Affordable Homes in Mumbai Peripheries
One may find it difficult to find affordable properties within Mumbai or its suburbs. However, as one goes towards the peripheral areas beyond Mira Bhayander or Navi Mumbai, there are certain localities that still offer apartments in your budget. Here are a couple of localities that offer affordable homes.
Bhiwandi
Bhiwandi, a locality in the district of Thane, is located about 20 km to the north-east of Mumbai. The area is known for its textile industry and is often referred to as “The Manchester of India”. A majority of the area’s population is employed in the power-loom industry.
The locality has excellent connectivity to Mumbai, Thane, Nashik and the rest of India via NH-3 (also called Mumbai-Agra Highway). Thane Municipal Transport (TMT) and Kalyan Dombivali Municipal Transport (KDMT) buses are running at regular intervals. The Bhiwandi Nizampur Road Station lies between the western and the central line of the Mumbai suburban railway. There is a proposal to connect the Thane-Kalyan metro line through Bhiwandi Nizampur by the Metro Rail Corporation.
Various residential projects are available in the area with sizes ranging from 450-750 sq. ft. The most common configurations are 1 BHK apartments even though 2 BHK apartments are also available. The average property price varies between Rs. 3,300-3,630 per sq. ft. Hence, one can buy a flat here for a budget of Rs 15- 30 lakh. The area is expected to grow even further due to its planned projects, creating a larger floating population. Hence, the locality has a good potential.
Naigaon
Naigaon is an upcoming locality under the jurisdiction of Vasai-Virar Municipal Corporation (VVMC), Thane district. The locality has good connectivity and developing infrastructure. The Naigaon railway station lies on the western line of Mumbai suburban railway and is the station after Bhayander. The locality is also connected to Vasai Road. Naigaon east is connected by the Naigaon east road to Ahmedabad Highway.
There are several infrastructure projects planned for the locality. Hence, it forms a potential destination for investment. Some of the planned projects include a flyover connecting the eastern and western parts of the locality, the Virar-Alibaug multi-nodal corridor and a highway parallel to Ahmedabad highway.
Apartment sizes here usually vary from 500-1,000 sq. ft. while the average property price is between Rs. 3,500-4,000 per sq. ft. Hence, one can buy an apartment in this locality for a price of Rs 17-40 lakh depending on the locality and configuration. Naigaon is an apt destination for end-users as investors will have to wait for 6-7 years to see good returns.
Khopoli
Khopoli, an industrial town under the Khopoli Municipal council jurisdiction is in the Raigad district. It is located on National Highway-4 and is connected to Mumbai and Pune via the Mumbai-Pune Expressway and Mumbai-Pune old highway. The locality also has a good mass rapid transit system (MRTS) such as the train service and bus service. The area also has a growing civic as well as social infrastructure including several schools and colleges. This micro market is also an industrial town and has housed some major industrial units such as India Steel Works Ltd, Zenith Steel Pipes Ltd and PAPCO. As such, the locality offers several employment opportunities and hence attracts home buyers.
Typical sizes of apartments vary between 400-1,200 sq. ft. The average property price in the locality is between Rs. 3,100-3,800 per sq. ft. Hence, one can buy a 1 BHK property for a budget as low as Rs. 12-20 lakh and a 2 BHK property for a price of Rs. 25-45 lakh.
