Does a house in Mumbai seem like a dream? It doesn’t have to be! Here are five locations in Mumbai that look like they’re poised for a real estate boom.
If you didn’t know already, Mumbai is one of the most expensive cities in the world. Even if you have money to make the down payment and have taken a Home Loan to meet the cost of your property, buying a home in Mumbai is going to still remain an expensive affair. Whether it is Chembur, Malad or Mulund, property prices are upwards of Rs. 10,000 per square foot. With such exorbitant rates, buying even a second-hand home in Mumbai might seem out of reach.
Can you really buy a brand new home anywhere close to Mumbai? With a bit of smarts and some research, you can! Here we give you five sought-after localities in Mumbai. The rates for most of these places are under Rs. 6,000 per square foot. Interested? Read on.
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This suburb in the Mumbai Metropolitan region is in the north-western part of Maharashtra. This area is part of the Thane district. You can reach central Mumbai, Thane and Navi Mumbai pretty quickly from Mira Road. It also has a railway station. Many manufacturing units are located here and that is one of the reasons why this area is growing in popularity. Here, you’ll find malls such as the Cinemax Mall and Rassaz Thakur Mall. And celebrities like Kunal Khemu live in this area.
According to data on Magicbricks.com, the prices of property in and around Mira Road could range between Rs. 6,000 and Rs. 8,000 per square foot. Average prices have gone up by 1% in the last quarter. There are many reputed builders setting up their residential projects here.
This area is situated in the Raigad district and is part of the city of Panvel. It comes under the purview of Panvel Municipal Corporation. Navi Mumbai’s metro project offers good connectivity to this place. The proposed Navi Mumbai International Airport is very close to this area. City and Industrial Development Corporation (CIDCO) is responsible for developing this area. Ulwe is close to railway stations like the Kharkopar railway station.
Property prices in Ulwe are anywhere between Rs. 5,000 to Rs. 7,000 per square foot according to data on Magicbricks.com. Average property prices have risen by 3%-4% in the last quarter. Presently, residential houses are available at the same rate as that of an apartment.
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This is a part of Navi Mumbai which is fast developing into a residential hub. As you might know, Navi Mumbai is being developed as a polycentric new town with a number of nodal concentrations. When Navi Mumbai is fully developed, it is expected to have 14 townships. Dronagiri is one such township. This area, like Ulwe, is being developed by CIDCO and is popular for the Dronagiri Fort. This area is well connected to other parts of Mumbai.
If you want to buy property in Dronagiri, you might have to shell out Rs. 3,800 to Rs. 4,900 per square foot. Average property prices have actually fallen by 1% in the past quarter. Most of the projects in the area are multi-storey apartments.
This area is a coastal town and is situated in the Raigad district. Old-timers will tell you that Raigad was earlier known as ‘Kulaba’ and is being considered by investors as the place for real estate investment. Raigad is divided into areas such as Khopoli, Pen, Dahivali and Alibag as well. The Pen railway station is the nearest station to Alibag. You can even use the ferry services available here to go to Mumbai. Get a catamaran ride to the Gateway of India. Exciting, right? Alibag also has beaches like the Nagaon beach and a fort.
Property prices in Alibag are well within the Rs. 4,000 to RS. 5,000 per-square-foot range. Unlike other places, you can find apartments as well as villa projects here. The prices for villas, though, are much higher than those charged for apartments.
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This is another area in the Raigad district and is part of the Mumbai Metropolitan city. Karjat is well connected to Panvel and Mumbai by road. The Mumbai Metropolitan Region Development Authority has initiated urban planning for this area. This will ensure that the area will be urbanised soon. Karjat has its own railway station and you can get trains to Mumbai, Panvel and Khopoli from here. It takes just under two hours to reach Mumbai using the train. This area also has prominent educational institutions like Dhirubhai Ambani School and the L&T Construction Skills Training Institute.
You can get a property in Karjat for as little as Rs. 3,400 per square foot. The average property price in this area is Rs. 4,326 per square foot. Prices have increased a good 7% in the recent past.
Ready to explore one of these areas? You will need a good Home Loan to help you out. We have plenty of offers for you to choose from. The lowest interest rate, least processing fee, no guarantor needed – you name it, we’ve got it.