Affordable Housing Trends in MMR- A CommonFloor Report
Housing is considered one of the basic necessities of life. However, in tier-I cities such as Mumbai and Delhi, where the prices are sky-rocketing, affording a house for most middle-class families is slowly becoming a distant dream. Mumbai is currently considered one of the most expensive cities in the world in terms of housing, where a typical 1,000-sq-ft apartment may easily cost more than Rs 1.5 crore in Mumbai suburbs such as Andheri or Bandra. The present affordability range in Mumbai is Rs 65-80 lakh, which is deduced based on the income level and housing expenditure of an average individual in Mumbai.
However, most of the inventory is unsold, as most of them are beyond the affordability range of an average middle-class family. The gap between the demand and supply of affordable units in the city is also huge due to various costs involved in the construction as well as land values in the city. There are three major regions currently offering housing units in the range of Rs 60-80 lakh. They are periphral Mumbai such as Dahisar, Mira Bhayander and Bhandup, areas of Navi Mumbai and areas of Thane.
“As part of ‘Real Insights’ into real estate, CommonFloor.com has come up with a detailed report on MMR real estate market with in-depth analysis based on CommonFloor data.
For detailed report“ 
Future prospects of affordable housing in Mumbai
Currently, the entire Mumbai market is witnessing a very slow movement in terms of housing projects. At the same time, areas outside Mumbai, especially areas in Navi Mumbai such as Kharghar, Kamothe, Ulwe and Panvel are witnessing a good growth primarily due to their affordability.
The lack of good infrastructure in areas such as Taloje, New Panvel and Kalamboli may be a slight dampener at the moment. Yet, with the land value in Mumbai and Thane going beyond the range of affordability and the growing infrastructure in Navi Mumbai, these areas are continuously witnessing purchases from home buyers. As such, one can look towards areas of Navi Mumbai at the moment for affordable housing for few more years.
