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Mumbai, formerly known as Bombay or the city of dreams is the financial and entertainment hub of the country. Thousands of people from other parts of the country are flocking to the city daily in search of job opportunities and millions living her dream of living big. Since the city houses several corporates, the demand for housing is always increasing and has made it the most sought after city for property investors.
With this increase in demand, the property prices are rising very high but still, there is a continuous demand for affordable housing since the city caters to every strata of the society and is a preferred destination for residential real estate in India.
Most of the residents here look for properties in the range of 60-70 lakhs and there are a few areas around Mumbai Metropolitan Range which have residential development projects by first class builders who offer flats in Mumbai for 70 lakhs. Peripheral areas like Airoli, Belapur and several projects coming up in Navi Mumbai are quite affordable as compared to others. The top areas having flats in the range of 70 lakhs are:
• Chembur: This area located in eastern Mumbai has seen significant infrastructural development in the last few years. Its excellent connectivity and proximity to areas like Southern Mumbai and the central region have increased the demand for flats here. The proposed corridor between BKC and Chembur will further reduce the travel time to half and allow seamless commuting. It has many well settled residential projects with several more lined up and factors like connectivity, proximity and infrastructural development together make the property prices rise year on year, in this area.
• Dahisar: Located in the outskirts of Mumbai, Dahisar East is a famous hangout zone for the youngsters and has property ranging in the budget of 60-80 lakhs. The area is quite close to localities like Malad, Goregaon and Andheri and several areas in Thane and thus flaunts its connectivity to commercial establishments set up there. With its affordable rates, this area is another good investment option having several coastal routes connecting the Southern and Northern Mumbai.
• Ulwe: This is the most desirable location of both investors and end user as it is the rapidly flourishing area in Navi Mumbai. The area has luxury apartments offering lovely sea views by some of the top builders of the region. The development and infrastructural growth provided by CIDCO, has boosted the locality’s property and business growth thus making it an investor’s hub. The proposed International airport in Navi Mumbai next to Ulwe has taken the property prices on an upward graph and the prices are further anticipated to appreciate due to the forthcoming Seawood-Uran suburban rail network. The property prices here are still affordable as compared to areas like Vashi and Kamothe which have a good stock of residential apartments. Real Estate properties priced between Rs 60-90 lakhs, that are available this area is a good investment option for the middle-income group as it offers luxury at affordable prices besides being well linked to the city.
• Airoli: This is another well-established area of Mumbai having several top class commercial and residential developments And Apartments available here are priced between Rs 65 - 80 lakhs.
• Panvel: This is a promising real estate market due to the availability of a wide range of development projects, proposed infrastructural development, and seamless connectivity across the state. The new International Airport and the rail connectivity have made Panvel a fast developing real estate destination.
• Thane: Famous as the Lake city, it is a major urban area in MMR allowing flawless connectivity to Western and Eastern parts of the city and various other major locations. It is a rapidly developing residential area due to its developed infrastructure, growing commercial and industrial activity and its proximity to the peripheral areas.
The economical property prices of projects here make this locality a wise investment option. Its sub-localities in demand are Bhiwandi, Kalyan East, Vasai Road, Virar, and Kalyan west. Thus with the infrastructural developments taking place and with the top class builders coming up with their projects in the city, Mumbai is definitely an amazing place to live in.