5 Areas in MMR Where You Can Find Flats Under 50 Lakhs

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.

As these outer pockets of Mumbai look to gain traction, let’s look at some of the cities/towns/localities offering affordable housing, with flats even available under ₹50 lakhs. 

1. Thane

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. 

• Improving connectivity: The Lake City has an efficient network of roads and railways. The government and concerned authorities strive to make lives easier for the common man with projects like the Trans Harbour Link and the upcoming Metro Line 4. 
• Robust infrastructure: Blessed with the availability of land, Thane has emerged as an epicentre for IT companies and MNCs, with companies like TCS, ICIC Bank, Kotak Mahindra Bank, and D Mart having set up their operations. 
• Social infrastructure: With a population of over 25 lakhs, the Smart City has observed rapid development of schools, colleges, and hospitals. On the recreation front, Viviana Mall, Korum Mall, R-Mall, and Lodha Boulevard offer the perfect family experience. 
• Close to nature: With the presence of over 30 lakes, followed by several parks and beaches, Thane offers a peaceful, fresh, and comfortable environment away from the congested localities of Mumbai. 

Another key benefit of living in Thane is the affordable housing, offering luxurious flats under ₹50 lakhs.

2. Navi Mumbai

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:

• Kharghar
• Airoli
• Shilphata
• Taloja
• Karanjade

Reputed developers such as Satyam Developers, Paradise Group, and Arihant Superstructures Ltd have a lot of exciting projects in the pipeline. 

3. Panvel

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.

4. Mira Bhayandar

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. 

5. Kalyan Dombivli

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. 

Conclusion

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.