How Much Would You Spend On Property In The Top 3 Cities

Over the years, prices have undergone some correction, as a result of which property is more affordable today than in the past couple of years, data available with Housing.com shows. Numbers indicate that the average price of a resale unit in India is Rs 57.17 lakh while average rates for a new property stand at Rs 50.32 lakh.

Most prospective buyers in India are looking for a 2BHK unit, user activity on the property listing website revealed. Two-bedroom units were popular in the ready-to-move category as well as in the new projects category. 

Let’s break this down further to see what a property costs in the country’s major cities.

Mumbai: This is the most searched city among homebuyers, data shows. The connectivity-led infrastructure projects might be one of the reasons behind increasing buyer interest in this market. The Navi Mumbai airport and the Mumbai Trans- Harbour Link are some of the projects that would change the face of the city, making it more intricately connected.  

“Physical infrastructure development is the biggest reason why we have seen so many inquiries converting into purchase in Mumbai. While property rates might be high, the city is teeming with opportunities. Everybody wants to try their luck,” says Mumbai-based property advisor Chandraprakash Bhanu.

Mira Road East and Thane West are the most popular choices among buyers, numbers indicate, primarily because of the affordability factor.

While the current average value of properties in Mira Road East is Rs 7,755 per square foot (psf), the area offers properties in the range of Rs 7 lakh to Rs 45 crore. These may be flats for sale or large residential plots.

The future Metro connectivity - Mira Road will be served by Metro-9 that will connect the Dahisar-Mira Road-Bhayandar route, might increase real estate prices in the times to come.

In a short span, the once far-flung area of Thane West is now home to affordable, mid-segment and luxury properties. Thane West has properties in the broad range of Rs 4 lakh to Rs 20 crore. Thanks to its swift-paced commercial success, three-bedroom units in Thane West can command up to Rs 20 crore. These may be residential plots, apartments for sale, villas and independent houses. The average value in Thane West is Rs 10,340 psf.

Bengaluru: Bengaluru is the second-most searched city in India for residential properties. Whitefield grabbed the top spot in terms of the popular localities in the city. What was once the periphery of Bengaluru is now a buzzing locality replete with schools, colleges, hospitals, big brands in the hospitality sector, and also projects in every price segment.

There are plenty of residential plots, villas, apartments and independent homes for sale in Whitefield. The average property price here is Rs 5,590 psf.

Various big and small infrastructural developments are underway here, especially because this micro-market is a traffic-prone zone. The Karnataka Road Development Corporation Limited (KRDCL) has taken up road construction in the eastern and northern outskirts of the city. A 20-km road to be built at a cost of Rs 254 crore, will benefit those coming from Electronic City, Hoskote, Sarjapur and Whitefield.

“Despite the everyday difficulty of commute, many first-time buyers like Whitefield. While the pressure of traffic bottlenecks, water supply, construction dust and other civic issues may continue for some time, Whitefield may not lose out on its young buyers,” Shakthi Raj, realtor at Purna Properties, says. Given the demand, he says, authorities will be under pressure to ease connectivity and other problems.  

Hyderabad: With many companies expanding their presence in this southern market, Hyderabad is among the fastest-growing Asian cities, right behind Bengaluru. 

Kukatpally, where property rates are currently at Rs 4,900 psf on an average, is the most searched locality. The locality has properties starting at Rs 5 lakh for residential plots, going up to Rs 8 crore for luxury apartments. Perhaps the biggest game-changer is set to be the launch of Hyderabad Metro’s Green Line which will begin its commercial operations soon. The 11-km stretch between Jubilee Bus Station and Mahatma Gandhi Bus Station has already received the safety certificate.