Mumbai, among India's diverse cities, captivates all with its allure and vibrancy. Regardless of your background, be it caste, creed, financial standing, or place of origin, the city warmly embraces all. The city is a fusion of timeless architectural elegance, contemporary skyscrapers, cultural and traditional landmarks, and much more. While Mumbai holds the title of India's commercial hub, it offers a wealth of experiences beyond business. Mumbai is a tapestry of art, history, culture, cuisine, theatre, cinema, nightlife, and countless other facets. This diversity has significantly elevated the real estate sector in Mumbai.
Finding property in Mumbai is not challenging, provided you know your requirements. From luxurious residences to affordable options, the city accommodates all.
Today, we are going to find out whether affordable housing in Mumbai is real or not. And who can really call this dream city their new home.
The Need for Affordable Housing in Mumbai
Mumbai faces a big challenge because lots of people want homes they can afford. There simply are not sufficient inexpensive homes to accommodate everyone. This particularly affects individuals with lower incomes. Furthermore, it can result in the rise of slums, where people endure harsh living conditions.
So, to come across a house that is suitable to live and does not empty one’s wallet is to ensure that the overall cost of the housing should not be more than 30% to 40% of the family's total income. There is another way to judge affordability: ensuring that the property's price does not exceed five times the family's annual income.
Parameters for Affordable Housing and Living
- Affordability: The prices of real estate should be within the reach for an average human being.
- Standardization: People should have access to all the necessities like water, electricity, and good transportation. The homes should also have enough space for each family member to live comfortably.
- Income Levels: Housing should be available for people who earn about 80% of the average income in the area. In other words, housing should be priced in a way that it doesn't become a financial burden for those with slightly lower incomes, promoting affordability and inclusivity.
How Living in Mumbai Can Be Affordable?
Despite its reputation as a costly city, there are a few reasons that make Mumbai quite affordable as well:
Affordable Localities
Although Mumbai is known for its high living costs, places like Kandivali, Borivali, and Vikhroli remain reasonably priced, even with numerous amenities nearby. These neighbourhoods offer affordable housing options starting at approximately Rs 16,000 per square foot, making them some of the top five affordable places to live in Mumbai.
Variety of Housing Options
Mumbai's diverse housing market caters to various budgets, offering luxurious apartments and more modest accommodations. Whether you seek opulence or practicality, there's something for everyone.
Shared Living
Embracing shared living arrangements is common in Mumbai. Roommates help split expenses like rent and utilities, making it an effective way to reduce the overall cost of living and easily find affordable housing in Mumbai.
Local Transportation
Mumbai boasts an extensive and affordable public transportation network, including buses and local trains. Opting for these options over personal vehicles translates to substantial savings on commuting expenses.
Street Food and Affordable Eateries
Mumbai's renowned street food culture and budget-friendly local eateries allow you to savor delectable cuisine without breaking the bank. It is a paradise for food enthusiasts on a budget.
Community Support
Mumbai communities often unite to provide mutual support during challenging times. This sense of solidarity can alleviate financial burdens and foster a strong sense of belonging. Festivals like Ganesh Chaturthi, Gudi Padwa, Hanuman Jayanti, Narali Pournima, and Mangala Gaur are some of the major festivals here, which offer an opportunity to meet new people and make new friends.
Conclusion
While Mumbai can be expensive in some areas, it is quite easy to lead a comfortable life in the city without burning a hole in your pocket. No wonder Mumbai was said to be one of the most affordable cities in the world in 2015. So, anyone willing to lead a humble lifestyle, Mumbai can offer you a bunch of ways to do so. We hope that this information will help you in your quest for your humble abode in Mumbai that will help you realise your goal of living in this dream city.
