Finding affordable homes or rentals in Mumbai may seem like a faraway dream in today's times. Indeed, living in Mumbai has become more and more difficult for many individuals in the present scenario. The real estate sector has been saturating and developers have not been able to embark on affordable housing and rental projects owing to various market dynamics and other factors. This poses a huge problem for individuals looking for homes within the INR 50 lakh bracket and properties with affordable rent amounts. Where can you find affordable and reasonable options in Mumbai? Read on to find out more about affordable living options in India's financial capital!
Finding properties in Mumbai within the INR 50 lakhs bracket is next to impossible according to many individuals and real estate market followers. Navi Mumbai's Nerul is one location that gives you multiple options within this particular budget. According to market studies and reports, there are approximately 32 projects situated in this area all of which come with sticker prices between INR 30 lakhs and INR 40 lakhs and there are other projects which come between INR 50 lakhs and INR 60 lakhs. Almost all of these projects can be availed of for immediate possession by end users. Within INR 50 lakhs, you can easily find 1 bedroom apartments in this area and if you scale up your budget to INR 55 lakhs or even INR 60 lakhs, you can also find a two bedroom apartment in this area. There are various projects available in this area and all of these come with basic facilities like back-up for electricity, storage of water, 24 hour security, lifts and also parking space.
The possession dates for some of these projects have been fixed for the end of this year while you can move into some of these projects almost immediately. Should you purchase property in Nerul? This is of course a matter of much consideration as Mumbai does not have many available properties within this budget range and mid range buyers will have a tough time finding affordable properties within the proper city. Even a tiny apartment in Mumbai will be quoted at even higher prices and as a result, Nerul will be a relief to many buyers according to market experts and industry watchers in the city. Nerul is one area that stands out for its sheer plethora of connectivity options and other areas in Mumbai can be easily accessed through the suburban railway network in Mumbai.
There is another rail route that runs directly along the Harbor Line. The BEST and buses from the State Transport department are available here along with Municipal Transport options. The bus service makes Nerul an accessible option from Mumbai proper and other Navi Mumbai areas as well. The Chattrapati Shivaji International Airport is only one and a half hours away. According to industry reports, property prices in this area range between INR 10, 800 to INR 11, 450 per square foot. Alongside, prices have increased by approximately ten percent in the last few months as per statistics and other reports. Home buyers are more drawn to this area owing to good connectivity and infrastructure options.
There are various educational institutes situated here including the SIES College of Arts, St. Xavier's, DPS, Terna Medical and Engineering College and also the Apeejay School. Alongside, there are shopping outlets, stores, banks, food joints and hospitals in the area as well which makes it an attractive proposition according to local realtors. Nerul is a great option if you have a budget within INR 50 lakhs and the benefits on offer are fabulous to say the least. This is the only remaining option in Mumbai according to many experts with regard to the limited budget options for housing. Apart from purchasing a property, can you find affordable rentals in Mumbai?
This is very difficult to say the least especially if you have a budget between INR 15, 000 and INR 25, 000. There are various areas situated in Elphinstone, Byculla, Mahim, Dadar West, Prabhadevi, Worli and Lower Parel which offer one bedroom apartments for rent within this budget range. These one bedroom flats in South Mumbai usually possess between 200 square foot to 500 square foot of area and work well for professionals. There are new and old apartments available within this price bracket in these areas and this should be a relief for working professionals eager to find an affordable place to live in Mumbai.
According to local brokers and real estate dealers, there is multiple mid range apartments located in the area within this price range and multiple enquiries are generated daily regarding the same. Rentals usually happen swiftly and there is not much hesitation on part of customers in this regard. There are a minimum of two hundred apartments located in South Mumbai and surrounding areas with a rent tag of INR 15, 000 to INR 25, 000. These areas include Prabhadevi, Worli and Lower Parel which are the most desired areas in this space. The rent for these apartments starts at INR 30, 000 and this can increase to about INR 7 lakhs in some cases. Variations in rent mostly happen owing to new properties being handed over for rent and these come with additional amenities as compared to flats in old buildings. The overall covered area also influences the final rent amount.
