How much carpet area can INR 50 lakhs get you?

When it comes to buying a property, space is given a huge priority. And the space we can get is dictated by the amount of money we can spend on a property. A 4 BHK property in Chennai is likely to cost the same as a 2 BHK property in Mumbai. Let’s find out how much space you can purchase with a budget of INR 50 lakhs across 3 important cities in the country.
Mumbai
The financial capital of India has been the most sought after realty destination due to its economy, standard of living and most importantly its film fraternity. And with the city fast reaching its saturation point several residential pockets across the peripheries have developed. The growing demand for properties is pushing prices upwards here. Finding a luxurious home in Mumbai remains a mere dream. For instance, a 400 square feet 1 BHK home in Navi Mumbai or Thane or even the newly developed eastern suburbs would cost about INR 50 lakhs. However the same space will cost not less than 2 crores in the city.
Chennai
Cited to be one of the most promising cities realty wise, Chennai has caught the attention of many home buyers. The presence of large tracts of land and its growing IT/ITeS sector has transformed this city into a global realty hotspot. While larger homes that spread over a huge carpet area are limited to neighbourhoods like OMR (Old Mahabalipuram Road) and ECR (East Coast Road), areas like Adyar and Anna Nagar or localities along the southern region of the city offer smaller spaces at similar prices. For instance, a 2 or 3 BHK apartment in OMR that offers a carpet area of over 1,200 square feet is estimated to cost anywhere between INR 41 lakhs and INR 48 lakhs. A 750 square feet home in Adyar is estimated to cost an average of INR 47 lakhs. So if you looking to purchase generous living spaces, newly developing areas are ideal locations for you.
Bangalore
Despite being a sluggish market, the city is still brimming with construction activity. Known for being one of the fastest developing cities, Bangalore boasts of having a realty sector that is growing by leaps and bounds. And the growing housing demand is further expanding the city’s realty horizons, thereby creating several new residential pockets. While some demand is being driven by the IT sector, some is driven by the growing commercial/industrial belt. While developing localities are offering generous living spaces at economical prices, established localities are still holding on to the high price tag.
People are now moving away from investing in traditional individual homes to high rise apartments. High maintenance cost and security are two factors that are pushing home buyers to move into an apartment.
MIGs are now showing a keen interest in owning properties in upcoming residential suburbs. You are likely to pay 5 times the price for a 1,000 square feet home in a locality like Sadashivnagar when you can get the same 2 or 3 BHK home within INR 50 lakhs in self-sufficient micro markets like Whitefield and Electronics City. Both these developing neighbourhoods offer the same established social infrastructure, great connectivity and good civic amenities that can be found in well-known localities.
Nidhi C Thacker for IndiaProperty.com
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By: indiaproperty.com