Affordable housing has become the hot discussion in the Indian real estate. Today, real estate developers all across India are in all-action towards developing affordable homes in almost all the cities. The Pradhan Mantri Awas Yojana (PMAY) scheme acts as an active drive for real estate developers to take this “Housing for All” segment a further momentum.
Most importantly, developers are making sure that these affordable homes are affordable for the Low Income Group (LIG) & Economically Weaker Section (EWS) people. Focusing on these segments makes, these homes affordable for people who never dreamt of owning a home. Similarly, the middle class & upper middle-class people find these homes budget-friendly which aren’t super-expensive. The rapid increase in the affordable housing projects in India is huge because of its exceptionally high demand. That way, this set a beginning for a plethora of affordable properties at an affordable price to come up in the future. Furthermore, cities like Chennai, Hyderabad, Bangalore, Kolkata, Mumbai and Ahmedabad are expected to launch as many affordable homes in the upcoming years in real estate.
Here are some of the top best booming real estate destinations in India
Hyderabad witnessing so much of betterment in all aspects of real estate market such as the economic and infrastructural growth that increased demand for both residential & commercial property sectors. With a growing workforce and establishments of IT/ITES tech parks around the city gives a thrust for the development of quite a lot of affordable properties in the city. The number of MNC companies constantly rising in this locations building high demand for retail, residential and commercial properties. In addition, several affordable homes in Kompally, Bachupally, Kukatpally, Miyapur, Sianikpuri, and Manikonda have launched in the recent times.
Similar to Hyderabad city, Bangalore is also one of the metro cities in India that is encountered as the emerging hotspot for commercial spaces which is to increase demand for affordable housing spaces as well. In the same way as all popular cities, Bangalore has witnessed so many IT developments in the past decade which are now happening to drive the residential real estate sector at rapid speed, which is unimaginable. Furthermore, locations like Hoskote, Bengur, Kengeri, and Varthur are proof for one of the most coveted hotspots in India for its affordable residential home options.
Just like Hyderabad and Bangalore cities, Chennai is also a pulsating location that has been thriving successfully in real estate with more infrastructural developments happened and happening in the popular IT Corridor of Chennai, OMR. Chennai isn’t just about the MNC IT/ITES sector; it is an industrially succeeded city of India where numerous chemical industries have established in Porur. It isn’t uncommon why people fly over from various places to the city for their career growth.
Other than this, Chennai focuses on major healthcare centres having built & brought up in all these years of incredible development that has happened so far. Usually, there is a demand for regular apartments & villas in OMR. In addition, come the affordable homes as well. The fast development of transportation and other infrastructural developments bring demand for affordable housing projects in Kelambakkam, Guduvancheri, Urapakkam, Siruseri and so many other locations in Chennai city. The recent metro train transportation launch has set the expectations high and also the upcoming metro is further enhancing the value of real estate in Chennai. The value every sq ft home buyers buy in this city is expected to value high in the future.
Kolkata is renowned for its high-end residential projects and city is constantly emerging with new advancements in the world of housing. It’s no wonder why it is one of the top affordable hotspots of India. Locations like New Town and Sonarpur are now flooded with more affordable apartments. Sonarpur stands high because of its proximity to the Garia metro line. The price in these two locations is expected to be less compared to other areas in Kolkata.
Navi Mumbai is justifying till this date as a booming real estate hotspot in India as it is driving the industry to unbelievable growth in the future. Since the proposal of International Airport has been a game-changing twist in this region as it will be closest to the new airport in Panvel. Furthermore, the location is expected to at least launch a few thousands of affordable homes in the upcoming years. While it is the new township of the state, it isn’t less in providing the best education in almost all the streams. Having poured its efforts in educations and workforce, Navi Mumbai is never less among the most coveted locations in India when it comes to affordable housing projects.
The growth in better connectivity and rapid infrastructural growth in and out the city with abundant job opportunities states a considerable demand in properties in Ahmedabad. Locations like Gota, Vaishno Devi circle, South Bhopal are offering budget-friendly homes for home buyers. Ahmedabad is now expected to provide the lower-end home buyers with a reason to dream of owning a home by developing best affordable homes without shelling out their pocket.