Homebuyers In These Cities Have The Highest Average Budget
While affordability is a crucial element that decides how the real estate market will shape, homebuyers in some Indian cities have set a higher budget than others. Let's take a look at them.
It is no secret that tinsel town Mumbai is among India’s expensive markets when it comes to real estate. The average budget that prospective homebuyers in Mumbai have reserved is Rs 1.07 crore which is five per cent less than what it was in 2017, that is, Rs 1.13 crore.
Makaan.com indicates that there are over 74,000 apartments in Mumbai within Rs 1 crore. While the affordable ones are concentrated in the peripheries of Mumbai, you may come across 1BHK, 2BHK and 3BHK units in Mira Road, Thane West, Kharghar, Borivali West, Babhai, Kandivali East, Ulwe, Goregaon East, Andheri East, Bhandup etc.
Note that these may be units varying between 350-1,000 sq ft. The average demand of Mumbai is for homes sized 875 sq ft.
Even Gurgaon seems to have cut its average budget on housing by 15 per cent but that doesn’t bring the city down the ladder. Gurgaon homebuyers have the second highest budget reserved for property purchase within the micro-market at Rs 83.50 lakh.
Looking for apartments in Gurgaon within this budget? There are over 6,000 properties within the popular budget. You could turn to Sectors 8, 33, 37C, 47, 63, 104, Sector 63, Sector 33 Sohna are among the top localities with properties within this price band.
The average size of homes demanded in Gurgaon is 1,585 sq ft and there the market has adequate supply of these at various price points.
You can check out these apartments for sale here.
Among other cities, Bengaluru has the third highest average budget at Rs 68 lakh followed by Hyderabad with Rs 65.35 lakh and Chennai’s at Rs 61.40 lakh.
It is also noteworthy that Hyderabad is among cities that are willing to pay 10.8 per cent higher than the previous year for a property in the city. Pune may have hiked it budget too, but less than one per cent. Tier II cities are also ready to raise their budget by 2.6 per cent. All other Indian cities have asked for homes that are pocket-friendly.