What kind of home ₹1 crore will get you in Delhi, Mumbai, Bengaluru2 min read . Updated: 19 Dec 2018, 07:52 AM IST
Rs 1 crore can get you a studio apartment or a posh 3 BHK flat or even a villa, depending upon where you choose to live in India
Mumbai: If you have a ₹ 1 crore budget to buy your dream home, it may either fetch you a tiny studio apartment or a plush three-bedroom duplex in a beautifully landscaped gated community—a minimalist studio in Bandra, a modest one-bedroom flat in suburban Mumbai or a spacious two-three bedroom apartment in Gurgaon or South Kolkata.
The location of the property makes all the difference.
In India’s most expensive property market, Mumbai, finding a decent ₹ 1 crore home is a tough ask within the city limits. In Bandra, one of the most sought-after neighbourhoods and home to several Bollywood stars, the least you would have to shell out for a tiny one-room flat of 250 sq. ft is ₹ 1 crore. Brokers say residential units in the vicinity are bought for ₹ 40,000-57,000 per sq. ft. A little farther away, in Andheri, the same budget may fetch you a 500 sq. ft one-bedroom apartment.
“Considering the gentry, particularly in places like Bandra, one-bedroom apartments are typically 425 sq. ft, and two-bedroom apartments are 625 sq. ft," said Yashika Rohiira, owner, Karma Realtors.
However, the suburbs offer a better deal. In Thane and Navi Mumbai areas, ₹ 1 crore can help you buy two-three bedroom apartments of sizes ranging from 900-1,500 sq. ft.
Elsewhere, such as in Noida and Gurgaon in Delhi NCR, ₹ 1 crore would offer homebuyers a spacious two-bedroom or three-bedroom apartment of 1,250-1,700 sq. ft. According to data compiled by Anarock Property Consultants, one can get a 1,550 sq. ft three-bedroom apartment off the Dwarka Expressway or a 1,700 sq. ft home in Indirapuram, Ghaziabad.
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“There is no shortage of options for buyers with a budget of ₹ 1 crore. The options obviously vary according to one’s wish list in terms of location, the number of bedrooms and overall flat size," said Anuj Puri, chairman, Anarock Property Consultants.
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For instance, in Bengaluru, homes cost ₹ 5,000-7,000 per sq. ft, while in Thane rates vary between ₹ 9,000 and ₹ 17,000 per sq. ft. “Thane is 10-20% premium to the average price of Bengaluru and Pune put together," said Om Ahuja, chief operating officer, K Raheja Corp. “The decision for homebuyers boils down to whether they are looking for a value deal or whether they are looking for a reputed developer."
According to Pankaj Kapoor, founder and managing director of property consultant Liases Foras, peak price for places such as Lucknow and Kanpur could be ₹ 6,000-11,000 per sq. ft. “You can live in a posh location in a smaller city for a similar price. But as the city becomes bigger and much more complex, you have to travel to the periphery for the same price. That’s where the struggle is."