There are 10 affordable property markets in India to watch out, where flats are available in the budget of Rs 30-50 lakh (USD 0.73 million.) The top cities in the group are Hyderabad, Pune, Navi Mumbai, and Ahmedabad, according to JLL India. Others in the club are Kochi (Kerala), Ghaziabad (Uttar Pradesh), Jaipur (Rajasthan), Nagpur (Maharashtra), Surat (Gujarat) and Coimbatore in Tamil Nadu.

The report of property consultancy JLL India said, these are cities great in offering lower-budget real estate investment prospects on medium to long term basis, reports PTI.

“These towns and cities offer a wide spectrum of investable options in real estate with relatively lower property price levels, providing the incentives for future capital appreciation and healthy returns,” JLL India Chairman and Country Head Anuj Puri said.

Among the Tier 1 cities, Hyderabad is the most affordable. Its well-developed residential localities such as Manikonda, Kukatpally, Miyapur and Sainikpuri are offering flats in the range of Rs 30-50 lakhs.

The report adds that Hyderabad's realty market is set for a jump after being down under the pressure of recession and political turmoil.

In Pune, affordable housing segment is showing good growth. Many projects on the periphery of the city have small 1-2 BHK flats with basic no-frills amenities on offer. Navi Mumbai comes as a relief in the backdrop of the unaffordable property prices in Mumbai. Navi Mumbai has numerous options in residential housing, mainly in the Rs 30-50 lakh bracket. Its upcoming SEZs at Dronagiri, Ulwe and Kalamboli will boost employment in the region. The proposed international airport at Panvel will spurt the demand for commercial and residential developments. In Delhi NCR, Ghaziabad is an emerging residential neighbourhood with its high supply of flats in the Rs 30-50 lakh bracket. Extension of the Metro Rail and widening of NH 24 will further enhance Ghaziabad's realty market, JLL added. Kerala’s port city Kochi is in a transformation phase with its growing affordable housing market. “Gone are the days when the city's builders focused only on affluent buyers. Today, the Kochi residential real estate market is dominated by affordable housing segment, accounting for 60 per cent of the total housing projects in the city,” JLL added.

Editor's Pick