Budget Homes

"Budget Flats in Chennai" are mushrooming now in West Tambaram.

A single/double bedroom apartment below 15 lakhs or from 10 to 15 lakhs will be a great deal. This is a good sign for chennai's middle class or middle income society. They can find their nest in their city at affordable cost.

It is easy to get a housing loan for "Budget flats" if your salary is within 25k per month. Salary below 30k can get housing loan easily upto 13 to 15 lakhs.

Nowadays and 900+ sqft double bedroom flat is around 30 lakhs. It is normally begin from 25 lakhs in out of the city. The price raises according to land price where the flat is built.

Recently two of my friends bought double bedroom house. Once is near/around velachery which is costing 38 lakhs. Both husband wife are working. Another is near Palavaram, which is costing around 30 lakhs. Both the couples are working here.

Under salaried middle income group, NRIs - double income couple - sky scrapping salary holder can alone afford for such loans.

Single income or middle income section of people can not afford buying such housing loan. Budget Flats is their solution now and the future.

Remember, if you are buying a house through loan, you are not buying a house. You are actually buying an housing loan.

If you a salaried employee, your house is decided by how much housing loan you can buy.

In this scenario, the arrival of budget flats or single bedroom flats or double bedroom flats around the borders of chennai is boon for middle income salaried people. They are costing around 10 to 15 lakhs. An easily purchasable housing loan amount by middle income or single income salaried people.

I personnaly, witnessed a double bedroom flat (700 sqft) in Urappakkam, which is costing 12 lakhs two years back. While I was negotiating for 11 lakhs, It was booked by somebody else at 12 lakhs instantly.

It would be a good deal, but I missed and I was having a second thought because it was too far away from the main city.

Budget flats does not meant as smaller size or lesser square feet. It may be smaller or single bedroom if available in city limit. There are double bedroom flats( 700 sqft onwards ) available around the outskirts of chennai for the prince of 10 to 15 lakhs.

Budget flats are lower in price as well as lower in size at the same time there is no compulsion that it should be lower in size. The more distance from center of the city, the bigger the size of the bugdet flats.

Budget Flats are primarily referring to Cost.

Remember the price of the same sized houses will be vary depending upon the price of the land where it is built.

Inquire your realty agents, builders for budget flats rather then going for flats whose housing loan value is more than 30 lakhs. Resist your temptation.

Business is nothing but, what is the demand and want of the society. If the demand of the society is budget flats, soon the builders has to obey for society.

Right now the untapped housing market is middle income group of people. Soon the realty builders will engage to exploit the untapped market by selling budget flats. Till then wait, and resist your temptation to buy expensive housing loans.