This Is Where You Could Buy Property Under Rs 75 Lakh
Meera and Gautam Garwal have been living in Bengaluru for the past three years and ever since they have been planning on buying their own house. The initial challenge was to run around for the right house at the right price. While they found a property similar to their dream home, the price was nowhere close to right. Most Indian buyers have the same saga to share. So, if you are someone looking for a right property at or under Rs 75 lakh in Indian metro cities, we present to you some of the best options available:
Some of the areas that may still be well within your means are the new and evolving locations, including Burari, Chhawala, L Zone Dwarka, Uttam Nagar, Zone P II, Dwarka sector 11, 12, 14, 19, 16B, 21, Shahdara, Chattarpur, Aya Nagar, Trilokpuri, Rohini, Mehrauli, Ghitorni and Kishangarh. Some areas like Vasant Kunj Sector D or even Pitampura too have smaller configurations priced under Rs 75 lakh. However, with shrinking land bank within the city, a large fraction of home buyers are opting for larger configurations at a smaller price in national capital region's (NCR) Noida or Gurgaon. Together, these micro markets in the NCR have attracted the budget conscious and the ones looking for luxury.
If you are looking at developing corridors, you will have to exercise caution. For example, while a 3BHK apartment in Aya Nagar may be priced attractively at Rs 60 lakh, the issues such as the legality of the construction, ban on power of attorney are also very common here. Hence, a systematic check has to be conducted before you single down on a property. Although L Zone did create a lot of excitement among prospective buyers, but wait before you make a purchase as the Draft Master Plan has just been made and is yet to be notified. Don't fall for the pompous advertisements that show a great buy at an eye popping price.
The Maximum City is known for high land values, small homes and still being the most sought after city to live in. Very few localities in the city have properties within the mentioned budget range. These are Vasai, Virar, Nalasopara, Mira-Bhayandar stretch and Naigaon. The state government's initiatives to give an infrastructure boost in terms of upcoming bridge between Vasai East and West, the Metro line from Wadala to Jacob Circle too will help real estate and may even push prices. Most apartments in Mumbai priced within Rs 75 lakh would be either 1BHK or 2BHK. But, ensure you do the due diligence before you buy.
For still more affordable homes, micro markets of Navi Mumbai and Thane need to be the focus. Overtime, these too have witnessed a rise in price and preference meter. Jauhar, Neral, Palghar, Malshej Ghat, Murbad, Shahapur, Murbad, Manor, Asangaon, Vangani, Khardi, Bhiwandi, Kalyan East, Ambernath West, Nalasopara, Karjat, Varjeshwari, Panvel, and Umroli are some of the locations that are still considered an affordable buy. Luxury, too, has made its inroads into these markets and hence, prices are not very low when compared to the size of the property.
Sriperumbudur, Oragadam, Guduvancheri, Padur, Mogappair, Pallavaram, Perumbakkam, Navallur, Chromepet, Shollinganalur, Palikarnai, Singaperumal Koil, Nallambakkam, Tondiarpet, Korattur, Perungudi, Poonamallee, Iyyapanthangal, Thiruverkadu, Thaiyur, Madambakkam, Urapakkam, Medavakkam, Kalpakkam, Porur, Vandalur are the choices open for you. Not long ago, most of these areas were just upcoming. However, the skyline today has changed for the better. Areas such as Oragadam, Old Mahabalipuram Road and Sriperumbudur have seen massive investments coming in and plotted developments have given way to apartments.
With manufacturing and information technology (IT/ITes) companies setting base in the city, most preferred low cost office rents and the outskirts were a top choice. Gradually, for the need of affordable apartments close to workspaces, a considerable number of people opted to move to these fringes that now boast established and even luxury units.
When realty registered a slump, Pune and Bengaluru were cities that still managed to attract young buyers, thanks to a growing number of startups, businesses and retail. Overtime, many multinationals and even manufacturing units of most big brands moved to Pune triggering further demand for housing units.
Interestingly, Pune today has realised the need of the hour and as per the Gera Residential Report, newer homes are smaller than before and therefore at a price advantage. Sus, Hinjewadi, Mundhwa, Ranjangaon, Mohammadwadi, Undri, Pisoli, Rahatani, Keshavnagar, Pimple Saudagar and Chinchwad etc are popular. In fact, you may be lucky to find 2BHK units in popular localities too. That is where Pune is different from Delhi and Mumbai.
Largely an affordable city, you have many options to count on. From the very popular western zone that houses many of the financial, educational and business institutions such as Hitech City and Gachibowli to the gradually emerging eastern part with prominent names such as Uppal, Boduppal, Nagole, Tarnaka, Habsiguda are quickly coming up given the assured Metro network.
The larger part of Hyderabad, if you are not looking for luxury would fit the Rs 75-lakh budget. However, the eastern zone gives you a large price benefit. However, both quadrants of the city do justice to your money. You have the benefit of good rental returns.
With the kind of job opportunities that the city lends, there is no going wrong if you have settled on an investment here. Some of the emerging corridors with promising growth are the sub-markets of Whitefield, Electronic City and Sarjapur. Although some sectors are plagued by construction apathy and have barely commutable roads due to the large workforce that ply around, these markets offer a varied range of units and at almost all significant price points.
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