Buying a property in Mumbai Metropolitan Region (MMR) within Rs 40 Lakh might sound like a dream to many. But interestingly, as property values in Mumbai touched the sky and land parcels got exhausted, several new regions have emerged over the last few years as affordable alternatives.
As per RoofandFloor’s proprietary data model, localities in Navi Mumbai and Thane are the most searched localities in the city.
It is also evident that people are looking to invest in affordable properties.
So, if you too are planning to buy a property in MMR with a restricted budget, here’s a snapshot of the top five most searched localities.
Neral | Capital values: Rs 2,500-3,000 per sq. ft.
Robust connectivity, sound infrastructure, and affordable property values are the three factors that have catalysed the real estate market in Neral. Over the last three years, it has emerged as one of the fastest growing residential and educational areas of Mumbai.
Neral lies along the Palm Beach Road, giving its residents a wonderful view of the waterfront.
Situated in Navi Mumbai, Nerul is well connected to the rest of the city by road and railways. It is directly linked to Sion-Panvel Expressway and a large part of the Palm Beach Road passes through it.
Compared to the surrounding areas of Karjat, Badlapur, and Ambernath, Neral offers several property options in the affordable segment. While the prices in the surrounding areas range anywhere between Rs 3,200 –5,500 per sq. ft, Neral offers property within Rs 2,500-3,000 per sq ft.
Further, proposed infrastructure projects such as the Neral-Dasturi Road, Naka-Matheran Road, and the development of the Badlapur-Karjat Road into a four-lane highway is also expected to further up the ante of this area. Lastly, Navi Mumbai Airport is also expected to propel the realty growth in Neral.
At present, there are over 110 properties for sale in the area.
Palghar | Capital values: Rs 2,200-3,500 per sq. ft.
A fast emerging industrial and residential destination, Palghar clocked the second position on our list of five most searched localities in Mumbai.
Strategically located, it boasts of connectivity to Mumbai and Surat. The realty growth of Palghar really took off about two years ago when it became Maharashtra’s 36th district after being carved out of the Thane district.
Palghar has several educational institutions, commercial areas, banks, and hospitals. The district is also popular for its forts and palaces.
It is also expected to benefit from the Delhi-Mumbai Industrial Corridor (DMIC). Further, there is also a new township project planned for which the government has already allotted 440.37 hectares to Cidco. It is likely to be developed on the lines of Navi Mumbai.
Competitively priced currently, Palghar is a high-growth potential destination. With proposed industrial and infrastructural development, investment here is expected to fetch greater returns in the future.
At present, there are over 200 properties for sale in Palghar. Out of the total properties available, nearly 60% is ready-to-occupy while the remaining are slated for possession in the next two years.
Badlapur | Capital values: Rs 2,800- 4,600 per sq. ft.
Ample land availability, coupled with infrastructure development, has helped Badlapur secure the third slot on our list. Divided by a railway track, the area has been witnessing developments on both the sides – eastern and western. Interestingly, the western side is already developed with social infrastructure in place while the east is growing at a rapid pace.
Badlapur has excellent inter-city connectivity via the railways and roadways to Thane, Bhiwandi, Pune, and Mumbai. Further, there are also several infrastructure projects being undertaken, including the monorail project on the Thane- Kalyan- Badlapur route that will further enhance connectivity in the region.
Buoyed by these factors, Badlapur is an ideal destination for home seekers looking for affordable homes. Realising the growth potential, many leading developers have launched their projects in the area.
As per RoofandFloor, there are over 300 properties available in different property segments by developers like XRBIA, Kalp Group, Pranjee Properties, and Gajraj Builders & Developers.
Kalyan West | Capital values: Rs 4,800 – 6,000 sq ft.
Falling under the ambit of Greater Mumbai, Kalyan West is another area that has evolved significantly over the last decade. According to RoofandFloor data, the average capital values in the area range from Rs 4,800 – 6,000 sq ft.
Kalyan Dombivali Municipal Transport (KDMT) buses run in the city and surrounding townships. MMRDA has also planned two monorail stretches- one will link Kalyan to Ulhasnagar and Dombivli, and the other will link Kalyan to Mahape.
A four-lane expressway is also being built that will connect Kalyan to Virar-Vasai-Diva-Bhiwandi-Panvel and Alibag. There is also a proposed plan of a central-harbor and central-western line. That’s not all! The government is also planning to revive a non-functional airport at Kalyan.
Constant development has ensured consistent appreciation in the capital values. And with these infra projects on the anvil, property prices in Kalyan are expected to further scale upwards in the next few years.
At present, there are over 180 properties for sale in Kalyan West.
Dombivli East | Capital Values: Rs 4,400-6,300 per sq. ft.
Excellent connectivity to other parts of Mumbai, Thane, and Navi Mumbai has augured well for Dombivli East. Another reason for the locality’s growth is its proximity to Thane, which is a bustling region of Mumbai.
The proposed Navi Mumbai International Airport is said to be only 12km from Dombivli. The locality’s proximity to the airport is expected to attract a lot of business and floating population to the city, which will further propel real estate growth here.
As per RoofandFloor data, Dombivli East has about 150 properties for sale by leading developers like Lodha Group, Versatile Housing & Infrastructure Pvt. Ltd., and Moga Realty Pvt Ltd Siddharth Group, to name a few.
Also, read about most searched localities in Bangalore and Chennai.
