Top 5 Areas In Mumbai For Affordable Housing
Mumbai is one of the most expensive cities in India to live in, but despite all the comforts nearby, places like Kandivali, Borivali, and Vikhroli are still reasonably priced. These are among the top five inexpensive housing localities in Mumbai. With property costs starting at roughly Rs 16,000/ sq. ft. Continue reading to learn more about these exciting real estate markets!
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The opulent lifestyle and high expense of living in Mumbai are well recognize. Yet it’s not difficult to locate a place that’s inexpensive and has lots of amenities close by. Travel is affordable because to the smooth connectivity provided by the Mumbai Suburban Railways. And the Mumbai Metro’s soon-to-be-operational Line 2A will make it even more convenient. So that you don’t burn a hole in your wallet, here are the list of top five affordable housing neighbourhoods in Mumbai. Based on factors including ease of living, public transit, and cost-effective house values.
Mumbai’s Kandivali (East)
Rs 18,700 per square foot is the average cost of a home.
The Akurli Industrial Estate as well as the Seepz Special Economic Zone are close by in Kandivali (East). Which sustains the rental market. It is a mid-segment neighbourhood full of 2 BHK residential units that bring in about Rs 22,000 per month in rent. It is only two kilometres from the Poisar Metro Station on the (Dahisar East-CSMIA International) Metro Line 7 and six kilometres from the Kandivali Railway Station on the Western Line of the Mumbai Suburban Railways, making it simple to visit all of Mumbai’s most desirable neighbourhoods.
Also, the area is well-liked by locals since it is home to a number of reputable hospitals & schools, including DNA Multispecialty Hospital, Cambridge School, Aditi Hospital, and Gundecha Education Academy. Buy prices in the neighbourhood are currently around Rs 18,700 per square foot after seeing an increase of about 6% over the previous three years.
Mumbai’s Kandivali (West)
Rs 18,500/sq. ft. is the average cost of a home.
A residential neighbourhood in Mumbai called Kandivali (West) has a large supply of 1 and 2 bedroom ready-to-move apartments for middle-class families. The demand for houses in the area is driven by its proximity to the Charkop Industrial Area and the commercial centre of Andheri (East), both of which are 13 km away. Also, the continuing building of a Coastal Road and the under-construction Valnai Metro Station on the Dahisar East-DN Nagar Metro Line in Kandivali (West) have raised the area’s property worth by nearly 5% during the past year. Yet, homeowners may find the elevated pollution levels brought on by the continuing development to be uncomfortable.
According to the type of apartment, the neighbourhood has a 4% annual rental yield. With monthly rents varying from Rs 21,000 to Rs 54,000.
East Kurla, Mumbai
A typical home costs Rs. 16,000 per square foot.
Mumbai’s Kurla (East) neighbourhood has a mixed-class population that ranges from the high to the middle classes. The Kurla Railway Station on the Harbour Line and Central Lines of the Mumbai Suburban Railway Network provides excellent access to the rest of the city. Moreover, the closest metro stop is Ghatkopar Station on the Blue Line 1 of the Mumbai Metro (4 km). Kurla sees a rise in housing demand due to its excellent accessibility and proximity to the business centres of Bandra-Kurla Complex as well as the Marol MIDC Industrial Area, both of which are only 4-10 km away (East).
The majority of the apartments in this area are 1 BHK units and are ready to move into. Rentals in the neighbourhood begin at Rs 27,000 a month, Kurla (East) is often less expensive than Kurla (West), Bandra (East), Chembur, & Ghatkopar, where monthly rentals for a 1 BHK flat average around Rs 30,000 per month.
Mumbai’s Borivali (West)
A typical home costs Rs. 17,300 per square foot.
The housing hub in Borivali (West) provides upper-middle-class apartments for rent. Property costs and rent for a two-bedroom apartment typically cost roughly Rs 17,300 per square foot and Rs 33,400 per month, respectively. The region is connect to the rest of Mumbai by the Western Suburban Railway Line. Moreover, it is around 20 miles to the Chhatrapati Shivaji Maharaj International Airport.
Within 15 kilometres of Borivali West are significant employment centres. Including Nirlon Knowledge Park, Nesco IT Park, and Infinity IT Park. And the area is popular for housing due to the presence of numerous malls and retail hubs. Within a three-mile radius, easy access to malls, hospitals, schools, banks. And parks is made possible by the presence of cabs, cars, and buses.
Mumbai’s Vikhroli (West)
Rs 18,400 per square foot is the average cost of a home.
Ample 1 BHK and 2 BHK residential options are available in Vikhroli (West), which is 7-8 kilometres from the Bandra-Kurla Complex (BKC) as well as the Marol MIDC Industrial Area in Andheri (East). Around 40% of the properties in Vikhroli (West), are price between Rs. 50 lakh and Rs. 1.5 crore. However, the area’s typical buy rates are significantly lower than those in Vikhroli (East), Powai, and Ghatkopar, which average around 19,500 per square foot. The Mumbai Suburban Railway’s Central Line’s Vikhroli Train Station. Which provides convenient access, showed over a 10% YoY gain in home values in this area. Rents in the region begin at Rs 29,000 per month.
Mumbai is more expensive than other major cities, with a higher average cost of living. In light of this, it is crucial to conduct all essential research before relocating to the city. Before choosing a purchase, take into account the area’s accessibility to transit, schools, universities, hospitals, retail centres, and other services.
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