The government has made a number of efforts to create an eco-system and environment to promote affordable housing. It has approved infrastructure status to Affordable Housing and also eases buyers to afford houses by giving tax concession, dropping the borrowing rates and increase flow of private and foreign capital in the real estate sector.
Thinking about where to buy affordable housing. Here are top 6 cities where you can buy affordable houses!
Bengaluru: You really need to do a market survey before you go ahead with your decision of buying in the affordable locations in this city. However, localities such as Kengeri, Ramamurthy Nagar, Electronic City Phase-2, Chandapura offer properties in the price range of Rs 3,000-4,000 per sq ft. A 2BHK costs between Rs 25-40 lakh while a 3BHK flat is estimated to command a price range of Rs 40-80 lakh.
Mumbai: We all know that Mumbai is a city offering expensive properties, yet there are affordable locations where you can buy property within the price range of Rs 5,000-7,000 per sq ft. Localities offering affordable properties are Vasai West, Vasai, Virar, Kalyan, Mira Road, and Nalasopara. In these locations, you can expect the price of 2 and 3BHK units between Rs 40-80 lakh.
Pune: It is an emerging destination for IT and manufacturing industries. Localities such as Chakan, Talegaon Dabhade, and Pirangut offers mid-segment properties. For instance, Chakan, has many options for all types of properties. You can expect a 2BHK unit to cost Rs 20-40 lakh, whereas a 3BHK flat may cost Rs 40-70 lakh.
Delhi-NCR: When it comes to Delhi-NCR, home buyers have a number of options for affordable homes. Affordable housing is available in localities such as Raj Nagar Extension and Yamuna Expressway, Greater Noida, Greater Noida West. The price range in these areas is Rs 3,000-4,000 per sq ft. You can expect lower or higher prices depending on the amenities and projects you choose. A 2BHK will cost you Rs 20-30 lakh whereas a 3BHK is expected in the range of Rs 40-60 lakh in these locations.
Kolkata: It is an extremely price sensible city where 60% of localities fall in the price bracket of Rs 3,000-4,000 per sq ft. Properties in the peripheral areas such as Rajarhat, Airport area, Garia, Joka, and Howrah are some of the locations where prices are affordable. Property buyers can get 2 and 3BHK units within Rs 20-60 lakh here.
Hyderabad: Just like Kolkata, Hyderabad is also a price-conscious city where 70% consumer preference is for Rs 3,000-4,000 per sq ft. price bracket. This two budget segment decides the overall movement in the market.
Areas like Kukatpally, Miyapur, Chandanagar, Manikonda, Ameerpet, and Sainikpuri are some of the locations where the rates are not only affordable but there is also a good supply of properties. You can get 2 and 3BHK units within Rs 30-60 lakh but the price may vary depending on the project and location.
