Affordable housing options in Mumbai
It can be a distant dream for many people to own a house in Mumbai, as most of the places have skyrocketing land values. You might be surprised to know that some affordable options for housing do exist in Mumbai. Let’s see what you can buy for 30 lakh in Mumbai.
Budget locations for buyers of homes in Mumbai:
In the suburbs of Mumbai there is a lot of land available and the rates are quite reasonable as well. As a result a number of new localities like Boisar, Vasind, Ambivali, Badlapur and Palghar have sprung up. These localities are gradually becoming low budget housing localities. The residential projects in these localities are selling units of 1 and 2BHK in only Rs 3000- 4600/ square foot.
Boisar: It is located in Thane district and it attracts workers from Dhanu-Boisar-Palgar region. Boisar has a number of hospitals, private schools and housing societies. Right now, the selling price of flats in this area is approximately Rs 2400 – 3100/ square foot.
Palghar: It is also located in Thane district and is accessible by NH-8 (Mumbai-Ahmedabad National Highway. Affordable projects are being set up by different players; these include HDIL with Paradise City in West, Poonam Park and Sathya Lifestyles. The current price of flats in Palghar is approximately Rs. 2600 – 3000 / square foot.
Nallasopara: Nallasopara is connected directly to Mumbai and Mira road via NH-8. This area attracts the working class citizens who are looking for 1bhks and therefore a number of projects like Meghdoot Plaza, Bharat Bhusan Apartments and Badshah Baba Appartements are offering 1bhks for about Rs 3100 – 4300 / square foot.
Naigaon East: It is located only 1.5 km from the Naigaon Stations and is also close to the Juhu Chandra railway station. It is interesting to state that this area has seen a capital appreciation of more than 18% in two years (Q1 2012 to Q1 2014). Flats in this area are selling for approximately 3600 – 3900/ square foot.
Vasai: It forms a part of Vasai-Virar belt. This area has become a popular locality in the last decade. Major reasons for growth in Vasai are affordable housing, projects by big developers, good connectivity with the neighboring localities and improvements in the infrastructure. The current price of flats in Vasai is approximately 4500 – 5400 / square foot.
Dronagiri: Dronagiri is located at southern of the Navi Mumbai. The area is witnessing growth in the real estate sector and a number of developers like Prajapati Developers, Akshar Group, Poonam Developers, Kotak Properties and Vardhman Developers have their projects here. The rate of flats in this area is Rs. 3600 – 3950 / square foot.
Taloja and Tajola Panchanand: These areas are located behind Kharghar and these are the upcoming areas in the Navi Mumbai. A huge number of local developers have started the projects in these areas because of being close to the Panvel and Kharghar railway stations. Kamdhenu Aura, Dhana Shree Pearl and Amar Harmony are upcoming projects here. The flats in these areas are currently selling at approximately Rs 3750 – 4250 / square foot.
Panvel and New Panvel: Last junction on harbor line of the Mumbai is formed by these localities. This area has seen boom in real estate market of this area in last 5 years. Land banks have been purchases by a number of developers in order to start new projects. These include, Monarch Universal, Paradise group, Anihat Universal, India bulls real Estate and others. The flats in this area are currently selling for about Rs 4100 – 5000 / square foot.
Neral: Neral is famous for the Neral – Matheran toy train. It is a town in the Raigad district. There are multistory apartments as well as plots available in this area. The flats in this area are currently selling for Rs 2250 – 2500 / square foot.
Asangaon: It is a part of the Thane district and is located on Mumbai to Nashik Expressway. There are more than 400 industries including the Oswal industrial estate and Jindal steel in this area. Huge number of home aspirants who have a low income and a limited budget are attracted to this area. The flats in this area are currently selling at a price of about Rs. 2600 / square foot.
Vasind: It is located on theNH3/ Nashik Highway. The area is growing because of having a number of educational institutions in Shahpur and Asangaon, manufacturing bases of companies, proximity to the Thane and logistics hub in the Kalyan. The flats in this area are currently selling for Rs. 2600 – 3300 / square foot.
Ambernath: It is a fast growing suburb in the North-East of Mumbai. It is located on Mumbai and Pune route near Kalyan. Ambernath is part of the Mumbai Metropolitan Region and is home to a number of national as well as international companies. The flats in this area are currently selling for Rs. 3000 – 3250 / square foot.
Badlapur, Badlapur West and Badlapur East: These areas are being preferred more and more by the working class because of having good connectivity from local trains, their proximity with the upcoming Badlapur – Panvel highway and growing commercial activity. A number of local players are jumping in and have started their projects. These include Raj group, Nahar Group and Mohan Group. The flats in these areas are currently selling for Rs. 3000 – 3250 / square foot.
Titwala: Titwala is located close to Kalyan and is famous among people who work in the regions of Vikhroli, Bhandup and Kalyan. This locality has 1bhks, 2bhks in size bracket 600 to 800 square feet. The flats in this area are currently selling for Rs. 3200 – 3550 / squre foot.
Khopoli: It is located strategically near the Highway between Mumbai and Pune. Khopoli enjoys good access to Pune, Mumbai, Navi Mumbai and Thane through road and rail. It is popular location for having second homes near Mumbai. The flats in this area are currently selling for Rs. 2950 – 3450 / square foot.
Mumbra: it is a suburb of the Thane district and is mainly residential area. Mumbra has a number of industries and some new industries of medium size are developing in Kausa – Sheel area. There are also large scale industries in this area. These include, Raunak Group, Bharat Gears ltd and scientific Devices Private Ltd. The flats in this area are currently selling for Rs. 3300 – 4550 / square foot.
Bhiwandi: Bhiwandi is famous for the textile industry and has biggest number of the Power loons in India. The NH-3 (Mumbai to Agra highway), passes through Bhiwandi. It makes sure that the city has smooth connectivity with Thane, Mumbai, Nathik and other parts of India. Such factors make Bhiwandi a great hotspot for investment for people who have a budget of around 30 lakh or below it. The flats in this area are currently selling for Rs. 2800 – 3850 / square foot.