Where To Buy Affordable Houses Around Mumbai
Mumbai sees a high demand for affordable housing units within the price range of Rs. 25-30 lakhs. However, due to the skyrocketing property prices in Mumbai, it is difficult for a person to find affordable housing in the country’s financial capital. Yet, there are certain locations in and around Mumbai where one can find affordable houses. Most of these locations are outside Mumbai, yet have very good connectivity to the commercial centres of Mumbai.
Areas with affordable housing
If one wants to buy a house, starting with the lowest budget to the highest, several areas in Navi Mumbai are available within the range of Rs. 16-30 lakhs. These areas include locations such as Nerul, Panvel, New Panvel and Roadpali. A 1-BHK apartment of size 500-600 sq.ft is easily available in the range of Rs. 15-16 lakhs. A 2-BHK apartment of size 700-1,100 sq.ft is available for a budget of Rs. 20-35 lakhs.
If you can afford a higher budget, you can find good properties in locations such as Ulwe in Navi Mumbai, Vikhroli in Mumbai and Vasai. Ulwe and Vasai are ideal locations for people who want to buy properties with a budget starting at Rs. 25 lakhs. There are already several projects coming up in Ulwe. Property values range between Rs. 4,500-5,400 per sq.ft in this locality. The locality is close to the proposed Navi Mumbai International Airport. Hence, property prices can be expected to rise once the project related work begins.
Vasai too is undergoing commercial and industrial growth, and has seen consistent rise in property values in the last year. Yet, most properties here are in the affordable range. The average property price in Vasai is in the range of Rs. 4,600-4,900 per sq.ft. A 1-BHK property is available within a budget of Rs. 20-35 lakhs whereas, a 2-BHK property is available in the price range of Rs. 35-50 lakhs.
Vikhroli is located in the middle of the Eastern Express Highway (EEH). It has a few well planned highways and flyovers that connect Sion and Thane. One can reach Thane from Sion in 30 minutes. Vikhroli is also well connected by the LBS Marg from the west. The highway further connects it to western suburbs including Bandra and Jogeshwari. Vikhroli offers 1 BHK apartments within a budget of Rs. 55-60 lakhs. With the Mumbai metro expected to come here, property prices are set to go up by 12% in the first quarter of 2014.
One can also look at distant areas in Navi Mumbai such as Taloja and Dronagiri. However, these areas are still undergoing development and lack the necessary social infrastructure. If one is willing to buy and hold a property for the next 5 years, these localities can give a good price appreciation.
