Manpada: An Affordable Housing Hub in Mumbai
Buying a 1,000 sq.ft apartment for less than Rs. 1 crore in Mumbai may not sound realistic. But Manpada, just off Ghodbunder Road can offer you properties even at a budget of Rs. 50-60 lakhs.
Geography and connectivity
Manpada is situated in Thane West, just at the beginning of Ghodbunder Road. The Western Express Highway (WEH) is at a distance of 13 km from Manpada and is connected to Ghodbunder Road. The WEH and Ghodbunder Road connect Manpada to the western suburbs. The Eastern Express Highway (EEH) is about 2 km from Manpada and is again connected to Ghodbunder Road. It connects Manpada to the eastern suburbs of Mumbai. The area is also well connected to Old Agra Road and Mumbai-Pune Highway.
One can reach the business centres such as SEEPZ in Andheri and Kensington SEZ in Powai in half an hour under normal traffic conditions. It is also close to offices in Thane. There is a Light Rail Transit (LRT) planned in Thane which is expected to benefit Manpada.
Amenities
Manpada is a prime locality in Thane and has a very good infrastructure. It has several educational institutions, healthcare and recreational facilities. There are malls such as the Wonder Mall in the locality.
Real estate and trends
Manpada is a prime location in Thane. Due to its good connectivity and social infrastructure, there are many under-construction projects in this locality. Some of them include Regency Developers, Runwal Group and Neelkanth Group. Like other localities in Mumbai, there is a good demand for 2 BHK apartments. The size of a 1 BHK is about 575-650 sq.ft. There are also spacious 1 BHK apartments of size 1,000 sq.ft which are in demand. The size of a 2 BHK apartment is usually about 850-1,200 sq.ft.
A 1,000 sq.ft in Manpada is available at about Rs. 1 crore. A property smaller than 1,000 sq.ft is available for Rs. 50 – 60 lakhs. A 2 BHK property bigger than 1,000 sq.ft is available for a budget of Rs. 1-1.3 crore. The rental price of a 1 BHK property is Rs. 12,000-15,000 per month. The rental price of a 2 BHK property is between Rs. 15,000-20,000 per month.
The rental values and property prices have seen a good appreciation in the last two years. Rental values appreciated by 18% in the last year while the property prices appreciated by 16% in the last year. The current property price in the area is an average of Rs. 10,600 per sq.ft.
Manpada is seeing rapid development with good accessibility to different parts of Mumbai, and for anyone who intends to invest for the long term, it is a good locality.
