Mumbai buzzes with an electric fervour that attracts Indians and expats alike. Over the years, the city has burst its seams, overflowing into the suburbs and beyond. Not surprisingly, housing has become more and more expensive. While the cities and many of the suburbs are beyond the reach of the common man, some outlying places are undergoing major facelifts. These areas are not just affordable but also have convenient transportation.
Here are five of our top picks.
Mira Road
Middle-class property buyers looking for relatively affordable housing need not look beyond Mira Road-Bhayander. Rapidly rising in popularity for offering apartments that are good value for money and easy connectivity, Mira Road is also relatively less populated. In a teeming city like Mumbai, this becomes one of the prime deciding factors.
Mira Road, once a gram panchayat, underwent a speedy transformation with its accessibility to the city centre via the Western Express Highway and to Thane through Ghodbunder Road. Prices in this area, which has all the necessary amenities, range between Rs 6,500 to Rs 8,000 per sq. ft.
Ulwe
Navi Mumbai is an area that is much in demand for both affordable as well as luxury housing options. While Vashi, Chembur, and Panvel are areas where housing prices continue to skyrocket, recently developed towns like Ulwe are the rising stars. Ulwe was carved out of mangroves and marshland by the City and Industrial Development Corporation (CIDCO) and today offers a plethora of budget housing options.
With the Navi Mumbai International Airport, Seawood-Uran rail network, and the Mumbai Trans-Harbour Link being built nearby, Ulwe is going to be pricey in the near future but offers relief for first-time homebuyers now.
Kharghar
In recent times, Kharghar has grown to be one of the most sought after locations for investing in an apartment. Kharghar began developing around the mid-90s and is now a very attractive area to settle in thanks to the presence of abundant green spaces, a sparse feature in a crowded city like Mumbai.
Additionally, it also has schools, children’s playgrounds, and transport links, all of which make it very convenient for young families.
Badlapur
Situated near Thane, Badlapur is fast coming up as a preferred area for property buyers. Located near the forthcoming Panvel-Badlapur highway, Badlapur is a convenient spot to own an apartment. Additionally, recent prices for apartments fall in the affordable Rs 2,600 to Rs 3,600 per sq. ft. range with new 1 BHK apartments beginning at Rs 22 Lakh.
Apart from possessing excellent amenities like schools, hospitals and parks, Badlapur is located close to beautiful picnic spots like Kondeshwar and Chikhloli Dam.
Vasai-Virar
Amidst the sluggish Mumbai real estate market, Vasai–Virar is one area that has held its own, witnessing huge leaps in demand for housing. Experts estimate that property in the area has appreciated six times over since 2007 due to growth and development in its surrounding areas.
Currently, property prices are in the range of Rs 4,000 to Rs 6,000 per sq. ft., which is great for an area that has convenient transport links to the city centre as well as well-developed facilities.
Apart from this South Mumbai, Lower Parel, Bandra, Worli, Juhu, Andheri Locations are also good to buy Affordable Property in Mumbai