Mumbai may be your dream home destination. With its glammed up facade, skyscrapers and the urban charm, it has been indeed called the ‘city of dreams’. However, when you look a little deeper, you will find that the financial capital of India can only manage to offer you a 1 BHK unit, even if you have come up with a ‘substantial’ budget.
Everyone knows that Mumbai has a glamorous realty market. A spacious home in its popular neighbourhoods can only be afforded by those with knee-deep pockets. But this does not mean that mid-segment buyers can’t own a home here. This is when the suburbs and affordable localities come into play.
In this article, we will talk about some of the localities that offer affordable but compact homes to the mid-segment homebuyers of Mumbai Metropolitan Region (MMR).
Localities in Thane
Since Thane is affordable as compared to the main city of Mumbai, compact here means ranging between 600-1,100 sq ft. If you are looking for a 1 BHK or 2 BHK apartment in this size, there are a few localities that should grab your attention-
Dombivali- The Kalyan-Dombivali corridor is rapidly developing as the growth suburb of Mumbai real estate. Properties here are launched by reputed builders like Lodha, Runwal and D P Homes. Since industrial growth is going hand-in-hand with its improving infrastructure, the locality is also gaining much investment attention.
Kalyan West- The three main reasons to invest in Kalyan are- the mushrooming of commercial destinations around the area, properties in affordable range and the prospects for exponential growth. Godrej Properties, Nirmal Group and other builders have already started out with their residential project in the neighbourhood.
Shilphata- Its strategic location connecting a number of popular destinations is the main reason why Shilphata is a desired locality. Developing on the lines of Ghodbunder Road, the locality will leverage on its connectivity feature.
The above three localities will be suitable for you if your budget ranges between 33-40 lacs as the rate here usually ranges between 3,500-5,500 per sq ft.
Localities in Mumbai
The definition of ‘affordable and compact’ changes as soon as you enter the more developed areas of the main city Mumbai. If you have come with a budget of 35-40 lacs, all you can get is a 1/2 BHK apartment with size ranging between 550-850 sq ft. Rs 4,500-6,500 per sq ft is an affordable range for such properties. Here are a few localities where you can find them-
Virar- The locality boasts of a well-developed civic infrastructure. After becoming a part of Vasai-Virar Municipal Corporation, its real estate market showed impressive price appreciations.
Mira Road- It has now grown into a much sought-after locality but still offers a few affordable options. Keeping you connected to the city, its rental market is also performing very well. Though flocked by local developers, price appreciation aspects soar high for this neighbourhood.
Bhayandar- Particularly, the Mira-Bhayandar Road is what attracts investors attention. Good road and rail connectivity, developed social infrastructure and affordability contribute towards its real estate growth.
Localities in Navi Mumbai
Navi Mumbai offers plenty of options in the affordable segment. Compact home here means one ranging between 650-1000 sq. ft. Rates for 1/2 BHK apartments range between 4,800-6,500 per sq ft which makes it affordable for the above stated budget. Some of the popular residential locations of Navi Mumbai are-
Ulwe & Madh-Marve- These two locales made the news for affordable realty in Navi Mumbai. Infrastructure growth and employment generation are the two main factors that contribute to the high residential demand in the area. Sobha Developers and Bombay Constructions are the two among many developers venturing in here.
Kharghar- Arihant Group, Paradise Group and many more have launched their properties in Kharghar. Good connectivity with the airport and a thriving social infrastructure are its two major plus points.
Now that you know where to look, start off with your homebuying journey already!
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