In order to boost the affordable housing segment across India, the Central government has already announced many schemes to provide housing to all. Even the real estate sector is happy with this initiative as they are getting good capital appreciation and healthy returns. Apart from this home buyer across the country are also seeing growth in the affordable housing sector which was very less in earlier times.
Affordable housing is targeted towards a particular section of society which generally include lower and middle-income group. However, there are various factors which play an important role in defining the affordable housing for example household income, location, price, size of dwelling units, employment opportunities, government incentives, etc.
So, here is a look at top cities in India where one can look for affordable housing:
One of the most affordable tier-1 cities in India to look for affordable housing is Hyderabad. With Telangana government giving a major push to this section through positive measures, many domestic, as well as international developers, are attracted towards the property market of Hyderabad.
Apart from these measures, many infrastructural developments like Metro, SRDP, and MMTS has also added on to the rapidly changing scenario of the Hyderabad realty sector.
Well-developed localities of Hyderabad like Manikonda, Kukatpally, Miyapur, and Sainikpuri offer a good affordable housing option for property buyers. Other areas like Kukatpally and Gachibowli can also be looked as a good option in this segment.
The average property price here varies between 30-50 lakhs.
Divided into two parts, North Navi Mumbai and South Navi Mumbai, this is the new planned township of Mumbai which is also awarded for cleanliness and hygiene by the Union Ministry of Urban Development (MoUD) and Quality Council of India (QCI) as a part of Swachh Bharat Abhiyan. In recent times, due to waive of the housing pressure from Mumbai city, many realtors have also shown their interest in the area, especially in the affordable housing sector.
Major Infrastructural developments, educational institutions, and premier MNCs too have attracted many home buyers towards this area. Recently, CIDCO has announced that it will use a 100-hectare plot that was earlier allotted for a Special Economic Zone (SEZ) to achieve its previously decided target of constructing 10,000 new low-cost homes. The areas of Dronagiri, Ulwe, and Kalamboli have also shown promising future in the budget-friendly residential segment due to their proximity to the proposed international airport and proposed SEZ.
The average property price falls here in between the range of Rs 30-50 lakh.
NCR or National capital region include those cities which are adjoined by the capital city through its border. These regions include Ghaziabad, Noida-greater Noida and Yamuna Expressway, Bhiwadi and Sohna. Ghaziabad and Noida are already developed cities as many people are already residing in these areas and are flocking to these areas because of high property price in Delhi. However, Greater Noida, Yamuna Expressway and Sohna are also showing promising future in realty sector as many big developers are starting their residential project and that too majorly in affordable housing.
In a recent study, it was revealed that the affordable housing segment has shown a sharp rise from 21% in 2012 to 71% in 2017 in whole NCR.
The average price of the units in these areas varies from Rs. 2,400 to 3,500 /Sq ft.
The real estate market of Kochi has shown tremendous growth, especially in affordable housing segment in recent times. The city’s 60% of the total housing projects focus on budget-friendly projects. Many premium localities which were earlier focusing on luxury residences have started to give more attention to middle-income group home buyers.
With the announcement of Ahmedabad-Mumbai bullet train corridor, this city has become one of the most promising real estate markets, especially in affordable housing segment. It will also help businessmen who are running their business in both the cities. Several other development projects have attracted many developers to the property market of the city. The petrochemical, oil, gas, energy, automobile industries as well as renowned educational institutions are some of the major drivers in the city.
One can easily afford a good house in localities like Nava Naroda, Nana Chiloda, Chandkheda, Gota, and Motera at a budget-friendly price which varies between 20-40 lakhs. However, the price of the units varies from Rs. 1,700 to 3,100 / sq ft.