India has developed a lot over the past few years. With its years of input, India has now become the fastest-growing economy in the world. It goes without saying that the metro cities are now the pride and joy of India as these tier of cities have contributed a lot to the economic development and cosmopolitan culture. However, due to rapid urbanization and development in the cities, they are now also under the radar of pollution, traffic issues, and high property prices.
The government has taken the initiative known as 'Housing for All by 2022' and is working on it laboriously. The agenda behind this initiative is to provide residential properties within the range of people. However, when it comes to real estate purchases, one can never leave the affordability factor behind.
Here are the 10 cheapest cities to buy a home in India in 2022
The list of cities that will offer you a great deal on affordable real estate prospects-
1. Hyderabad, Telangana
After the prolonged delay caused by COVID-19 followed by political turmoil, the sobriquet City of Pearls, i.e., Hyderabad's real estate sector, is ready to rise above the ashes. The city provides a thriving economy, and with its dynamic workforce, the market is evidently trending from the growing demand for residential and commercial spaces.
Hyderabad belongs to Tier I cities and is one of the most affordable cities. The city has well-developed residential localities such as Manikonda, Miyapuri, and Sainikpuri that offer homes in the range of Rs 30-50 Lakh. By comparing to other metropolitan cities, Hyderabad tops the list of 10 cheapest cities to uy a home in India in 2022. The residential property in Hyderabad is almost 60% of Banglore and Chennai. After experiencing political stability, Telangana is ready to get large investments into the residential property sectors in the coming future.
2. Pune, Maharashtra
The job sector and manufacturing sector of Pune make it a powerhouse of economic development. The rate of employment growth the city offers is hard to find in any other part of the country. Many large players are entering the real estate sector by offering luxury homes segment. But the new players in Pune are specifically venturing into affordable housing. It is because of the great demand for affordable homes the city experience. Pune is no doubt the best city to live in and offers better living standards than any other metropolitan city.
3. Navi Mumbai
The real estate market of Navi Mumbai has shown tremendous growth mainly because of the planned initiative they took towards development. Navi, Mumbai has received the final yes for the International Airport, and the surrounding areas are becoming a centre of attraction. Thus, gaining popularity has increased the potential of residential properties. Navi has also received its approval for the Mumbai Trans Harbour Link, which will be another game-changer in the real estate market of Mumbai. Many areas of Mumbai are certain to have high prices, but Navi Mumbai is providing affordable residential housing within the budget of Rs 30 Lakhs to Rs 50 Lakhs.
4. Jaipur, Rajasthan
Jaipur is not only known as the Pink City but is famous for its fascinating monuments. Major tourism has led to huge growth in the economy, but Jaipur has later grown as one of India's top global outsourcing cities. Because of the upcoming IT Parks, the real estate market will benefit soon. The government has taken the initiative to develop infrastructure, whereas the metro will soon be introduced, and everyone will witness an upward surge in the upcoming years. The city is expected to hold great potential and promise high ROI.
5. Surat, Gujarat
Surat is among the fastest-growing cities in the world and has been awarded the 'Best Urban City of India' award. The city is majorly focusing on improving the infrastructure that will modernize Surat completely. The cost of living in Surat is 34% cheaper than in Mumbai.
In the sixth position of the top 10 cheapest cities to buy a home in India 2022, we have Banglore. With many IT firms and lavish buildings, people have created a persona that Banglore must be one of the most expensive cities, but Bangalore has a maximum supply of properties starting from Rs 30-50 lakh.
When we talk about the cheapest cities to buy a home in India, we surely can't miss Ghaziabad as it offers a high supply of properties in the budget of Rs 30-50 lakh. The area is well connected with metro and roads to the nearby job markets and far away from Delhi NCR Region. Vaishali, Kaushambi, and Indirapuram are some of the housing clusters. The upcoming residential corridors such as Raj Nagar Extension and developments along the NH-24 are something to think about when purchasing an affordable residential property as it is going to boost the realty market soon.
The city offers a maximum supply of affordable housing worth Rs 30-50 lakh along the SG Highway and in the areas like Bhopal, Gota, and Bhopal. Moreover, many people migrate here because of the petrochemical industries, oil, gas, and automobile industries. Thus, the demand for people to acquire land is increasing.
9. Coimbatore, Tamil Nadu
Coimbatore has now become a centre of attraction and is a preferred destination for IT/ITeS. The government is promoting the city by upgrading its infrastructure and working on the overall developments. The real estate of Coimbatore investors contributes 40% in cities such as Banglore, Cochin, and Chennai. Senior citizens demand 2-bedroom homes, and smaller apartments are becoming a major need for young IT professionals.
In the top 10 cheapest cities to buy a home in India in 2022, on last we have Gurugram. Gurgaon is India's second-largest IT hub but also a real contributor to real estate properties. The average price for people to buy affordable land is Rs 2380 per sq ft, whereas you can also find cheap 3BHK apartments with good amenities and infrastructure.