As most would say, affordability and Mumbai cannot exactly be pronounced in the same sentence but that does not mean that one cannot find affordable homes in Mumbai at all. One just needs to look in the right direction and streamline their search. Mumbai is indeed one of the costliest in the world when it comes to real estate appreciation and hence, the search for an affordable piece of property can be a long one.
How to look for Affordable Homes?
To start with, one can find out about the affordable housing scheme in Mumbai and also apply for properties that would fall under the PMAY. In truth, if one has around Rs 15 lakhs and Rs 25 lakhs, one can choose from among the 6483 units that are available. Not all of them are in the heart of city and they are mostly 1 BHK units, but nevertheless, it still provides the opportunity to have a permanent address. The higher the budget, the better options one can choose from. Data shows that a major part of the housing stock is for the budget segment.
Localities for Affordable Homes
Hence, when one scouts for localities, the options that they have are Badlapur, Boisar, Karjat, Naigaon, Nalasopara, Neral, Mira Road and Panvel among others. The good news is that the number of affordable housing developers in Mumbai is steadily growing and many renowned names in the real estate developers are also joining in. For example, Sheltrex Experana is currently an under construction project where buyers can avail 1 BHK units of about 469 sq feet at a price of 15.95 lakhs. Similarly, a project like Lodha Heaven Nilje in Dombivali East is offering ready to move apartments to the buyers for Rs 20 lakhs.
Factors to Consider to buy an Affordable Home
The thing that buyers need to consider is the factor of commute. Even if one manages to find a perfect home and within one’s budget, it might be far from the place of work. The government is indeed trying to implement affordable housing and construction companies, banks and stakeholders are also joining in. The distant suburbs like Palghar, Taloja and Dombivali are also seeing great connectivity and would be soon turned into hubs of affordable housing in Mumbai 2018.
Among other options, one could also consider renting an apartment. Even investors are considering going into rentals for increasing their rental incomes. At present, there are enough growth drivers in the city to propel the buyers and the regular infrastructural developments that the city is coming up with are giving the residents to invest in fresh projects here. For example, affordable housing in Navi Mumbai has increased considerably after the new metro routes have been sanctioned. The proximity to the commercial hubs or to the business sector is a major driving force for real estate and if one is on a budget, then even though not in the immediate vicinity of such city centers, but can at least find options to own a place in a region that is at least well connected to these parts.