Now Is The Best Time To Buy A House In Kolkata | Know Why

The Indian real estate market has seen tremendous growth over the last decade, resulting in steep price rises that have made homeownership increasingly unaffordable. However, there are still quality affordable housing options available for buyers who know where to look. Opting for an affordable property rather than overextending your budget can be a prudent decision that sets you up for long-term financial stability.  

The Escalating Housing Market in India

Especially in India’s metropolitan cities like Kolkata, Mumbai, Delhi, Bangalore, prices for even small flats in decent localities can run upwards of ₹80 lakh to ₹1 crore. As demand continues to rise faster than inventory in these urban hubs, rates are expected to climb even higher. This presents a formidable barrier to homeownership for the average Indian family without significant savings.  

What Constitutes an Affordable Home?

Affordable housing constitutes flats priced between ₹15-40 lakh in the suburbs and peripheral areas of major cities. They may have smaller square footage or be located farther from city centers than more expensive listings. However, their pricing is still low enough to be attainable for middle-income, first-time home buyers. Due in part to government housing schemes, there are still quality affordable housing projects available to make ownership possible.

Why Now Is The Best Time To Buy A House?

Entry Path to Homeownership

For most Indian families today, choosing an affordable housing property is the only viable path to achieving the dream of homeownership. Without sufficient savings for large down payments on premium city flats, affordable housing provides a way for aspirational Indians across socioeconomic backgrounds to secure their first home.  

Potential for Strong Returns on Investment

Affordable housing may start cheaper, but it still holds the potential for excellent returns on investment. As India continues its rapid urbanization, property in previously peripheral localities are being absorbed into metro limits. In the last 5 years alone, some affordable housing projects on the outskirts of Hyderabad have delivered as much as 75% capital appreciation on resale. This allows the original middle-income buyers to pocket significant profits.

Lower Interest Costs & Fees  

The lower principal amount also ensures EMIs associated with affordable housing are less burdensome. This leaves new homebuyers with enough monthly savings to redirect towards other financial priorities. From kids’ education funds, life insurance policies to retirement investments, buyers can plan for more of their long-term financial goals while still paying off an affordable home loan.    

Smaller Carbon Footprint

Compared to the sprawling luxury villas and apartments coming up in Indian cities today, affordable housing tends to utilize land and resources more responsibly. Smaller, more efficient affordable homes reduce waste in construction and lower the overall carbon emissions associated with these projects. For environmentally conscious homebuyers, this gives affordable housing an edge.

Affordable Homes Offer Financial Stability

While affordable homes may lack some of premium amenities, they still provide the security and pride of ownership. For middle-income Indians striving to establish financial stability while markets are volatile, owning an affordable home can provide shelter and equity for years to come. Rather than overpaying for expensive properties out of reach, affordable housing sets owners up for sustainable success even through fluctuating markets.

Conclusion

With India’s cities growing rapidly, quality affordable housing projects are still available to those willing to purchase in peripheral localities and suburbs. These homes provide middle-income Indians with a Launchpad for establishing homeownership and financial stability for the long run. Though small in size, owning an affordable home can set buyers up for life as its value and equity accumulates over their lifetimes. For these reasons, affordable housing remains not just a budget alternative but a pillar of smart money management for aspirational Indians.

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