JLL India on Tuesday picked Navi Mumbai and Pune among the country’s 10 cities that offer great lower-budget realty investment prospects.
JLL said though affordability is a relative term, it is pertinent to look for 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 infrastructure 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 said.
Over the last few years, the real estate market in Navi Mumbai and surrounding areas has shown an impressive growth, largely because of the planned approach taken towards development. Now, with Navi Mumbai receiving the 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.
The firm also said the proposed SEZs at Dronagiri, Ulwe and Kalamboli and the international airport at Panvel are the trigger for development of residential and commercial real estate.
The Mumbai Trans Harbour Link will prove to be a major game changer for the property market. This project will not only open new corridors for development, but also provide a fillip to the property market of Navi Mumbai, 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 a good growth in the affordable housing segment. Such projects are located on the periphery and offer small 1-2 BHK flats with basic, no-frills amenities. Interestingly, while there has been compelling growth in the high-end segment with luxurious 3-4 BHK homes, the budget housing story is far more attractive to investors. One of the best Indian cities to live in and with more promising infrastructure development in place, Pune offers better standards of living than metros,” said the report.
The other cities in the list are Hyderabad, Jaipur, Surat, Ghaziabad, Nagpur, Kochi, Coimbatore and Ahmedabad.
Navi Mumbai still offer options for residential housing within the budget
of Rs 30-50 lakh
