Hyderabad: While the Central government’s ‘Housing for All by 2022’ aims to provide affordable homes within a budget of Rs 25 lakh in smaller cities, real estate consulting firm JLL India on Tuesday that identified 10 major cities, which includes Hyderabad, Pune Kochi, where people can get a residential property upwards of Rs 30 lakh.
“Though affordability is a relative term, it is pertinent to look at destinations where residential properties within the budget range of Rs 30-50 lakh, are available. 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,” Anuj Puri, chairman and country head, JLL India said in a report.
The other cities in the list are Navi Mumbai, Ahmedabad and Surat (Gujarat), Ghaziabad (Uttar Pradesh), Jaipur (Rajasthan), Nagpur (Maharashtra), and Coimbatore (Tamil Nadu).
Explaining the real estate market in Hyderabad, Mr Puri said Hyderabad 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 residential properties in the budget range of Rs 30-50 lakh,” he said, adding that property prices in Hyderabad are almost 60% of those of Bangalore and Chennai.
Two other cities from the south in the list are Kochi in Kerala and Coimbatore in TN.
The Kochi residential real estate market, the JLL India chairman said, is dominated by affordable housing segment, which accounts to about 60 per cent of the total housing projects in the city.
“The soaring land prices have made it difficult to own or build independent houses, and there is increasing demand from the emerging mid-income segment that wants homes packed with amenities at affordable prices,” he said.
In Coimbatore, the major industrial centre in Tamil Nadu after Chennai, the government is promoting the city by enhancing infrastructure development.
“Apart from the demand from professionals engaged in IT/ITeS, Coimbatore is emerging as a retirement destination, and demand for 2 BHK homes is high from senior citizens,” he said.
