Take Your Pick From Mumbai's Mix Of Affordable & Luxury Under-Construction Properties
Over 2,500 projects are coming up in Mumbai. One may wonder what would be the fate of these new properties in a market that is known for the soaring property prices. However, PropTiger data suggest that a healthy supply of new launches and under-construction are still making way into this market.
So, if you are keen on investing in the upcoming properties in Mumbai, here is what you can get:
Plots within Rs 45 lakh
Mumbai, even though known for it's expensive properties, offers prospective buyers many pocket-friendly investment options, too. Data suggest that new plotted developments in Boisar, Palghar, Saphale, Shahapur, Wangani, Manor, Neral, Murbad, Vajreshwari, Badlapur, Khardi, Karjat, Murbad, Khalapur, Naigoan East and Bhiwandi are some areas where plots are affordably priced starting at Rs 3 lakh for a 600-sq-ft plot and going upto Rs 45 lakh for a 6,000-sq-ft plot. These are not located in central Mumbai but are closer to the upcoming development centres in the — state close to Thane and Navi Mumbai.
New and affordable multistorey apartments
A majority of new properties in the city are apartment units. Localities such as Neral, Vangani, Titwala, Boisar, Bhiwandi, Asangaon, Badlapur, Palghar, Karjat, Uttan, boast 1BHK and 2BHK units in the price range of Rs 6 lakh to Rs 30 lakh. These are slated for possession between December 2017 to December 2019.
Luxury locales
The central parts of the city also have many under-construction options. However, not surprisingly, these constitute the high-end luxurious properties where the price band is anywhere between Rs 7-36 crore. These are mostly 3BHK, 4BHK and 5BHK apartments in Mumbai, available in sizes ranging between 2,000 sq ft and 9,000 sq ft. Some of the prominent up-market locations in central Mumbai include Lower Parel, Mahalaxmi, Worli, Bandra West, Prabhadevi, Tardeo, Matunga, Babulnath Road, Santacruz West, Juhu, Wadala and Khar.
Why Mumbai, why now
Over the last two and a half years, developers have not raised the prices and capital values have sobered in many places. Overall, the price growth has been 7.5 per cent in the last 46 months. Although any price appreciation in Mumbai pinches hard to a potential home buyer who has deferred an investment over the last few years is definitely at an advantage considering that values haven't changed much. Check out the best projects in Mumbai.
Where is the demand?
Demand for properties located in upcoming localities and are affordable is not to be undervalued. Thane West, Vangani, Dombivali, Kharghar, Silphata and Kalyan West, in that order, are the most preferred locations for a real estate investment in and around Mumbai. On the whole, if you are looking to invest in Mumbai, on an average you need to reserve a budget of Rs 1.10 crore for a 2BHK unit and about Rs 2.75 crore for a 3BHK unit in the tinsel town.