New Delhi: Hyderabad, Pune, Navi Mumbai, and Ahmedabad are among the 10 affordable property markets in the country where flats are available within the budget of Rs 30-50 lakh, according to JLL India.
The other six cities are Kochi (Kerala), Ghaziabad(Uttar Pradesh), Jaipur (Rajasthan), Nagpur (Maharashtra), Surat (Gujarat) and Coimbatore in Tamil Nadu. In its latest report, property consultant JLL India has listed 10 cities that offer great lower-budget real estate investment prospects over medium to long term. "These towns and cities offer a wide spectrum of investable options in real estate with relatively lower property price levels, providing the incentives for future capital appreciation and healthy returns," JLL India Chairman and Country Head Anuj Puri said.
On Hyderabad, Puri said it is perhaps one of the most affordable cities among all tier 1 cities of India. Even the well-developed residential localities in Hyderabad, such as Manikonda, Kukatpally, Miyapur and Sainikpuri offer housing properties in the budget range of Rs 30-50 lakh.
The report mentioned that Hyderabad's realty market is now set for an upswing after a prolonged slump due to the global recession followed by political turmoil. About Pune, JLL said the city has recorded good growth in the affordable housing segment over the last couple of years. Such projects are located on the periphery of the city and offer small 1-2 BHK flats with basic, no-frills amenities.
"While property prices have increasingly become unaffordable in Mumbai, Navi Mumbai still provides numerous options for residential housing within the budget of Rs 30-50 lakh," Puri said. The proposed SEZs at Dronagiri, Ulwe and Kalamboli, and the upcoming international airport at Panvel are expected to help generate employment and boost demand for commercial and residential developments. On Ghaziabad, JLL said that the city is an emerging residential neighbourhood of NCR which has a very high supply of flats in the budget of Rs 30-50 lakh.
"Well connected via metro and roads to the job markets of Delhi-NCR region, the city caters largely to the mid-segment home buyers. The city has a high supply of ready-to-move-in properties offered by renowned developers," the report said. Infrastructural developments such as extension of the Metro Rail and widening of the NH 24 will further boost Ghaziabad's realty market, it added.
On Kochi, JLL said: "Gone are the days when the city's builders focused only on affluent buyers. Today, the Kochi residential real estate market is dominated by affordable housing segment, which accounts to about 60 per cent of the total housing projects in the city."