5 Affordable Real Estate Destinations Of The Future
Affordable homes are the need of the hour and since this category has been given an infrastructure status, the section has gained further momentum. Even the Indian government, in collaboration with developers, is striving towards providing homes at a price as low as Rs 25 lakh for the middle to lower income groups.
While there are plenty of cities across the country that are upcoming and offer properties at affordable prices, there are also Tier-I cities that will promise you affordable properties in future along with developed infrastructure. These include Kolkata, Ahmedabad, Hyderabad, Bengaluru and Chennai. According to PropTiger DataLabs, the upcoming affordable housing localities in these cities are mostly in proximity (20-30 kilometres away) to the economic hubs and city centres.
City centre: Banjara Hills
Despite witnessing a price growth of 18.9 per cent in the past two years, the city enjoys the status of an affordable housing destination among the top nine real estate markets in India. The demand for affordable housing needs has been mainly sustained by the large population of migrants into the city. Development of world-class infrastructure has been the key focus for the Telangana state capital. Besides, several initiatives by the new government is expected to ensure sound growth for the sector in the coming days.
Kompally and Manikonda are the promising affordable localities in the city. Upcoming 23-km Sanathnagar-Moula Ali suburban rail network has been a growth driver for the former locality while bustling IT hubs have ensured a steady demand for affordable housing in Manikonda. Price for real estate in Kompally ranges between Rs 2,300 and Rs 2,600 per sq ft, while for Manikonda the prices stand at Rs 2,800 - Rs 3,100 per sq ft.
City Centre: Vastrapur
Fast developing infrastructure including connectivity within and outside the city, ample job opportunities and the thriving industries have been influencing the property demand and investments in the city.
Localities such as Gota, South Bopal, Vaishno Devi Circle on SG Highway as well as Chandkheda are offering the best housing solutions at pocket-friendly prices. Apartment prices for Vaishno Devi Circle on SG Highway is between Rs. 2,800 and Rs. 2,950 per sq ft while it is between Rs 2,300 and Rs 2,400 per sq ft for Chandkheda.
City centre: Park Street
A desired destination for high-end residential options, the 'city of joy' has also emerged as a new hub for affordable housing options. Uttarpara Kotrung has been rated as a top performing locality in the report.
Areas such as New Town and Sonarpur are also providing best options for affordable apartments. Upcoming Metro is expected to further enhance the value of real estate in New Town. Sonarpur scores high in the affordable category owing to its proximity to Garia Metro Line. Price for property for these two localities ranges Rs 2,700 - Rs 2,850 per sq ft and Rs 2,300 - Rs 2,450 per sq ft, respectively.
City centre: MG Road
Having recognised for maximum absorption of office spaces, Bengaluru is also witnessing a reasonable demand for affordable housing options. Like always, it is the IT/ITeS sector and business hubs which have been driving the residential real estate demand in India's Silicon Valley.
Localities such as Hoskote, Varthur, Kengeri and Begur prove to be coveted locations by homebuyers who are looking for cheaper residential options. Even the city suburbs like Electronic City Phase 1 and Whitefield are offering attractive affordable housing options. Price range for Kengeri is Rs 3,100 - Rs 3,300 per sq ft whereas price range for Varthur is Rs 3,200 - Rs 3,700 per sq ft.
City centre: Nungambakkam
A vibrant market, Chennai real estate industry has been driven by its IT/ ITES sector as well as broad industrial base manufacturing and a sound social infrastructure especially healthcare centres.
Urapakkam on the GST Road (Rs 3,700 - Rs 3,850 per sq ft) and West Tambaram (Rs 3,900 - Rs 4,100 per sq ft). Fast developing infrastructure and transportation services are likely to boost affordability in these regions.