Mid range buyers are mostly targeted with these rentals and this has proved to be a successful proposition so far. People who rent these flats usually include new families and single professionals. The presence of amenities and other features is also an added bonus and people can now fulfill their aspirations of living the city at an affordable price with these rental options. You can still find affordable apartments and rental options in Mumbai if you know where to look. Snap up your desired rental or apartment in quick time before the rates spiral out of control!Â
Finding properties in Mumbai within the INR 50 lakhs bracket is next to impossible according to many individuals and real estate market followers. Navi Mumbai's Nerul is one location that gives you multiple options within this particular budget. According to market studies and reports, there are approximately 32 projects situated in this area all of which come with sticker prices between INR 30 lakhs and INR 40 lakhs and there are other projects which come between INR 50 lakhs and INR 60 lakhs. Almost all of these projects can be availed of for immediate possession by end users. Within INR 50 lakhs, you can easily find 1 bedroom apartments in this area and if you scale up your budget to INR 55 lakhs or even INR 60 lakhs, you can also find a two bedroom apartment in this area. There are various projects available in this area and all of these come with basic facilities like back-up for electricity, storage of water, 24 hour security, lifts and also parking space.
The possession dates for some of these projects have been fixed for the end of this year while you can move into some of these projects almost immediately. Should you purchase property in Nerul? This is of course a matter of much consideration as Mumbai does not have many available properties within this budget range and mid range buyers will have a tough time finding affordable properties within the proper city. Even a tiny apartment in Mumbai will be quoted at even higher prices and as a result, Nerul will be a relief to many buyers according to market experts and industry watchers in the city. Nerul is one area that stands out for its sheer plethora of connectivity options and other areas in Mumbai can be easily accessed through the suburban railway network in Mumbai.
There is another rail route that runs directly along the Harbor Line. The BEST and buses from the State Transport department are available here along with Municipal Transport options. The bus service makes Nerul an accessible option from Mumbai proper and other Navi Mumbai areas as well. The Chattrapati Shivaji International Airport is only one and a half hours away. According to industry reports, property prices in this area range between INR 10, 800 to INR 11, 450 per square foot. Alongside, prices have increased by approximately ten percent in the last few months as per statistics and other reports. Home buyers are more drawn to this area owing to good connectivity and infrastructure options.
There are various educational institutes situated here including the SIES College of Arts, St. Xavier's, DPS, Terna Medical and Engineering College and also the Apeejay School. Alongside, there are shopping outlets, stores, banks, food joints and hospitals in the area as well which makes it an attractive proposition according to local realtors. Nerul is a great option if you have a budget within INR 50 lakhs and the benefits on offer are fabulous to say the least. This is the only remaining option in Mumbai according to many experts with regard to the limited budget options for housing. Apart from purchasing a property, can you find affordable rentals in Mumbai?
This is very difficult to say the least especially if you have a budget between INR 15, 000 and INR 25, 000. There are various areas situated in Elphinstone, Byculla, Mahim, Dadar West, Prabhadevi, Worli and Lower Parel which offer one bedroom apartments for rent within this budget range. These one bedroom flats in South Mumbai usually possess between 200 square foot to 500 square foot of area and work well for professionals. There are new and old apartments available within this price bracket in these areas and this should be a relief for working professionals eager to find an affordable place to live in Mumbai.
According to local brokers and real estate dealers, there is multiple mid range apartments located in the area within this price range and multiple enquiries are generated daily regarding the same. Rentals usually happen swiftly and there is not much hesitation on part of customers in this regard. There are a minimum of two hundred apartments located in South Mumbai and surrounding areas with a rent tag of INR 15, 000 to INR 25, 000. These areas include Prabhadevi, Worli and Lower Parel which are the most desired areas in this space. The rent for these apartments starts at INR 30, 000 and this can increase to about INR 7 lakhs in some cases. Variations in rent mostly happen owing to new properties being handed over for rent and these come with additional amenities as compared to flats in old buildings. The overall covered area also influences the final rent amount.
Mid range buyers are mostly targeted with these rentals and this has proved to be a successful proposition so far. People who rent these flats usually include new families and single professionals. The presence of amenities and other features is also an added bonus and people can now fulfill their aspirations of living the city at an affordable price with these rental options. You can still find affordable apartments and rental options in Mumbai if you know where to look. Snap up your desired rental or apartment in quick time before the rates spiral out of control!Â