In Mumbai’s real estate landscape, prices generally reduce as one moves from the south to the northern suburbs. Today, most home buyers prefer properties in the suburbs, due to its affordability, connectivity to one’s work place and social infrastructure.
Overview of Mumbai hotspots
Kedar Joshi, CMO of Ahuja Constructions, points out that the boundaries of the Mumbai metropolitan region (MMR region) have changed significantly, over time. “Industrial locations, such as Boisar and Palghar in the north and Dombivli and Ambernath in the east, are now offering a range of residential property and township options, right from affordable to luxury housing. Infrastructure projects have fuelled the realty growth in these micro markets,” he adds.
Western suburbs, such as Andheri, Oshiwara, Goregaon, Borivali and beyond, offer a mixed bag of residential, commercial and retail development. In the eastern suburbs, the Chembur-Wadala belt is witnessing considerable development, owing to infrastructure projects. Another stretch worth watching, is Mulund to Thane (particularly Ghodbunder Road) and beyond. Ambernath, Neral and Karjat on the Central Railway line, are also drawing attention, due to various upcoming infrastructure projects over the next five years.
The proposed Chikoli railway station is expected to provide a positive boost for development along the Ambernath-Badlapur belt, while the international airport project at Navi Mumbai is likely to trigger growth in its surrounding areas. The Navi Mumbai Airport Influence Notified Area (known as the NAINA region), comprises areas of Thane, Uran, Karjat, Khalapur and Panvel of Thane and Raigad districts.
The luxury quotient and the return on investment (ROI) of a property, often depends on its locality. In most of these areas, the price of the property depends on the quality of the house, its location and infrastructure development.
Rs 25-50 Lakhs
With the increasing demand for affordable housing, Rohit Poddar, managing director of Poddar Housing, maintains that “The best destinations to buy would be Kalyan, Dombivli, Badlapur, Shahapur, Vasai-Virar region and Kharghar. In these areas, good projects are available from leading developers. If one has to look for apartments below Rs 50 lakhs, you can consider regions beyond Kalyan on the central line and look for decent-sized 2-BHKs in Ambernath and Badlapur.”
One can also find apartments in this budget, beyond Vasai, and in areas like Boisar and New Panvel in Navi Mumbai, which are connected to Mumbai by rail and road. However, Shah maintains that it will be difficult to find apartments within a budget of Rs 25-50 lakhs, even in the extended suburbs of Mumbai. “While one may come across a 1RK or 1BHK flat in an old building in the extended suburbs like Dahisar, chances of the same are very rare,” he says.
Rs 50 Lakhs to Rs 1 Crore
Within this budget, a buyer can get a 1-BHK, in the western suburbs from Goregaon to Dahisar and in the central suburbs around Vikhroli and Bhandup. “One can look for apartments in Navi Mumbai’s Kharghar, Belapur, Nerul and Sanpada and in the western suburbs of Borivli, Dahisar and Mira Road. On the eastern side, one can find flats in certain pockets of Mulund and Ghodbunder Road, Balkum, Kalwa and adjoining areas of Thane,” suggests Hariprakash Pandey, senior vice-president – finance, HDIL.
Rs 1-2 Crores
One can find properties, ranging from 1-BHK to compact 3-BHK apartments in this budget, in the western suburbs from Andheri to Kandivli, and in the eastern suburbs of Vikhroli, Chembur, Powai, Chandivali, Vidyavihar and Mulund. Manju Yagnik, vice-chairperson of the Nahar Group, feels that there are plenty of options for home buyers in this budget.
“Areas such as Chandivali, Andheri, Kanjurmarg and Bhandup, offer luxury properties that are comparable to homes in high-end south Mumbai locales,” says Yagnik.
Raj Gala Shah, partner, Zara Habitats, adds that “One can get a 1-BHK in and around Mahim, Dadar and Parel and a 2-BHK in the suburbs from Andheri to Dahisar, and in the central suburbs from Vikhroli to Mulund.” Many gated communities from leading developers are also available in these locations.