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21 April 2024

NRI Alert: 10 Indian cities with apartments selling for Dh167,000

An artist's impress Aster Medcity in Kochi, Kerala.

By Parag Deulgaonkar

Kochi has been named among the 10 affordable property markets in India where apartments are available within the budget of Rs3 million (Dh166,667) to Rs5 million (Dh277,777), according to property consultant JLL India.

“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, which accounts to about 60 per cent of the total housing projects in the city,” the consultancy said in a new report.

The other cities are Hyderabad, Pune, Navi Mumbai, Ahmedabad, Ghaziabad, Jaipur, Nagpur, Surat and Coimbatore.

The consultancy added: "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.”

On Hyderabad, JLL India Chairman and Country Head Anuj Puri said it is perhaps one of the most affordable cities among all Tier-1 cities of India. Even the well-developed residential localities in Hyderabad, such as Manikonda, Kukatpally, Miyapur and Sainikpuri offer housing properties in the budget range of Rs3-5 million.

The report found that Hyderabad's property market was now set for an upswing after a prolonged slump due to the global recession followed by political turmoil.

About Pune, the consultancy said the city has recorded good growth in the affordable housing segment over the last couple of years. Such projects are located on the periphery of the city and offer small one to two bed apartments with basic, no-frills amenities.

"While property prices have increasingly become unaffordable in Mumbai, Navi Mumbai still provides numerous options for residential housing within the budget of Rs3-5 million," Puri said.

The proposed special economic zones at Dronagiri, Ulwe and Kalamboli, and the upcoming international airport at Panvel are expected to help generate employment and boost demand for commercial and residential developments.

On Ghaziabad, JLL said the city is an emerging residential neighbourhood of National Capital Region and has major supply of units in the budget of Rs3-5 million.