Best Time to Buy Property in Mumbai: Experts
Real estate experts in Mumbai believe that the current slump in the real estate market is the best time to purchase houses in the city since prices are stagnant and there is little chance of any price correction. Various localities offer an array of projects in varied price ranges. Few of these localities where one can look for new apartments depending on their budget are as under.
Mira Road
For people who are unable to purchase an apartment within Mumbai, but still prefer to be connected, Mira Road is one of the best choices available. Mira Road is situated in the western suburbs of Mumbai. It has excellent social infrastructure and smooth connectivity. Due to the Ghodbunder Road, Western Express Highway and the western line of Mumbai Suburban Railway, the locality is well connected to Navi Mumbai, Mumbai and Thane.
As such, there are several new projects being launched by well-known developers at affordable prices. Some of the noted developers active here are Raj Realty, SKD Realty, Rajhans Group, Unique Shanti Developers and Shree Ostwal Builders. Most common configuration of units include 1 and 2 BHK apartments. One can purchase a 1 BHK apartment within a budget of Rs. 35-50 lakhs while 2 BHK apartments are available starting from Rs. 50 lakhs.
Kandivali West
If you have a slightly higher budget then you can consider buying a house in Kandivali West. This is another western suburb to the south of Mira Road and Borivali. It is situated at the junction of Link Road and Mahatma Gandhi Road and is connected to Mumbai via the Western Express Highway, S.V. Road and the western line of Mumbai railway.
The area has attracted several developers due to lower construction costs compared to other western suburbs such as Bandra and Andheri. Developers present here include Acme Developers, Ashray Group, Mayfair Housing Pvt. Ltd and GA Builders Pvt Ltd. Kandivali West offers a variety of options ranging from 1 BHK to 3 BHK apartments. The price of a 1 BHK apartment ranges between Rs. 60-70 lakhs, while a 2 BHK apartment is available for a budget of Rs. 1-1.6 crore and a 3 BHK apartment is available for a price range of Rs. 1.6-3 crore.
Goregaon East
If you can afford a housing unit at a higher budget, Goregaon East is a good locality to consider. The western suburb has a well-developed civic and social infrastructure and has emerged as a realty hot spot. This has attracted several builders such as Ravi Group, DB Realty, Oberoi Realty and Omkar Developers. Goregaon East has seen a good growth rate in the last 5 years. Property values have gone up from Rs. 6,200-6,700 per sq.ft in 2008 to Rs. 14,800-16,200 in 2013. The locality offers configurations ranging from 1 BHK to 3 BHK apartments in a budget range of Rs. 80 lakhs-3 crore.
