India, infamous for being one of the best democracies and fastest growing economies in the world, has seen a massive development in the real estate sector over the last few years. The budget proposals of 2016 are seen as optimistic initiatives for real estate segment of the country. Particularly, the tax sops for first home buyers and incentives on development of housing projects are supposedly two main aspects of the budget known to surge demands in the real estate segment.
The overall positive budget for the real estate sector has spurred the market and enticed home buyers to buy properties all over India. Few of the towns and cities in India offer a spectacular range of options with affordable prices and lucrative returns.
Listed below are 5 such cities and towns of India that are recognized as affordable housing destinations of 2016.
1. Pune, Maharashtra
Over the last few years, Pune has witnessed a humongous amount of appreciation in real estate properties, and is officially ranked as one of the greatest markets for real estate investments. Although the luxury segment has ramped major part of the city, several new players are now venturing into affordable housing segment, which is where enormous demand of the buyers lie.
Statistically speaking, Pune has recorded a surge in demand and growth particularly in the affordable housing segment. The city is undeniably the best city to live in as it offers the best standard of living to its residents.
2. Jaipur, Rajasthan
Jaipur is now one of the fastest growing cities of the country, and now the city has emerged as the most attractive investment destination in the country. Government of Rajasthan is leaving no stones unturned in developing the infrastructure of the city. The 250kms highway between New Delhi and Jaipur is gaining massive attention of builders. Areas such as Manesar, Bhiwadi, Neemrana and Alwar are becoming the new found interest of home buyers and investors. Property prices in local areas of Jaipur such as Tonk Road and Ajmer Road are now emerging as the most preferred destinations of the country.
3. Ahmedabad, Gujarat
Neighboring state of Rajasthan, Gujarat too is attracting huge investments from large players of real estate. Infrastructure development, stable government, entrepreneurial environment, inception of bullet trains, GIFT Smart City, all is really great with Ahmedabad. The real estate demand in the city depends on several key factors such as manufacturing industries, petrochemical industries, and oil, gas and energy industries.
Truly, Ahmedabad has come a long way in its journey of growth and has indisputably become one of the leading examples of fast-paced infrastructure development in India.
4. Surat, Gujarat
Speaking of the infrastructure developments of Gujarat, Surat city aka known as the diamond city of the country cannot be ignored. The Surat Municipal Corporation has done a commendable job in keeping the city clean even 12 years after plague scar. It’s hard to believe that Surat wasn’t always clean and was known to be a filthy city, once upon a time. However, it is now one of the cleanest cities in India and was recently conferred with ‘Best Urban City of India’.
Although Surat is not heavily populated, infrastructure initiatives have made promising entries into the city. Excellent road networks including flyovers and 6 lane roads make the city look more promising in terms of infrastructure developments.
5. Kochi, Kerala
Initiatives like development of IT projects such as Kochi Smart City, putting efforts to improving street traffic and internet connectivity has led to a significant increase in demand for real estate. There was a time when the builders focused only on niche segments; however, times have changed, and now Kochi’s real estate market is heavily dominated by affordable housing segments. The middle-class segment accounts up to 60% of the total housing assignments, and the segments demand affordable housing options in the city. Therefore, even the prime localities of Kochi such as Marine Drive are now beginning to see affordable housing projects.
Once upon a time..
Tier-1 cities were always known as nerve centers of the country’s overall growth and development, which for obvious reasons increased the housing demands in these cities. But these big cities came along with their own share of problems such as air pollution, high property rates and miserable traffic issues. Now, people are flocking to Tier-II cities that are near these big cities and that have given rise to affordable housing demands.