Top 5 Affordable Localities In India
At a time when the government is trying with all its might to meet its Housing for All by 2022 target, certain localities across India's major cities are seen performing especially well. These areas are offering new-age home buyers all the facilities that an ideal locality should offer ―a great connectivity with other important areas and proximity to business centres, apart from offering a price range that an average Indian can afford. The localities that are leading this pack, according to PropTiger Datalabs, are spread across Pune, Mumbai and Noida.
Let us have a look at these localities which saw the highest number of affordable homes sales during January-December 2016.
There is a reason why the demand for property at Pune's Wagholi has been consistently rising. Not only is Wagholi strategically located at the Nagar Road but it is also in close to the information technology hubs of Kharadi and Hadapsar. Upcoming developments are going to further boost this demand, says the PropTiger DataLabs report. According to PropTiger DataLabs, average property price at Wagholi at present stand at Rs 3,800 per sqft.
Those employed in Pune's IT hubs of Magarpatta and Phursungi have been investing in the Undri residential property markets. And why not. This locality's proximity to the MG Road, Salunke Vihar, Wanowrie and NIBM makes it a perfect choice for home buyers. The best part is that Undri now offers residents a better connectivity with traditional business and inter-city transport hubs. This is why the demand for Undri property is likely to move further upwards. According to PropTiger DataLabs, average property price at Undri at present stand at Rs 4,200 per sqft.
According to subsequent PropTiger DataLabs reports, this locality has remained the highest contributor when it comes to monthly home sales in Pune. Proposed developments near Moshi are the main driving force behind that. According to PropTiger DataLabs, average property price at Moshi at present stand at Rs 3,900 per sqft.
Mumbai's Dombivali offers you several benefits and this is why the locality has been the biggest contributor to the monthly home sales figures month after month, data show. Dombivali is part of the upcoming 125-km multimodal corridor between Virar and Alibaug. An improved connectivity will further boost demand for Dombivali property. The proposed Thane-Bhiwandi-Kalyan (Metro-5) will improve connectivity of the area with central Mumbai. According to PropTiger DataLabs, average property price at Dombivali at present stand between Rs 5,350 and Rs 10,250 per sqft.
Noida is the ultimate choice for those who are looking for affordable property in the national capital region. Among your top choices could be Techzone 4, a locality that is close to the Noida Link Road and offers you a great connectivity with Greater Noida, Ghaziabad and Delhi. No wonder home buyers and investors cannot get enough of this locality. The demand for Techzone 4 property has been rising, with prices remaining stable. According to PropTiger DataLabs, average property price at Techzone 4 at present stand at Rs 3,200 per sqft.
Note: The study is limited to apartments in the price range of less than Rs 50 lakh. The rankings are based on the total number of affordable units sold during January-December 2016.