Buying a Home in Mumbai Under 30 Lakhs

Mumbai quint essentially called the city of dreams attracts the working class population to relocate from other cities of India due to suitable work opportunities and favorable living conditions. Hence the demand for housing in the city is growing exponentially with demand outstripping supply with every passing year. Where the demand is so much more, the property price rates are on an ever high, and it is difficult to find affordable housing in this maximum city of dreams. However, with demonetization and RERA implementation, property prices in Mumbai have stabilized, to an extent, allowing a breather in the swelling property price rates.

The demand for affordable 1 and 2 BHK flats in Mumbai is increasing, and research indicates that most demand for housing over the next few years is likely to come from affordable housing segment.  Projects with smaller configurations are attracting home seekers and budget homes within the city are priced anywhere between 20 lakhs to 30 lakhs. Home Buyers are readily showing interest to invest in the real estate segment across the suburbs of Mumbai, Thane and beyond. This is because these flats for sale in Mumbai provide for all the necessary conveniences, are designed to utilize every corner of the property prudently and offer easy connectivity to different parts of the city. The rapidly developing social infrastructure such as highways, metros, railways and corridors, have also contributed to the acceptance of homes beyond the main city limits as reaching any destination well within the time is not a constraint anymore.

Buying your dream property at an affordable budget in Mumbai can be a time consuming and a difficult affair. However to simplify the search for your home, here are a few things you may consider…

Target the right localities

As a Home Seeker, you need to do some research and find out the areas and localities that offer affordable housing. Once you have done the research, It is necessary to see which locality matches your requirement the best. You need to make a checklist of points such as your home is too much in the interiors and does not easily give you access to railway stations or Bus Stands. Other factor to consider is how far is your work place from your home. If the travel time in between 40 minutes to 1 hour, it is a manageable daily affair and you can confidently think of investing in a home which is not too far away from your workplace. Yet another factor to consider is your neighborhood and the basic amenities available to run your errands. If your neighborhood has departmental stores, hospital and Schools nearby, then the area is quite suitable for residents and family buyers.

Here are few locality options that one can opt for, while looking for homes under the constraint price point.

• Vasai-Virar:

Vasai-Virar, is one location that has witnessed promising growth and consistent demand for housing due to growth of peripheral markets around the region and is acclaimed to be the fastest growing belts in Western-suburbs. Vasai-Virar is easily connected to Mumbai via the local trains, where one can reach Churchgate within 90 minutes and other suburban city areas in just 30 minutes.  One can even drive down to Chembur, Airoli, Churchgate and other parts of the city via the National Highway and Eastern Express Highway.  In a city like Mumbai, where owning even a single-room apartment is a challenge for the majority of the population, the Vasai-Virar belt provides ample avenues to own your very own 1 BHK flat in Mumbai. In this area, the property rates are in the range of Rs 4,000-6,000 per sq ft. for 1-BHK, with an average area of 550 sq ft, which will cost about Rs 25 to 30 lakhs. Many builders like Rustomjee, Sapoorji Palonji, Agrawal Group and Poonam Developers have seen potential in this area and are crafting residences for the affordable buyer. The Vasai-Virar Municipal Corporation has also taken many positive steps to improve the amenities in this area. Along with housing opportunities, Vasai offers good employment opportunity as well, and hence it is the number one locality which tops the charts on every budgeted home seekers list.

• Dombivali:

Dombivli is a suburban city of Mumbai, located in the Thane District of Maharashtra state in Konkan division and is a part of the Mumbai Metropolitan Region (MMR). Located about 48 km from Mumbai CST, Dombivli is served by Mumbai Suburban railway network and it lies on the main line of the central section of Mumbai suburban railway network. The MMRDA is currently looking at making Kalyan Dombivali as a hub similar to BKC with main zones namely Residential, Commercial and Industrial. When it comes to housing, Dombivali is an important real estate destination offering affordable flats for sale in Mumbai. The average property value in Dombivli is about Rs 5,400-6,100 per sq. ft. and one can enjoy quite a comfortable lifestyle with all the necessary amenities and a good neighborhood by opting to stay in any of the residential properties that offer 1 BHK apartments starting 21 Lakh onwards.  The Dombivli railway station is on the central line and has regular Mumbai local trains. There are also important roads that connect the region to parts of MMR, such as NH-4, Kalyan-Shilphata Road and Agra Road. The Kalyan Dombivali industrial belt provides for plenty of employment opportunity and it is beneficial to own a residential property close to your work place. The well known developers that operate in this area include Lodha Group, Nirmal Lifestyle, Raunak Group, Laxmi Housing Builders & Developers and Mehta Group, among others.

• Bhiwandi:

Bhiwandi is a well-coveted region of Maharashtra. The locality enjoys close proximity and accessibility to developed areas of Mumbai Central, Thane, Kalyan, Vasai, Wada and Borivilli, as well as Nashik, Shirdi, Aurangabad and Pune. The locality is well-connected to various developed areas via an excellent network of railways and roadways and the neighborhood gives access to a number of hotels, schools, banks and hospitals. Projects like Squarefeet Regal Square, The Wadhwa Rhodesia, Haware Engineers Paradise and Ornate Kallisto are among the best projects to invest in Bhiwandi which offers 1 and 2 BHK affordable housing options starting from 20 lakh onwards. This gives Bhiwandi a very cosmopolitan look and feel due to which the demand for housing is increasing in this area. The nearest railway station is situated at just 2 kms from the locality and the international airport is 32 kms away from your home.  Also being an industrial hub, the area has good infrastructure, with 24-hrs power and water connection as compared to other areas around Thane. Bhiwandi is also surrounded by many scenic hills and natural greenery and is less crowded as compared to other suburban parts of the city, therefore making it more desirable.

• Ambernath:

Located in the Mumbai Metropolitan Region (MMR), Ambernath is a tourist destination and one of Mumbai’s most affordable locality to purchase homes in.  Located 32 kms away from Thane, Ambernath and can be accessed within 1 hours time via road. Here one can find many residential societies offering 1 BHK to 4 BHK apartments. Gated societies offering lavish lifestyle amenities like fitness centre, swimming pool and community centers have sprung up in this area allowing residents an opportunity to enjoy a balanced lifestyle without making a hole in their pockets. These gated communities are much in demand as there is no problem for space crunch in this region and the houses are constructed with much thought put into it. The community living experience is enhanced with ample parking space, power backup and free flowing water supply. Ambernath offers an excellent connectivity to Badlapur via Ambarnath-Badlapur road and an easy accessibility to localities like Bhiwandi, Dombivli, Kalyan, and Ulhasnagar. The locality assures of a great connectivity via important roads like Kalyan-Badlapur road, NH-222, pipeline road and SH-76.

Check out the property ranges for your locality

While looking at affordable homes, you can consider three ranges of properties falling under the following categorical slabs:

• Very affordable housing: Rs.15 lakh to Rs. 25 lakh
• Mid-ranged affordable housing: Rs.25 lakh to Rs.35 lakh
• Affordable housing with slightly steep rates Rs35 lakh to Rs50 lakh

Based on location and brand of the developer, most of these homes will fall in the 1 RK, 1 BHK or in certain instances the 2 BHK category.

Check for Builder Reputation

Lately, there has been a push by the Central Govt., to offer affordable housing to one and all. And popular developers are entering this market segment to provide value homes to buyers. Even builders like The Lodha Group and Tata are offering affordable 1 BHK value homes in developing areas of the city or on its outskirts.

There is definitely a new horizon for the tight budget home buyer in the world’s most expensive real estate marketplaces – Mumbai.