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Buying your own house in the National Capital Region (NCR) of the country is the biggest dream of every working person and middle class family. The rapid expansion of infrastructure over the last few years, including Namo Bharat (RRTS), the network of expressways and metro connectivity, has completely transformed the real estate landscape of the suburban cities adjacent to Delhi. However, amidst the skyrocketing land prices and the flood of premium housing projects, the biggest question that arises is in which city can one get the cheapest and affordable flat or house for a middle class family with limited income. The latest property market survey and latest report released by real estate analytics firms present a comparative analysis of average housing rates in six major cities of NCR—Ghaziabad, Greater Noida, Noida, Faridabad, Gurugram and Delhi. These figures clearly show that while places like Gurugram and South Delhi are now far away from the reach of the common man, there are still some suburbs which remain the most suitable destination for the middle class to find the perfect home.
If you have a budget of Rs 35 to 60 lakh and want to live very close to Delhi, then Ghaziabad has emerged as the first and most preferred choice of the middle class in the entire NCR. Average residential property prices in Ghaziabad currently range from around Rs 4,500 to Rs 7,500 per sq ft. With the commencement of Delhi-Meerut Expressway, Hindon Elevated Road and the country’s first Regional Rapid Transit System (RRTS) Namo Bharat train, the journey from Ghaziabad to Delhi has been reduced to minutes. 2BHK and 3BHK flats are still available at very competitive prices in Crossings Republic, Rajnagar Extension, Wave City and areas adjacent to NH-9 (NH-24). Additionally, areas like Siddharth Vihar and Shalimar Garden are attracting families who prefer to live on the borders of Delhi on a budget. Continuous upgradation of infrastructure by the Municipal Corporation has made this city the most affordable and practical option for the middle class.
The second strongest contender after Ghaziabad in the affordable and mid-income segment is Greater Noida and especially Greater Noida West (Noida Extension). The average property rates here are being recorded between Rs 5,500 to Rs 8,500 per square feet. The biggest USP of Greater Noida West is that it offers a wide range of 2BHK and 3BHK apartments in the budget range of Rs 45 to Rs 75 lakh in high-rise gated societies equipped with modern club houses, swimming pools, 24-hour power-water backup and security. Additionally, considering the future investment potential in the areas around Yamuna Expressway and Jewar International Airport (Noida International Airport), many young working people are buying properties in Knowledge Park, Pari Chowk and Omega-Alpha sectors of Greater Noida. Due to the expansion of Aqua Line Metro and wide open roads, this area also provides a very peaceful and pollution free environment for children and elderly to live in.
Talking about Noida Click to open side panel for more information and Faridabad Click to open side panel for more information, both these cities are proving suitable for the upper-middle class. In Noida, the prices of flats in the premium sectors in the central and adjacent to the expressway have crossed Rs 10,000 to Rs 18,000 per square feet, which is beyond the general budget. However, there are still limited options for 2BHK flats in the tail end sectors of Noida like Sector 137, Sector 143 and Sector 168, priced between Rs 70 lakh and Rs 1 crore. At the same time, in ‘Greater Faridabad’ (canal crossing area – Sector 75 to 89), which is being developed under the master plan in Haryana’s major industrial city Faridabad, the average rates are around Rs 6,000 to Rs 9,500 per square feet. Due to Delhi-Mumbai Expressway Link Road and Violet Line Metro connectivity, Faridabad has become an attractive center for middle class professionals working in South Delhi, where better options of both independent floors (builder floors) and group housing are available.
Millennium City GurugramClick to open side panel for more information and the country’s capital DelhiClick to open side panel for more information has now become the center of pure premium, luxury and ultra-luxury real estate. Average property rates in the prime belt of Golf Course Road, Golf Course Extension and Dwarka Expressway in Gurugram have ranged from Rs 14,000 to more than Rs 25,000 per square feet. Finding a 2BHK flat from a reputed builder in a budget below Rs 1.5 crore in Gurugram has become almost impossible, with only a few affordable options left in remote areas like Sohna Road or Pataudi Road. At the same time, there is a severe lack of multi-storey projects of private builders within Delhi. For the middle class in Delhi, only DDA’s draw flats in Narela or Rohini or builder floors in narrow streets in unauthorized and semi-authorized colonies like Uttam Nagar, Burari come in the budget of Rs 30 to 50 lakhs, where people have to struggle with the severe lack of organized civic infrastructure and parking.