Looking For A Property Under Rs 25 Lakh In Mumbai? Head To These Localities
With the increase in ready reckoner rates and approval to levy one per cent surcharge on all property transactions, the property prices in Mumbai are not likely to come down anytime soon. This is the reason mid-segment buyers looking for affordable homes have lately been moving to the peripheries of the city. Though the outskirts have under-developed infrastructure, the housing projects available here are from reputed real estate developers with good track record.
PropGuide lists three localities in Mumbai where you could find properties priced below Rs 25 lakh:
Ambernath West
If Kalyan, Dombivli, Badlapur have gone out of your budget, Ambernath West can be your choice. Few popular developers in Mumbai have come up with their projects in the locality. Though the infrastructure development is still in process and the city-like culture is currently missing, the look and the feel of the area might change as the projects enter the delivery stage and people start moving in. Ambernath West can be a good location to invest in for those who are employed in the business districts of Thane or Navi Mumbai.
A 1BHK flat in Ambernath is available for Rs 22 lakh while a bigger 2BHK is available for Rs 32 lakh. Most of the projects are ready for delivery and awaiting occupancy certificate. Hence, before you strike a deal with the builder, make sure you check all the necessary documents.
Neral
As Neral lies in Karjat, investors from Mumbai with modest budget own real estate asset here, rather than end-users. Due to the availability of cheap land parcels, several developers have moved in here to construct massive housing projects and township. Blessed with lush greenery, investors also prefer this destination as a vacation home, to escape from city's hustle-bustle. Though the infrastructure might still be improving, those employed in IT/ITes sector or Badlapur and Navi Mumbai find Neral enticing due to the availability of good schools and colleges in close proximity. It is also buzzing retail hub with a number of shopping complexes. There are several road projects such as Karjat-Murbad Road, Badlapur-Karjat Road, a new state highway from Panvel through the Matheran hills to Neral, which has been announced to improve road connectivity from the main city.
Neral is an important real estate hub because of its location. While Badlapur and Kalyan are the nearest real estate destinations and have pricey property options, Neral still offers a 2BHK in a price range of Rs 24-28 lakh, which is available for Rs 40 lakh in Badlapur and Kalyan.
Umroli
There are two Umroli in Mumbai Metropolitan Region. One is close to Boisar, one of the affordable housing hubs near Mumbai, the other lies close to Panvel, with limited real estate options. Umroli near Boisar is better connected to the main city through Western Line while the one close to Panvel does not enjoy the same frequency of local trains.
The price point in either of the destination is comparable as both of the localities offer 1BHK within Rs 25 lakh and a bigger 2BHK for Rs 28 lakh. Though both of these destinations need an infrastructure upgrade, investors who want to park their money in real estate, prefer these areas due to the better potential of price rise than any developed locality. According to the Proptiger data, the locality witnessed the rise of 27 per cent in last four years.