Affordable housing in Bangalore
Authored by Ravindra Pai, Managing Director, Century Real Estate
India has seen a rise in the affordable housing sector, which over the previous 3-4 years has dominated residential segment. In the past five years, average size of apartment in most large cities hasdecreased. Realtors target large segment of buyers, particularly millennials who prefer affordable homes in well-connected areas over large apartments in distant areas. The millennials inclination towards buying a home is also driven by the Pradhan MantriAwasYojana (PMAY) scheme and due to fewer liabilities on the home buyers. Developers also have been venturing into the segment because of the demand surge and to avail income tax exemption by the government under PMAY scheme.
Top affordable localities in Bangalore
Over the years, Bangalore has seen enormous infrastructural growth and development. With upcoming metro, malls, parks, academic institutions and other facilities, India’s IT capital has proven to be the ideal place to invest in the real estate industry. Many parameters, including lower unit sizes and distant places, characterize affordable homes. Let’s look at the top preferred areas in Bangalore to invest in affordable housing.
Areas such as Hebbal, Yelahanka, Devanahalli contribute outstanding housing projects that meet the demands of each home buyer. These regions also offer affordable 1 BHK, 2 BHK, and 3 BHK flats in addition to villas.With elevated expressways, metro routes, NH-7, upcoming Peripheral Ring Road, tech parks, renowned schools, colleges and shopping malls, areas in North Bangalore offers affordable apartments for buyers to capitalize.
Electronic city is among the top locality offering a list of increasing residential properties. Buyers looking at investing in affordable houses look at areas surrounded by infrastructural development. Electronic city is home to top corporates and IT parks, making it a perfect choice for the salaried residents. It also houses schools, hospitals, banks and theatres which provide a holistic lifestyle. Many significant residential projects provide affordable properties in this area.
The suggested Peripheral Ring Road and the construction of new metro line has given the area an added benefit for investors looking at affordable housing. Over the previous few years, the region has seen a lot of commercial and residential development.
Whitefield is a commercial and residential hub which is well-known. Whitefield offers villas, luxury apartments and affordable residences for home buyers almost every day. The area is anticipated to experience minimal traffic with the upcoming metro line and the introduction of suburban trains.
Sarjapur Road is another property hotspot surrounded by areas such as Electronic City, Whitefield and Koramangala. The existence of a multitude of academic institutions and corporate offices makes this area a definite growth and development place.
Affordable housing in Tier 2, 3 cities
Investors in real estate have extended their footprint into Tier 2 and 3 cities other than metros. The move also has been because of industry expansion like IT and e-commerce into these cities and lack of affordability in larger cities. The demand for affordable housing has increased in cities such as Ahmedabad, Mysuru, Jaipur, Chandigarh and Kochi. With smart cities initiative by the government, developers have also turned their focus on Tier 2 and 3 cities.
Bangalore is seeing more and more buyers leaning towards affordable housing. At present, Indian home buyers who are mainly young professionals want to achieve their goal of buying their dream home refusing to compromise on quality, size and location.