In the last one decade, India has become the fastest-growing economy in the world but affordability has always been a crucial factor for home buyers. There are many cities that offer properties at affordable prices, there are tier-1 cities that promise you affordable properties in the future along with developed infrastructure.
These are some of the best cities offering affordable residential properties in India.
Indore, Madhya Pradesh
Indore is also referred to as Mini Mumbai with enormous varieties of housing options including plots, apartments, townhouses and builder flats. The city is well-developed, has a wonderful climate, and is home to many reputed higher education institutions, hospitals, and business offices. Indore could be the best place to purchase an affordable property, as Indore’s cost of living index is 5.67 points lower than Mumbai. The average price of the property is Rs 4200 per sq.ft. in the city.
The city is thronging with people working in its rapidly expanding IT. The outer Ring Road and the Metro Rail Project connect the strategic localities of the city. The city is considered a promising Metropolis urban city in terms of the cost of living. The government’s steps towards uplifting the socio economic status of the people have provoked the slumbering markets to life. The average price of the property in the city is Rs 3,000 to 7,500 per sq.ft.
The government has created a strategic dispersal of the markets which were once concentrated in certain parts of the city with strategies like Look East, Look North & Integrated township policy. The city is demonstrating to be the land of opportunities with enhancing and developing markets.
The city offers an unmatched lifestyle along with a range of options for affordable houses. Pune is on the way to overtaking Mumbai as the state’s primary residential center. The smart city model of development is being initiated by the government authorities in the planning of residential projects which are economically, environmentally, and socially sustainable. By merging these aspects of the Smart City is then the hub of a fulfilling lifestyle, and would be focused on ensuring that residents complete comfort in their everyday lives. The average price of the property in Pune is Rs 1000 to 17,500 per sq.ft.
As the capital of Rajasthan, Jaipur has good connectivity to the rest of the country. The city is located strategically at the convergence of three National Highways, NH 11, NH 8, and NH 12.
Jaipur is home to several leading international companies like McDonald’s, Coca-Cola amongst others. Jaipur is one of the fastest growing Tier-II cities. The city is a cultural hub of tourism as being a part of the golden triangle. The city provides top-notch amenities and a high level of living with options for cheap properties. The average price of a property in Jaipur is Rs 2,800 to 7,500 per sq.ft.
Also, Jaipur is well known for its quality education, right from the primary level to higher education. The city has several reputed boarding schools, day schools, and colleges, preferred by students from all across the country.
Buying property in Bangalore is a lot more affordable than in any other city in India. Bangalore’s economy is one of the nation’s fastest growing, and the city is home to multiple top renowned global corporations, BPOs, and extravagant IT firms.
Bangalore houses top educational and medical facilities, markets and shopping areas, malls, multiplexes, hotspots for entertainment, and other attractions abound to make anyone’s stay fascinating and enjoyable. The average price of the property in Bangalore is Rs 2,400 to 29,000 per sq.ft.
Ghaziabad, Uttar Pradesh
The city is located on the Grand Trunk Road providing excellent connectivity to other cities including the parts of NCR. Ghaziabad is an industrial city that attracts a huge workforce from throughout the country. Soon Ghaziabad will become an IT and BPO destination which will increase the demand for affordable property.
The city is one of the most desirable locations for individuals seeking to build their homes in a developing city at a reasonable price because of the recense of reputed educational institutes, top-notch health care facilities, restaurants, malls, multiplex, and other amenities. The average price of the property is Rs 3,800 to 28,400 per sq.ft.
Noida, Uttar Pradesh
This city offers affordable houses without compromising on quality. Additionally, it has a large number of integrated townships offering an excellent mix of commercial and residential spaces in a range of price points, allowing people to live a comfortable life in the lovely city without breaking the bank.
This Delhi satellite city is located among the greatest locations to live because of its excellent public transportation, a mass of lower-rent housing, an excellent education, and the healthcare system as well as easy accessibility to Delhi. The current average price of a property in Noida is Rs 4,300 to 12,600 per sq.ft.
Gurgaon is known as the millennium city, the second-largest IT hub, and the third-largest in banking and finance in the country. This city has become the most desirable residential center in the nation.
It brings numerous of India’s largest companies where startup companies, local offices, and more than 250 Fortune 500 companies. And mutually improving the commercial real estate sector increasing the residential demand in the city. The average property price of a property in the city is Rs 7,700 to 20,370 per sq.ft.
The city comes with the largest range of residential projects with the presence of the biggest commercial and business hubs. One can experience the new living concept crammed with modern amenities, green ambiance, robust security system, and a lot more live an excellent lifestyle.
This city houses some of the best educational institutions, including IIM, GNLU, and IIT as well as rapidly developing infrastructure projects. Although the local real estate market Ahmedabad has become one of the fastest growing cities in India, witnessing tremendous development in the last ten years. The city is attracting many investors from across the country to invest in the real estate market because of its speedy development.
The city is full of employment hubs offering great opportunities for people. The city is expanding its existing metro connectivity and the mass rapid transit system is under construction with a deadline of 2023. Additionally, the city offers well-maintained clean streets having low pollution levels. The city has ranked 14th place for its cleanliness out of 432 cities. So, one can enjoy clean air and the environment. The average property price in Ahmedabad is Rs 3,500 to 14,300 sq.ft.
Kochi is witnessing speedy development, yet is being a reasonably priced place to live. The city is one of the most popular real estate and builders destinations. Kochi offers an ultra-modern lifestyle in addition to being one of India’s most prominent IT hubs.
Kochi has the best living quality among Tier II and Tier III cities in the country. The city has the advantage of being less crowded yet offers all the luxury and comfort of a developed city. The city offers great accessibility and connectivity which makes life seamless and easy. It is a lovely city with a comfortable atmosphere. The average price of the property in Kochi is Rs 3,700 to 8,700 per sq.ft.
Parting thoughts on buying an affordable house
Everyone aspires to own a house as it provides safety and security to the individual and their family. The idea of buying a house sometimes seems far-fetched. However, the residential market is growing in many cities allowing buyers to buy a property without compromising on quality. Developers are coming up with smart initiatives as they are realizing the increasing demand for affordable housing. As more affordable housing hubs come up in India, the real estate sector is expected to touch the $ 1 trillion mark by 2030.
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