Mumbai’s real estate hotspots that cater to a wide range of budgets
To make your property search easier, we’ve compiled a list of Mumbai areas that provide properties in the inexpensive and mid-segment price ranges.
As one proceeds from the southern to the northern suburbs of Mumbai, real estate values tend to fall. Most house buyers today prefer residences in the suburbs because of their affordability, proximity to employment, and social infrastructure.
Mumbai’s hotspots in a nutshell
The limits of the Mumbai metropolitan area (MMR region), according to Kedar Joshi, CMO of Ahuja Constructions, have altered dramatically over time. “Industrial areas like Boisar and Palghar in the north, and Dombivli and Ambernath in the east, are now giving a variety of residential property and township alternatives, ranging from cheap to luxury homes.” Infrastructure improvements, he says, have fuelled real estate expansion in these micro markets.
Andheri, Oshiwara, Goregaon, Borivali, and other western suburbs provide a diverse range of residential, commercial, and retail development. The Chembur-Wadala area in the eastern suburbs is seeing significant growth as a result of infrastructural initiatives. Mulund to Thane (especially Ghodbunder Road) and beyond is another section worth observing. Due to many impending infrastructure developments over the next five years, Ambernath, Neral, and Karjat on the Central Railway line are also attracting interest.
A property’s luxury quotient and return on investment (ROI) are frequently influenced by its location. The price of a home in most of these places is determined by the house’s quality, location, and infrastructural development.
25-50 lakhs rupees
“The ideal places to buy would be Kalyan, Dombivli, Badlapur, Shahapur, Vasai-Virar area, and Kharghar,” says Rohit Poddar, managing director of Poddar Property, in response to the rising demand for cheap housing. Leading developers have projects available in these locations. If you’re looking for an apartment around Rs 50 lakhs, seek outside Kalyan on the central line, at Ambernath and Badlapur, for decently sized 2-BHKs.”
Apartments in this price range may also be found outside of Vasai, in districts such as Boisar and New Panvel in Navi Mumbai, which are accessible to Mumbai by train and road. Even in Mumbai’s expanded suburbs, Shah believes it will be tough to locate homes within a budget of Rs 25-50 lakhs. “Although one might stumble across a 1RK or 1BHK flat in an ancient structure inside the extended suburbs like Dahisar,” he notes, “the odds of doing so are quite unusual.”
50 lakhs to one crore rupees
A buyer may purchase a 1-BHK inside the western suburbs from Goregaon to Dahisar, as well as in the centre suburbs of Vikhroli and Bhandup, for this price. “Residences may be found at Kharghar, Belapur, Nerul, and Sanpada in Navi Mumbai, as well as Borivli, Dahisar, and Mira Road in the western suburbs. Flats may be found in select pockets of Mulund and Ghodbunder Road, Balkum, Kalwa, and neighbouring regions of Thane on the eastern side,” says Hariprakash Pandey, senior vice-president – finance, HDIL.
1-2 crores of rupees
The western suburbs from Andheri to Kandivli, as well as the eastern suburbs of Vikhroli, Chembur, Powai, Chandivali, Vidyavihar, and Mulund, have properties ranging from 1-BHK to small 3-BHK flats in this budget. Manju Yagnik, vice-chairperson of the Nahar Group, believes that property purchasers in this price range have lots of alternatives.
“Luxury residences in areas like Chandivali, Andheri, Kanjurmarg, and Bhandup are equivalent to homes in high-end south Mumbai localities,” adds Yagnik.
“One may acquire a 1-BHK mostly around Mahim, Dadar, and Parel, and a 2-BHK in the suburbs from Andheri to Dahisar, and in the central suburbs between Vikhroli to Mulund,” says Raj Gala Shah, director at Zara Habitats. These areas also include a number of gated communities from well-known developers.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
