Definitely advantages and disadvantages. Most people tend to shy away from this but if you can provide enough reasons to view that it actually isnt so bad
I am agree with Anup. A flat near to refugee area are more safer than a normal flat. Your life is more important than anything else. Yes, in some cases the refugee area are misused but you will also use that area for your personal purpose since your staying just close to that place. If you consider the resale value of your refuge flat, the value might also be high since most of the people want some free space near to his or her flat in the congested area of Mumbai.
Hello Bharat, I think it is always advantage to have a flat near refugee area. There are several advantages such as you can use the empty space for your own use, the ventilation systems will be very good, in case of fire emergency you will be first person to be saved by fire-brigade, in Mumbai, for few sq-ft of balcony area peoples are paying more than Rs 3-4 Lakh money which you shall get free of cost in such area, I have seen in good societies, such area are well maintained and people come for fresh air, for wide scenic view of the city, for chatting etc., for resale purpose, it is also very good since these flats near to refugee area are always attractive.