Hyderabad is the Most Affordable Tier I City in Property Market

BANGALORE: As per JLL India, Hyderabad, Pune, Navi Mumbai, and Ahmedabad are amongst the top cities for affordable property. One can afford a flat in these cities within a budget of 30-40 lakhs.

Cities like Kochi, Ghaziabad, Jaipur, Nagpur, Surat and Coimbatore also made it to the list of 10 affordable property markets in India, reports ET.

The last report from this property consultant featured 10 cities offering 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.

As per the report, amongst all tier I cities of India, Hyderbad is the most affordable one, added Puri.  Even the high-class and posh property areas in Hyderabad like Manikonda, Kukatpally, Miyapur and Sainikpuri offer affordable budget of 30-50 lakhs for properties.

The global recession followed by the political crisis in the city lead to drop in the real estate sector however, the present scenario portrays that the prolonged downfall has finally witnessed an upswing.

Pune has also show an improvement in the availability of affordable housing in the last two years, as per the report.  The lower budget housing projects are nestled at the periphery of the city offering 1-2 BHK houses at reasonable prices.

"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 SEZs near Dronagiri, Ulwe and Kalamboli and the new international airport to be at Panvel in Navi Mumbai has surged the prospects of employment thereby increasing the need for the development of commercial and residential properties.  

Ghaziabad being the neighbor of the bustling NCR has also witnessed an improved residential development where houses are available within a budget of 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.

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."

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