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Very encouraging news has emerged from the real estate market for middle class families and young working people who want to set up their homes in Prayagraj, which has religious, historical and administrative identity. A wide range of 1BHK and compact 2BHK flats are being made available in the city at starting prices of just Rs 20 lakh under the affordable housing schemes of Prayagraj Development Authority (PDA) and new housing projects by private developers. In the last few years, the revamp of the infrastructure under the Kumbh and Maha Kumbh, new four-lane and six-lane flyovers, new bridges on the Ganga and Yamuna and the ring road network have brought the suburban areas of Prayagraj at par with the main city. Buyers with limited budget are now taking advantage of this opportunity to own their own roof instead of relying on rented houses.
The biggest USP of these affordable housing projects being developed in Prayagraj is their easy rail and road connectivity. These residential colonies are located at a direct distance of just 15 to 25 minutes from major railway stations—like Prayagraj JunctionClick to open side panel for more information, Subedar GanjClick to open side panel for more information and Chhivki Railway Station. This location connectivity is proving to be very convenient for working people and businessmen who regularly travel to Lucknow, Kanpur, Delhi, Varanasi or Patna. Through these projects, reaching Prayagraj Airport (Bamrauli) and major commercial centers Civil LinesClick to open side panel for more information has also become very easy due to signal-free wide roads. The 24-hour availability of e-rickshaws, city bus services and cabs has completely eliminated the worry of daily commute.
Three major areas on the real estate map of Prayagraj have emerged as the biggest affordable hubs for the middle class. The first among these is Naini, which is directly connected to the main city through the new Yamuna Bridge and group housing projects have grown rapidly here due to industrial development and educational institutions. The second major area is of JhalwaClick to open side panel for more information and Devghat, where modern flats are available in the range of Rs 20 to 28 lakh in the planned colonies around Triple IT (IIIT). Apart from this, affordable housing is also available in Kalindipuram and Rajapur Extension areas under government and private societies. Essential basic civic amenities like 24-hour security, power backup, community hall, kids play area and green parks are also being provided in these societies.
On the occasion of the festive season (Dussehra, Karva Chauth and Diwali), developers and housing finance companies have launched a flurry of offers to attract home buyers. Upfront discount of up to 18 percent is being given on projects. Along with this, additional financial benefits like ‘No EMI till Possession’, free modular kitchen, zero club membership fees and free car parking space have also been included in many projects. Some builders are also offering to bear the cost of registry fee (stamp duty), resulting in additional direct savings of Rs 2 to 3 lakh in the total budget of the buyer.
The financing structure of a flat under Rs 20 lakh is very convenient for a middle class buyer. Home loans up to 80 to 90 percent of the total cost are being easily approved on flats of this budget by nationalized and private banks. This means that the buyer has to make a down payment of only Rs 2 to 3 lakh and the remaining amount is converted into easy monthly installments (EMI). At the current interest rate of 8.5% to 9%, the monthly EMI for a tenure of 20 years comes in the range of around Rs 15,000 to Rs 16,500, which is typically the same as the rent for a 2BHK flat in the city.
Before getting attracted by cheap flats, buyers must check some important legal and technical aspects. First of all, ensure that the project is registered on the official portal of Uttar Pradesh Real Estate Regulatory Authority (UP RERA) and has a valid RERA registration number. Apart from this, the layout plan of the project should have been approved by Prayagraj Development Authority (PDA). Investing in bank approved projects (APF Number) is considered safer because the banks have already verified the title deeds and legal documents. Deposit the token amount only after confirming all the documents so that the lifetime capital remains completely safe.