Thane May Be The Best Choice For 1 BHK Houses
The demand for 1 BHK properties in Mumbai is continuously increasing. Present trend shows that nearly 65% of prospective home buyers in Mumbai are looking for 1 BHK apartments as compared to 2 and 3 BHK apartments. Due to high property costs within the city of Mumbai, people are slowly moving to suburbs to find affordable housing. As such, localities in Thane may be the best choice at present.
Localities in Thane gaining demand
Areas in Thane such as Badlapur, Ghodbunder Road, Kalyan West and Dombivali East account for about 37% of the total supply of 1 BHK properties in Thane. There are several reasons why these localities are seeing huge demand for 1 BHK units. The first reason is that people with smaller budget generally look for smaller units. Several localities in Thane have smaller units. Also, people who are unable to buy a property within Mumbai are forced to opt for a property in nearby suburbs.
Thane is very well connected to Mumbai via three important highways viz. Eastern Express Highway, NH-3 and NH-4. It has excellent infrastructure, open spaces and large layouts. Several localities in Thane have very good amenities. An added advantage in localities such as Badlapur or Dombivali is the lower capital value compared to several suburbs in Mumbai. All these factors have led to a growth in demand for 1 BHK units in Thane.
Real estate in Thane
Specific areas in Thane such as Badlapur, Kalyan West, Ghodbunder Road and Dombivali East are seeing more demand for 1 BHK units. There are already several developers such as Eco Green Developers, Jewel Builders, Lodha Group, DS Group and VR Constructions Pvt Ltd.
The average size of a 1 BHK apartment in Badlapur, Kalyan West and Dombivali East is 500-700 sq.ft. The size ranges between 500-800 sq.ft on Ghodbunder Road.
Trends in Thane localities
One can purchase a 1 BHK flat in Kalyan West and Dombivali East for a budget of Rs. 15-32 lakhs. If your budget is between Rs. 10-40 lakhs, you can look at buying a flat in Badlapur. The higher budget flats have additional amenities such as lounge, parking and swimming pool apart from the regular amenities. If your budget is between Rs. 40-60 lakhs, you can buy a 1 BHK property on Ghodbunder Road. The higher capital value here is owing to the fact that the road connects the Eastern and Western Express Highways.
Rental values for a 1 BHK flat in Kalyan West and Dombivali East is between Rs. 5,000-10,000 per month. It is between Rs. 4,000-5,500 per month in Badlapur and between Rs. 8,000-12,500 on Ghodbunder Road. The average capital values per sq.ft are Rs. 3,300 in Badlapur, Rs. 5,800 in Dombivali East, Rs. 5,200 in Kalyan West and Rs. 8,600 on Ghodbunder Road.
An interesting thing to note is that there is a high demand for buying properties in these localities than going for rentals. This is due to the reason that people sometimes find it more affordable to pay a housing EMI than a monthly rental. In fact, in some localities, monthly rentals are higher than the EMI.
