MUMBAI: JLL India on Tuesday released the countrys ten cities that offer great lower budget real investment prospects. They are Hyderabad, Pune, Navi Mumbai, Jaipur, Surat, Ghaziabad, Nagpur, Kochi, Coimbatore and Ahmedabad.
These cities are the nerve centres of the countrys economy and cosmopolitan culture, and draw the most housing demand for numerous reasons like better job opportunities, living standards and infrastructure. However, rapid urbanization and development of these cities into mega-cities have given rise to challenges such as pollution, traffic issues, high property prices, etc, said the JLL report.
Though affordability is a relative term, it is pertinent to look destinations where residential properties within the budget range of Rs. 30-50 lakh are available, and are classified either emerging or growing submarkets supported by good infrastructural development. 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, it added. Navi Mumbai and surrounding areas, for instance, have shown impressive growth, largely because of the planned approach taken towards development. With Navi Mumbai receiving final nod for the International Airport, its property market and that of the surrounding areas have been showing great potential. While property prices have increasingly become unaffordable in Mumbai, Navi Mumbai still provides numerous options for residential housing within the budget of Rs. 30-50 lakh, it said.
In Pune, many new players are venturing into the affordable housing segment. This is obviously the segment where the greatest demand lies, said the report. Over the last couple of years, Pune has recorded good growth in the affordable housing segment. Such projects are located on the periphery of the city and offer small 1-2 BHK flats with basic, no-frills amenities.
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