Where to look for affordable homes around Mumbai
Dec 21, 2013
Source : The Times of India


MUMBAI: Mumbai, India’s commercial capital and one of the most thriving city, pulls in hundreds of people from all over the world with education and professional opportunities. Everyone comes here with a dream of owning a small space and feel one with the surroundings. But the reality is that owning a home in Mumbai is a distant dream for many looking for property within Rs 20-35 lakh, thanks to the skyrocketing property values.

However, there is still hope for those who don’t mind looking for properties around Mumbai, yet being well connected to the commercial centres of Mumbai. There are localities, such as Nerul, Panvel, Ambarnath, Vikhroli, Badlapur, Vasai, Virar, Ulwe and more. Answering the queries of Magicbricks.com readers, our experts at Open House suggested several options in these localities, where you can find property in 25-35 lakh budget, and sometimes even a one BHK, starting from 16 lakh.

“With the budget of Rs 15 lakh, one can look for options in 1BHK unit sizes, ranging between 500 to 600 sq ft in area, such as Nerul, Panvel, New Panvel, Road Pali etc. However, the size and price of apartment may vary depending upon the location, project, age of construction etc,” says an expert at Open House.

If you increase your budget more, localities such as Vikhroli, Ulwe and Vasai offer you a lot of options.

Vikhroli, located just in the middle of the Eastern Express Highway, has one of the best planned highways and flyovers that take one from Sion to Thane in just 30 minutes. Connectivity feature of Vikhroli is attractive for many. It is well connected by LBS Marg from the west, which further connects to Bandra, Jogeshwari and other western suburbs. Vikhroli offers affordable properties, as the property values are comparatively lower here against South Mumbai.

According to data with Magicbricks, property prices in Vikhroli East have risen by 18 per cent and in West by 12 per cent during the Jan-Mar 2013 quarter. The Mumbai metro is also expected to further enhance the realty prospects of the locality.

Ulwe and Vasai are also ideal locations for investors and end users with the budget of about 25 lakh. There are several projects coming up in Ulwe. Property values here range between Rs 4500 to 5400 per sq ft. Vasai also is undergoing commercial and industrial growth and has seen a consistent rise in values in last one year. “Ulwe is a best option. Navi Mumbai is one of the fastest growing city in Maharashtra. Also government is planning an airport near Ulwe. By next year, rate of properties in Navi Mumbai will surely be high,” said an expert from Neelkanth Builders at Open House.

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