21 NOVEMBER, 2022

The real estate market is always a good deal. A recent report by Anarock Property Consultants revealed that the real estate market in India would soon become a buyer's market in India.

According to this report, many suburbs and cities are the best sites to buy a house. It will be due to many factors, like rising prices, more investment from foreign entities, and increasing construction projects. This means that while there's plenty of affordable real estate to be purchased, it's unlikely to stay cheap for long.

The report also pointed out that over 50% of all residential properties are already under contract or sold. In addition, developers are starting new projects with less than 30% occupancy, compared with earlier years, when they had around 60%. This means the opportunity to get properties at below market value is possible.

This is great news for those looking to purchase their dream home at an affordable rate. Now, this brings us to the next question, which is the most affordable place in India to buy a house?

To help you with this, we have listed down some of the best places in India where you can invest in buying a home:

1. Kolkata

Kolkata is one of the most affordable cities in India to buy a house. Kolkata is the best option for you if you are looking for cheap houses. In the case of Kolkata, it does not matter if you want to buy a house or an apartment because both types of properties are available at an affordable price range.

The city has witnessed some major developments over the past few years, and now many new projects are coming up, which can be considered a good investment opportunity for anyone who wants to invest their money wisely into real estate development projects in this city.

While Kolkata is considered relatively cheap compared to other metros such as Bangalore and Mumbai, this is unlikely to remain the case for long as the demand for real estate in this city skyrockets.

2. Chennai

Chennai is the capital city of Tamil Nadu and is often referred to as the 'Detroit of India.' The city's population is 6.8 million, making it India's fourth-largest city.

Chennai is known for its history and culture, with more than 400 temples throughout the city. It also has a strong railway system, an airport, plenty of essential services, and more.

Besides this, it also has excellent modern amenities like malls, movie theatres, and restaurants that cater to every taste bud!

First-time home buyers can take advantage of this market's affordability and look for suitable housing that matches a reasonable budget.

3. Mumbai

While Mumbai is far from the cheapest property in India to buy a home, it remains one of the most cost-effective options to get the most bang for your buck.

Mumbai is one of India's most famous cities and is also this country's financial capital. It has been considered one of the best places to invest in property for several years.

You can find many affordable and well-maintained houses here, making it possible for you to purchase your own home without worrying about paying too much money or spending a lot of time searching for an affordable property.

Mumbai also has a good school system, a sound healthcare system, and many other amenities that make living here enjoyable and convenient.

However, if you're looking for Real Estate in Maharashtra, you always have another similar yet a significantly cheaper option, Pune.

4. Pune

Pune is the second cheapest place to live in India. It's also a great place to buy your best house in India, as many affordable properties are available, and the cost of living is low. The weather is good: it never gets too hot or too cold, with average temperatures ranging between 24 °C (75 °F) and 35 °C (95 °F).

Pune is slowly but surely becoming well-established on the world stage, with many software and IT companies beginning to spring up seemingly overnight. If this trend continues, Pune could soon start to rival Bangalore as the tech hub of India.

This means, of course, that real estate here won't be cheap for long! Rates in Pune are steadily rising as more software and IT companies begin moving into the city.

5. Bengaluru

Bengaluru is the capital of Karnataka and is also known as the Silicon Valley of India. It's easily one of the best and cheapest places to live in India, with a booming economy and vibrant nightlife.

Bengaluru has excellent weather year-round, plenty of green spaces for relaxation, and outdoor activities like jogging or cycling on roads.

There are also many shopping malls where you can buy anything from clothes to electronics at very reasonable prices. These malls often have free WiFi, so you can work while you shop!

The Amount You Save On Your House Could Translate into a Better Quality of Life for You

The cost of a home is enough to make anyone's head spin, but it doesn't have to be that way. You can save on the cost of a house, which means more leftover funds for renovations. These days, you can find financing that allows you to make home improvements without going over budget.

The amount you save on your house could translate into a better quality of life for you. If you are looking to buy a house, you are likely doing it because you want a nice place to live. However, many forget that the cost of living in a specific area is not only related to the property's price. It is also related to the cost of living in that area.

Let's say that you live in the suburbs and commute to work by car. You can save lots of money on gas—more than what would ever be needed if you lived downtown. If your neighbourhood has good public transportation options (like cabs), this will also cover some of those costs!

These are some of the most affordable cities in India to buy a home. They can be made even cheaper with the help of affordable home loans. We hope you will consider our suggestions and choose the right one for your needs.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.