts heavy demand for affordable investable options.
10- Ahmedabad-Ahmedabad is one of the fastest developing cities of India and has a wide spectrum for the people to invest in. Capital appreciation prospects are also worth waiting for.
So, where are you investing this year?
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