Over the years, Mumbai has witnessed a sky-rocketing increase in its real estate prices, with the growing two crore+ population and limited land availability being some of its primary reasons. Owning a piece of land in India’s commercial capital is a privilege for only the niche segments. This has led to the satellite towns around the city following under the MMR bracket, capitalising on the situation, with top developers and buyers making a heyday. Not only do these cities offer affordable housing, but they are more spacious as well. Cities like Thane, Navi Mumbai, and Panvel have become potential hotspots for the corporate industries, with top MNCs setting up their operations.
With the inflow of residents increasing, there has been a boost in the social infrastructure, too, with top schools, colleges, and medical centres set up. Covering an estimated area of 6,328 sq. km with nine municipal corporations, the Mumbai Metropolitan Region hosts a population of over 2.6 crores.
Known as Mumbai’s elder sister, Thane has emerged as a game-changer in the real estate industry, with the demand for housing being at an all-time high for some of the following reasons.
Another key benefit of living in Thane is the affordable housing, offering luxurious flats under ₹50 lakhs.
A planned city located in the Konkan division of Maharashtra state, Navi Mumbai has an area of 108.6 sq. km with a population of over 1.6 crores. The MMR city has caused quite a stir in the real estate market with its world-class infrastructure and, of course, the much-awaited international airport to be operational by 2025. Some of its prime localities are as follows:
Reputed developers such as Satyam Developers, Paradise Group, and Arihant Superstructures Ltd have a lot of exciting projects in the pipeline.
Located in the Raigad district of Maharashtra, Panvel is a small city covering a distance of 110.1 sq. km, with an estimated population of over 2.4 lakhs. Nonetheless, the MMR city is a delight for nature lovers, with a healthy presence of open green spaces and lakes.
With companies like Unilever, Larsen and Toubro, Reliance, ONGC, and Hindustan Organic Chemicals set up and generating employment, Panvel has emerged as a potential industrial epicentre.
With the city opening its doors to expansion, its real estate has witnessed revolutionary growth, offering affordable housing under ₹50 lakhs. The current average price per sq. foot in Panvel is an estimated ₹8,302.
A city in the Thane district of Maharashtra, Mira Bhayandar, holds a lot of investment potential, especially in real estate, with the average price per sq. foot being around ₹9,077 sq. foot. Offering excellent connectivity to its MMR counterparts and parts of Mumbai via road and railway, the city is to benefit from the upcoming coastal road Metro Line 9. Hence, the correct time to investment that could potentially offer multi-folds of ROI.
A twin city falling under the MMR region, Kalyan Dombivli covers an area of 137.2 sq km with a population of over 1.7 lakh residents. Nevertheless, the city is emerging as a key player in the real estate sector, with developers like Lodha and Runwal offering residential properties. The current average price per sq foot is upwards of ₹6,000. The city also has a lot to offer regarding its social infrastructure, offering top educational and healthcare facilities.
Hopefully, the above blog has served its purpose of navigating you through areas offering affordable housing in MMR. As flat prices in Mumbai continue to touch the roof, investing in MMR could be an ideal solution, given these satellite cities have grown leaps and bounds over the years.
Mumbai is one of the best places to live. Almost every person dreams of owning a lavish apartment in Mumbai. In this blog, we will delve into some of the most affordable places to live in Mumbai.
Mira Bhayander is a municipal corporation in Maharashtra’s Thane District and has a border with North Mumbai too. Those who have properties under the jurisdiction of the MBMC (Mira Road-Bhayander Municipal Corporation) have to pay their Mira Bhayander property taxes on residential and commercial units, including homes, business establishments and more.
The vibrant city of Mumbai, which serves as India's financial hub, has always been a prime attraction for companies looking to establish themselves at the epicentre of the nation's economic hub. As the city continues its transformation, the commercial real estate scenario in Mumbai is experiencing substantial shifts.