Top 10 Affordable Housing Localities in Mumbai
Mumbai is a city of dreams, bustling with opportunities and a lifestyle like no other. However, it is also infamous for its high cost of living and sky-high real estate prices. Despite this, there are still several localities where affordable housing in Mumbai is available, making it possible to own a home in this vibrant city. Here, we explore the top ten affordable places to live in Mumbai, their nearby social amenities, and the average property rates. Here are the ten most affordable places to live in Mumbai:
10 Most Affordable Places to Live in Mumbai
1. Kandivali (East)
Average Property Price: ₹18,700 per sq ft
Kandivali (East) is a mid-segment locality known for its 2 BHK Flats and Apartments. It is close to the Akurli Industrial Estate and Seepz Special Economic Zone, which keeps the rental demand high. The area is well-connected via Poisar Metro Station and Kandivali Railway Station, making commuting convenient. Notable schools like Cambridge School and hospitals such as DNA Multispecialty Hospital are nearby, adding to the locale’s appeal.
2. Kandivali (West)
Average Property Price: ₹18,500 per sq ft
Kandivali (West) offers ample 1 BHK and 2 BHK ready-to-move apartments. Its proximity to Charkop Industrial Estate and Andheri (East) makes it a preferred residential area. The upcoming Valnai Metro Station and Coastal Road projects are expected to boost property values further. Despite some pollution due to ongoing construction, the area generates a good rental yield with monthly rentals ranging between ₹21,000 and ₹54,000.
Read More: Discover Resort-Style Living at Godrej Reserve, Kandivali East, Mumbai
3. Kurla (East)
Average Property Price: ₹16,000 per sq ft
Kurla (East) is well-connected via Kurla Railway Station and Ghatkopar Metro Station. Its proximity to commercial hubs like Bandra-Kurla Complex and Marol MIDC Industrial Area makes it a mixed-class population locality. The area mainly offers 1 BHK Flats, with rentals starting at ₹27,000 per month. It is more affordable compared to neighbouring Kurla (West), Bandra (East), and Chembur.
4. Borivali (West)
Average Property Price: ₹17,300 per sq ft
Borivali (West) is an upper-middle-income segment locality with excellent connectivity via the Western Suburban Railway Line. It is close to major employment centres like Nirlon Knowledge Park and Nesco IT Park. The area offers easy access to malls, hospitals, schools, and parks, making it a desirable housing destination. Monthly rentals for a 2 BHK unit average around ₹33,400.
5. Vikhroli (West)
Average Property Price: ₹18,400 per sq ft
Located close to Bandra-Kurla Complex and Marol MIDC Industrial Area, Vikhroli (West) offers a mix of 1 BHK and 2 BHK residential options. The area has seen significant growth in property values due to its excellent connectivity via Vikhroli Railway Station. Monthly rentals start at ₹29,000, making it an affordable yet convenient place to live.
6. Dahisar (East)
Average Property Price: ₹15,500 per sq ft
Dahisar (East) is known for its serene environment and affordability. It is well-connected via the Western Railway Line and offers various residential options. The upcoming Metro Line 7 is expected to boost its connectivity and property values. The area is also close to several schools, hospitals, and shopping centres.
7. Mira Road
Average Property Price: ₹10,500 per sq ft
Mira Road is one of the most affordable localities in Mumbai, offering a range of housing options. It is well-connected via the Western Railway Line and several bus routes. The area has good social infrastructure, including schools, hospitals, and shopping malls, making it an attractive option for families.
8. Chembur
Average Property Price: ₹14,000 per sq ft
Chembur offers a mix of affordability and convenience. It is well-connected via the Central Railway Line and the Eastern Express Highway. The area has several reputed schools, hospitals, and recreational facilities. Chembur’s property market is growing, making it a good investment option.
9. Mulund
Average Property Price: ₹13,000 per sq ft
Mulund is a well-developed locality offering affordable housing in Mumbai. It is connected via the Central Railway Line and the Eastern Express Highway. The area has a good mix of residential, commercial, and retail spaces, along with reputed educational institutions and healthcare facilities.
Read More: The Top 12 Investment Hotspots in Mumbai for 2024
10. Panvel
Average Property Price: ₹7,000 per sq ft
Panvel is one of the most affordable places to live near Mumbai. It is well-connected via the Mumbai-Pune Expressway and the upcoming Navi Mumbai International Airport. The area offers a range of housing options and has good social infrastructure, including schools, hospitals, and shopping centers.
Nearby Social Amenities
Each of these affordable localities in Mumbai offers various social amenities such as:
- Educational Institutions: Schools like Cambridge School (Kandivali East), Cambridge School (Borivali West), and Gundecha Education Academy (Kandivali East).
- Healthcare Facilities: DNA Multispeciality Hospital (Kandivali East), Aditi Hospital (Kandivali East), and other reputed hospitals.
- Shopping Centers: Various shopping malls and retail hubs within a short distance.
- Public Transport: Excellent connectivity via Mumbai Suburban Railway, upcoming Metro lines, and bus routes.
Average Property Rates
Here are the average property rates for the mentioned areas:
- Kandivali (East): ₹18,700 per sq ft
- Kandivali (West): ₹18,500 per sq ft
- Kurla (East): ₹16,000 per sq ft
- Borivali (West): ₹17,300 per sq ft
- Vikhroli (West): ₹18,400 per sq ft
- Dahisar (East): ₹15,500 per sq ft
- Mira Road: ₹10,500 per sq ft
- Chembur: ₹14,000 per sq ft
- Mulund: ₹13,000 per sq ft
- Panvel: ₹7,000 per sq ft
FAQs
What are the most affordable places to live in Mumbai?
Some of the most affordable places to live in Mumbai include Kandivali (East), Kandivali (West), Kurla (East), Borivali (West), Vikhroli (West), Dahisar (East), Mira Road, Chembur, Mulund, and Panvel.
What is GST on affordable housing?
The GST on affordable housing in Mumbai is currently 1% without input tax credit (ITC). This rate is applicable to residential properties that meet the criteria set by the government for affordable housing.
What amenities are offered in affordable places to live in Mumbai?
Affordable places to live in Mumbai typically offer amenities such as good connectivity via public transport, reputed educational institutions, healthcare facilities, shopping centres, and recreational areas. Some localities may also offer parks and community centres.
How much does it cost to live in South Mumbai?
Living in South Mumbai is significantly more expensive than the mentioned affordable localities. The cost of living in South Mumbai can vary greatly depending on the exact area and lifestyle, but it generally involves higher property prices and rental rates, often exceeding ₹40,000 per sq ft and ₹1 lakh per month for rentals in prime areas like Colaba, Malabar Hill, and Worli.
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.
