INTRODUCTION:
The capacity to afford a purchase has long been a major consideration for house purchasers. This, however, became more acute with the outbreak of the pandemic as the employed population experienced extreme financial hardship as a result of job insecurity, unforeseen layoffs, and wage reductions. In 2020, COVID had a significant impact on a number of industries, including the real estate industry. This decreased demand in turn had an impact on home loan interest rates and property prices. While 2021 has been a year of recovery for the real estate market, more purchasers have started looking for reasonably priced homes to embrace stability in their life.
Top 10 Most Affordable Cities to Find Cheapest Properties In India:
1. Madhya Pradesh's Indore
Indore, sometimes referred to as "Mini Mumbai," has a variety of housing options, including townhouses and flats. The city is well-developed, has a lovely climate, and is home to prestigious higher education institutions, hospitals, and business offices. Not to mention, Indore's cost of living index is 5.67 points lower than Mumbai's! So, Indore is the best place for you if you want to purchase an affordable property with a home loan. Current price of a property in Indore. The average price of property per sq. mtr in the city of Indore is Rs. 42,000.
2. Hyderabad, Telangana
Hyderabad is bustling with working people because of its expanding IT centers. The city is among the cheapest areas to buy property despite its expanding population. There are plenty of low priced residential developments in areas like Manikonda, Kukatpally, Miyapur, and Sainikpuri. The average price of the property for the city of Hyderabad Sq.mtr is Rupees 6000 to Rupees 6200.
3. Pune Maharashtra
Pune is on track to overtake Mumbai as Maharashtra's capital city as the state's primary residential center. The city offers a lifestyle that is unmatched while also offering a wide range of options for affordable houses. The Average price of the property for the city of Pune is Rupees 6,721 per Sq.mtr .B
4. Rajasthan's Jaipur
Jaipur is a wealthy city supported year-round by tourists. Being the state's capital, it provides top-notch amenities and a high level of living with options for cheap properties. Jaipur also has a higher loan affordability score than both Mumbai and Delhi. The Average price of a property in the city of Rajasthan is Rupees 3,954 Per sq.mtr. to Rupees 56,338.
5. Bangalore, Karnataka.
Bangalore, a notable city in the nation, has developed into one of the most popular places that are highly sought after by individuals who seek world-class living at an affordable price. It also has world-class infrastructure. Bangalore, which has a reputation for being a calm and welcoming city, is also quite safe and has all the contemporary conveniences needed for a happy lifestyle. It also offers most amazing, affordable properties in India. Top educational and medical facilities, hotspots for entertainment, markets and shopping areas, malls, multiplexes, and other attractions abound and may make anyone's stay fascinating and enjoyable. Numerous employment prospects have been made possible by the IT sector's expansion. Bangalore's economy is currently one of the nation's fastest-growing, and the city is home to multiple top global corporations, opulent BPOs, and expensive IT firms. The Average price of a property in the city of Banglore is Rupees 7,100 to Rupees 32,051.per Sq.mtr.
6. Ghaziabad, Uttar Pradesh
One of the most popular locations for finding inexpensive homes in Ghaziabad. Excellent infrastructure development and connections have made this satellite town a highly sought-after location for affordable homes. It is a more popular destination than other places in Delhi-NCR due to its close proximity to Delhi. It is one of the most sought-after locations for individuals looking to build their homes in a developing city at a reasonable price due to the presence of leading educational institutions, top-notch healthcare facilities, malls, multiplexes, restaurants, and other amenities. On average the price of properties in the city of Ghaziabad is Rs. 5,190 per sq.mtr. The most expensive property listed in Ghaziabad is priced at Rs. 135,245 per sqft.
7. Noida, Uttar Pradesh
This Delhi satellite town is among the greatest locations to live because of improved public transportation, an abundance of lower-rent housing, an excellent education and healthcare system, a bustling market, shops, restaurants, and fun places to hang out, as well as easy access to the national capital. It also offers affordable houses without compromising on quality. Additionally, Noida has a large number of integrated townships that offer a great blend of residential and commercial space in a range of price points, allowing people to make a comfortable life in the lovely city without breaking the bank. The current price of the property for the city of Noida is Rupees 4,753.per sq.mtr.
8. Gurgaon, Haryana
Gurgaon, the second-largest IT hub in the nation and the third-largest in banking and finance, has become one of the most coveted residential centers in the nation. Gurgaon is one of the most sought-after locations for those looking to invest in a home at an affordable price because of the presence of multinational companies, infrastructure development, close proximity to the Delhi International Airport, plenty of open space, low population density (lowest in NCR cities), and presence of large-scale projects like the Regional Rapid Transit System (RRTS) and the Delhi-Mumbai Industrial Corridor (DMIC). Gurgaon has become a destination for migrants from around the nation because of its proximity to Delhi, affordable houses, and plenty of services needed for comfortable living. The property rate for the city of Gurgaon is Rupees 8,357 per Sq.mtr.
9. Ahmedabad, Gujarat
Ahmedabad, despite being a small city, has grown significantly during the past ten years. It is home to some of the best educational institutions, including IIM, GNLU, and IIT, as well as burgeoning infrastructural projects. Although the local real estate market is not as large as that in metropolitan areas, it is nevertheless enough for the size of the city. It provides reasonably priced, affordable houses beginning at 35 lacs for a two-bedroom home. The property rate for the city of Ahmedabad Is Rupees 5,867. per sq .mtr from Rupees 225 to one lakh
10. Kochi, Kerala
Kochi is growing quickly in Kerala, especially the capital city, while yet being a reasonably priced place to live. One of the newest major cities is Kochi. It is a lovely city with a comfortable atmosphere. It has started a rapid development process for housing and infrastructure. The city is presently connected by metro rail. It has developed into a vibrant IT center that offers excellent employment. It quickly recovered from the effects of the epidemic and with an average price of less than it is one of the more affordable places to buy a property in the city of Kochi, Kerala Rupees 5,645.per Sq.mtr to ?1,232 - ?13,076
Also read - https://timesproperty.com/news/post/best-housing-schemes-in-india-blid1928
Indian Cities to find Affordable Homes
Cities | Locations | Average price per sq. mtr |
Hyderabad | Shamirpet Muthangi Dundigal | Rs. 1,702 Rs. 2,137 Rs. 2,577 |
Greater Noida | Noida extension | Rs. 2,355 |
Noida | Sector 73 Sector 49 Sarfabad village Noida central Sector 45 | Rs. 1,971 Rs. 2,260 Rs. 2,381 Rs.2,405 Rs. 2,599 |
Gurugram | Palam Vihar Extension | Rs.2,385 |
Conclusion
Using a real estate agent's advice is the best approach to guarantee a profitable investment in a resale property. He will research the best available cheapest properties in a specific area and utilize his contacts to get the most amazing affordable property for you. Purchase your ideal house for less money and look forward to a bright future.
