MMR: Top 3 Areas to Buy Apartment in 2015

With a restricted budget of Rs 60 lakh to Rs 1.2 crore, are you eying a property in a well-developed area? If yes, based on extensive research, CommonFloor presents you top three markets that could possibly be the end of your house-hunting.

Panvel

As per CommonFloor research, one can easily find 1, 2 and 3 BHK units along with a few 1RK within Rs 60 lakh in Panvel. The property values are in the range of Rs 3,800-4,700 per sq. ft.

Why Panvel?

• Robust connectivity via Mumbai-Pune Expressway, Sion-Panvel Expressway, NH-4, NH-4B and NH-17.
• Panvel Railway Junction is the terminating station for Mumbai suburban railway’s harbour line.
• A Navi Mumbai metro corridor from Vashi to Panvel is being planned.
• It is expected to become an IT and educational hub in the future.
• Companies such as Larsen & Toubro Ltd, ONGC, IPCL and Reliance are already present in and around the area.
• Ongoing development of the international airport in Panvel will improve the realty quotient of the area.

Mira Road

Situated just beyond Dahisar in the far northern part of Mumbai, the area has an array of 1 and 2BHK apartments ranging from Rs 60 lakh to Rs 1.2 crore. The capital value falls in the range of Rs 7,000-8,000 per sq. ft.

Why Mira Road?

• Well-connected to western and Eastern suburbs in Mumbai via Western Express Highway (WEH) and Ghodbunder Road.
• Mira Road railway station lies on the western line of the Mumbai suburban railway.
• Extension of the Mumbai metro line from Dahisar up to Mira Road is proposed.
• Well-connected to the important business districts such as Bandra Kurla Complex (BKC), Santacruz Electronics Export Processing Zone (SEEPZ) SEZ and Lower Parel via WEH.
• A new sewage plant by the Mira Bhayandar Municipal Corporation, a new skywalk near the railway station and the Mahim-Mira Road Fast Track Bus Corridor are the latest additions in the area’s infrastructure.

Andheri East

Andheri East offer properties in varied configurations ranging from 1-3 BHK units. Most of the properties fall in the price range of Rs 60 lakh-1.2 crore. The capital value in the area is in the range of Rs 13,500-15,600 per sq. ft.

Why Andheri East?

• Enjoys connectivity via Sahar Elevated Road, Airport Link Road, WEH and Jogeshwari Vikhroli Link Road (JVLR).
• Andheri Railway Station lies on the western line of the Mumbai Suburban Railway.
• It has two metro stations close to it – one at Azad Nagar and the other at WEH. A third metro station is being planned at SEEPZ SEZ.
• The Mumbai International Airport is just about 3 km away from the area.
• Andheri East is also close to the key business and industrial parks. SEEPZ SEZ is about 1.5 km away, while BKC is about 7.5 km away.
The following table gives you a clear idea about the housing trends in these areas.