Affordable housing: How affordable it is?

By Accommodation Times Bureau

The common notion about Mumbai is that real estate is extremely expensive here. While the municipality is working day and night trying to accommodate the ever-increasing population of the city, the city itself is growing in length and breadth to manage the population influx.

Well, it is true that housing is more expensive in Mumbai than anywhere in the country, but it is not so everywhere in the city. A keen look and a concentrated search can reveal places where housing is quite affordable. Buying a home for the middle-class is not a distant dream in the city, thanks to various initiatives by the Government and the Brihanmumbai Municipal Corporation (BMC). They have taken various steps along with private builders to make the dream of buying a home possible.

This article provides a brief overview of affordable housing areas in Mumbai and certain other valuable information. Read on; we’re sure you will find interesting insights into the housing scenario of the financial capital of the country.

Location-wise, the following are pretty affordable options:

Dombivali:

Dombivali has the perfect balance of suburban and commercial lifestyle which makes it a great locality to stay. The addition of Palava City in Dombivali has added to the attractiveness of the area – real-estate wise. Dombivali has excellent connectivity with Thane and Navi Mumbai. There are innumerable properties on sale in Dombivali over a wide price range and hence, something available for everyone there.

Currently, Dombivali is one of the concentration areas of the Mumbai Metropolitan Region Development Authority (MMRDA). It is one of the areas under the Mumbai Urban Infrastructure Project. Several road development projects and flyover concentration projects are being carried out to improve the infrastructure of the area. There is a proposal to extend the Navi Mumbai metro rail to Kalyan. After Mumbai reached its saturation level, real estate in Dombivali has seen a boom in housing. There has been a rapid increase in the population in this area in the last few years.

The average current residential price varies from Rs 1949 – 54,149 per sq. ft.; with the mean price being Rs 33,869 per sq. ft. Industries located around this area provide several employment opportunities. Although the social infrastructure needs improvement, since it is on the to-do list of MMRDA, this area is expected to see more development in the coming years.

Airoli:

Airoli village is one of the prominent residential areas of Navi Mumbai where one can get the feel of urban living. Affordability-wise, properties of varying budgets are available here. Here, one can buy a property for as low as 25 Lakhs, and it can go up to 1 crore or even more. The area has good transportation facilities and is well connected with the rest of the city.

Airoli has a number of parks, playgrounds and recreational areas which makes it a good place to stay. Airoli has been a focus area of several real estate groups and has seen real estate growth faster than any other locality of Navi Mumbai. There are many schools, hospitals, supermarkets and retail spaces which make this area a residential choice for many.

The average real estate price here varies from Rs 3253 to 23377 per sq. ft., with the mean price being Rs 16393 per sq. ft.

Mansarovar:

Kamothe or more popularly Mansarovar is another area where housing is pretty affordable. It is located on the Sion – Panvel Highway and is well-connected to the city. Mansarovar is a location of choice, with several infrastructure projects planned in the area in the next few years.

Mansarovar is in high demand among the residential population. The average real estate price in Mansarovar varies from Rs 3279 to Rs 6061 per sq. ft., with the mean price being Rs 4670 per sq. ft. With several retail spaces, entertainment options, schools and hospitals, Mansarovar shows a lot of promise for the middle-class Indian.

Ulwe:

Another area to consider in Navi Mumbai is Ulwe. Ulwe has seen a real-estate boom over the last few years, where more than a thousand real estate projects have been launched. Being located right next to Vashi gives Ulwe a specific advantage – the benefits of the infrastructure development of Vashi.

Several infrastructure projects are expected in Ulwe – the Navi Mumbai Airport, Trans-Harbour Link, Seawoods – Ulwe Link from the SEZs and Palm Beach road. Ulwe will also have the Baman Dongri Railway station coming up soon, which will connect the locality with the Harbour Line. And this will skyrocket Ulwe’s real estate prices in the times to come.

Real estate prices in Ulwe are wide-ranging. The average price varies from Rs 702 to Rs 94937 per sq. ft., with the mean price being Rs 39136 per sq. ft.

Mira Road:

One of the fastest growing suburbs, Mira road has amazing natural beauty around it. It is located near salt pans and small developments and is a pleasant change from the otherwise concrete jungle of Mumbai.

A number of schools, banks, hotels, and hospitals are located in Mira Road. It also has excellent rail and road transportation. The Western Express Highway connects the locality with the rest of the city. It is linked to Thane and Navi Mumbai through the Ghodbunder Road and NH 4. The Mira Bhayandar Municipal Transport (MBMT) helps connect the area with the rest of the city by bus. Mira Road is located close to the Bandra Kurla Complex and Lower Parel, the two biggest employment centres in Mumbai.

The average floor price in Mira road varies from Rs 2938 to Rs 20126 per sq. ft. with the mean price being Rs 13160 per sq. ft.

The Mumbai Development Plan 2034 of BMC is aimed at making housing more affordable for an average Indian. Mumbai is going to see a boom in the middle-income group and low-income group housing projects soon. If you have been planning to invest in a home, this is a good time to do so. The returns will be worth it.

 

 

 

 

 

 

 

 

 





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