by THO
A 29-year-old non-resident Indian is seeking suggestions on Reddit with regards to a city for relocation upon his/her return to India.
“Is 1.25 cr enough to settle in India? Which city would be the cheapest to live in?,” caption of the Reddit post reads.
The user fears that he/she may get fired from his job in the UK and is mulling a return to India. “I’m okay with the Hindi belt (Noida, Lucknow, Patna, Jamshedpur, Raipur, etc) as long as I can do a remote/local IT job. Bangalore/Gurgaon/Delhi/Mumbai are too expensive,” the Redditor wrote.
“Is 1.25 cr enough to settle in the Hindi belt? Could I buy a place and still have money left over.,” the social media user added.
The IT professional, who resided in NCR/Bengaluru before moving to the UK is, however, apprehensive if adjusting to life in a Tier II city of India may prove to be a difficult experience.
Netizens add their two cents
While netizens largely steered clear of making a case for Bengaluru or Mumbai, a host of tier II cities made the cut, including Pune, Lucknow, Goa and Kolkata.
“Pune is best bet for you. Go for renting, it’s still cheaper. And there are many IT companies too. And labour is cheap for household work,” one of the users wrote.
There were also those who recommended that the NRI travel and work from multiple locations. “Get a small 1 BHK in Rishikesh…When it’s too cold in December then move to Goa and rent an apartment for 1 or 2 months…Again in monsoon go to Leh and stay there. On (the) weekend rent a bike and explore Ladakh,” a Redditor wrote.
Another user recommending Vadodara in Gujarat wrote: “2 BHK – 25-30 lakh to buy (decent ones). 10-15K to rent.” The individual listed factors such as proximity to Mumbai and Ahmedabad, safety, presence of healthcare services, good roads and electricity supply, among others, further making a case for the city.
Those advocating in favour of Kolkata wrote: “In South Kolkata you can easily get flats in 10-30th floor (1-2 BHK) under 25K. Overall food is really cheap.”
How much can ₹1 crore fetch in India’s top property markets?
Mumbai is the financial capital of India and has always been in the news for being the hottest real estate market in the country. However, when it comes to purchasing a budget residential property, there is only little that the city has to offer.
According to local brokers, with as much as a ₹1 crore budget, homebuyers can only purchase a compact 1 BHK, spanning around 400 square feet in carpet area, in the western and eastern suburbs of the city including areas like Dahisar and Mulund.
Homebuyers can alternatively opt for a studio apartment in the range of 250-350 square feet. However, there are only a handful of developers preferring to construct studio apartments in Mumbai, brokers highlighted.
In contrast, ₹1 crore can buy Grade A 1 BHK and 2 BHK units spanning anywhere between 600 – 1,200 square feet in Bengaluru. These projects are available in the northern and southern ends of the city, and peripheral business district areas such as Electronic City, Whitefield and so on.
Meanwhile, in Delhi-NCR, one can get a 1,000-sq ft 2 BHK in emerging sectors of Noida or a 1,350-sq ft 3 BHK in Greater Noida, for a budget of ₹1 crore.
Lastly, in Kolkata, ₹1 crore can buy as big as a 2,000 sq ft 4 BHK in the northern end of the city, close to the airport. With a pricing of around ₹6,500 per sq ft, one can also hope to find a 1,500-sq ft 3 BHK in South Kolkata.
