What you can get for 1 Crore in Mumbai

‘Property rates in Mumbai have been skyrocketing’. ‘Affordable housing in Mumbai is no longer a real thing’. While these are common quotes about real estate in the big city, one could wonder – is this really true? A booming economic and cultural nucleus that it is, the city sees an influx of thousands of dreamers and their equally hopeful families. Made up of seven islands held together by tracts of land that have been reclaimed from the sea, Mumbai doesn’t have much space to grow. So instead of expanding horizontally, the city reaches for its vertical limit.

South Mumbai, the original ‘town’, continues to be the epicenter of finance, culture and socializing. Marine Drive and Worli are beautiful places to live in, with the sea to one side and the glimmering skyline to the other. The costs here, considering the appealing aesthetics, factor at over one lakh rupees per month in rent.

On the other hand, there are a number of properties that can be bought within Rs. 1 Crore in Mumbai. Thanks to the increasing number of offices in the Central and Western suburbs, there has been a tremendous level of real estate development. The Bandra-Kurla Complex led to the growth in residential development in the surrounding localities, and employment opportunities in Marol, Powai and Chakala lead to the residential growth in Andheri East.

Even though it seems impossible, affordable housing in Mumbai does exist:

I) Mickey’s Enclave, Malad

 

Rate: Rs. 25,000/sq.ft.

Mickey’s Enclave is located on the Dominic-Colony Road 3, a prime area in Malad West. On offer are 1 BHK apartments with a carpet area of 392 square feet, making it one of the major upcoming projects in Mumbai. Located in a prime area, it is close to the Malad railway station, Inorbit Mall and Infinity Mall II. Link road connects Malad to the rest of the city. Andheri, Goregaon and Bandra are all within driving distance. In the past few years, there has been a rise in the number of commercial complexes in Malad. Many companies have their offices in Malad and this has led to its overall development, and good  schools like Ryan International Schooland St. Anne’s High School are located nearby.

II) Raj Heights, GTB Nagar

Rate: Rs. 15,620/sq.ft.

To own a 1 BHK in Mumbai, with a hall and a kitchen, totalling to 650 square feet in Sion is quite an advantage. Raj Heights located in GTB Nagar, Sion-Matunga, is a convenient and well-made project with all the basic amenities. It stands at a crossroads to several important places in Mumbai, connecting the Eastern Express Highway to Dadar and other areas in central Mumbai, as well as to Chembur and Dharavi. With a station on the Central Line, Sion is easily accessible via roadways and railways. While the cheerful buildings bear witness to many schools and office spaces nearby, entertainment places like Cinemax Cinemas and Phoenix Market City Kurla are only minutes away. Guru Kripa, a famous eating joint of Mumbai, known for its samosas and falooda is also located in Sion. Even with reputed hospitals and distinguished colleges at convenient distances within the area, Sion is an affordable location in Mumbai.

III) Aarey Green, Goregaon East

Rate: Rs.11,500/sq.ft.

Aarey Green is located on Aarey Road, close to Aarey Colony off the Western Express Highway in Goregaon East. Here, you can get a 2 BHK measuring 1229 square feet for around 1 crore. Perhaps the greenest patch of the city, the area is known for its massive building complexes that leave plenty of room for privacy and luxury. This building, located in Goregaon East, is very close to the Oberoi Mall and Film City. Transport is easily found, with buses, auto-rickshaws and local trains to the business hubs in the Mumbai suburbs, since Goregaon Railway station is nearby. Aarey Green is redefining affordable housing in Mumbai.

IV) Yash Park, Ghatkopar East

Rate: Rs. 15,000/sq-ft

Ghatkopar has now become one of the most happening places in the central suburbs of Mumbai. From shopping and entertainment to food and music, Ghatkopar has got everything. Even some of the best doctors in Mumbai have their clinics here. Yash Park is located in the Pant Nagar area of Ghatkopar East, which is well -connected with the western side of the city because of SCLR and L.B.S. Marg in Ghatkopar West. On offer at Yash Park are 1 BHK flats, 688 square feet in size each for rupees 1 crore. Yash Park is at a very convenient location and utilities like markets, schools and gardens are nearby. This project makes affordable housing in Mumbai along with a comfortable lifestyle a possibility.

Buying a house in the suburbs is easier than buying one in the southern part of the city. In the past decade, localities like Sion, Thane, Parel, Goregaon and other suburbs have gone from rags to riches because of the ever-growing commercial industry of Mumbai and, now, hundreds of new residential projects have come up. Owning a flat in Mumbai is one too many’s dream, and now buying a house in one of these locations is not completely impossible, with projects within the budget of a crore coming up.

Choose from many more options available for you right now under Rs. 1 crore in Mumbai!