Affordable housing is presently the hottest segment in the Indian real estate industry. Several leading real estate developers are steadily foraying into the segment, which has also received a huge boost from the Indian Government courtesy several initiatives like the Pradhan Mantri Awas Yojana (PMAY).
Here’s taking a look at the top affordable housing hotspots in the country-
- Hyderabad- Hyderabad has witnessed a revival in its real estate market and is one of the most affordable options amongst all the metro cities. With political stability and rapid infrastructural development, Hyderabad is witnessing the development of several affordable properties. Real estate prices are hugely competitive in Hyderabad and the growing workforce and infrastructural improvements are proving to be favorable for the city’s real estate market. The IT and ITeS industry has been a major growth driver in Hyderabad, leading to consistent demand for retail, commercial and residential properties alike. Affordable housing options are available within Rs.30-50 lakhs across markets like Sainikpuri, Manikonda, Kukatpally and Miyapur. The affordable housing segment has also seen several new launches in recent times. Some of the top projects to consider include Incor One City at Kukatpally and Vertex Panache at Gachibowli, which is another hotspot for mid-range housing options.
- Navi Mumbai- Navi Mumbai is expected to drive future real estate growth in the Mumbai Metropolitan Region (MMR) courtesy rapid infrastructural development and the boom in residential and commercial real estate. CIDCO is already planning on building 10,000 affordable homes in Navi Mumbai and a large chunk of this land is in Dronagiri, Kamothe and Karajande. The proposed Navi Mumbai International Airport will be a game-changer for the region along with the NAINA (Navi Mumbai Airport Influence Notified Area) project, which will be located near the new airport in Panvel. The proposed SEZs at Ulwe, Dronagiri and Kalamboli should also boost demand hugely in the future. Some of the top projects worth checking out here include Akshar Emperia Garden in New Panvel and Unimont Empire at Khopoli.
- Ghaziabad- Ghaziabad has transformed into a major housing market in Delhi-NCR and offers good connectivity via the metro network and also through several major roads. Homebuyers in the mid-segment are preferring Ghaziabad where areas like Indirapuram, Kaushambi, Vaishali and Raj Nagar Extension are coming up as coveted residential zones. Development is taking place rapidly along the National Highway 24 beyond Indirapuram and there are several affordable housing options available in the city. The future extension of the metro network will boost the city’s real estate prospects even more along with the widening of the highway. Top projects to check out include Windsor Paradise 2 at Raj Nagar Extension and SPLS Griha Awas Yojna at Govindpuram among others.