Mumbai is one of the costliest real estate markets in India. It is home to some of the country’s poshest and most coveted locations, right from Malabar Hill, Altamount Road, and Tardeo to Juhu, Bandra, and many more. Yet, there are still a few places where you can find relatively affordable flats in Mumbai. It goes without saying that many of these micro-markets are located on the outskirts of the city or in surrounding areas. However, with better connectivity and infrastructural development, they are options worth considering for buyers on a budget. Here are some of the more affordable areas in Mumbai and its suburbs.
Top Places to Buy Affordable Flats in Mumbai
Here are some of the top locations to purchase affordable flats in Mumbai.
- Kandivali (East) - Kandivali East offers comparatively reasonable real estate rates while being located near the SEEPZ Special Economic Zone and Akurli Industrial Estate. It is a mid-range locality which offers several apartments across diverse real estate projects. Rental values are also comparatively reasonable, while there is easy access to the Poisar metro station and Kandivali railway station alike. Leading hospitals and educational institutions like the Cambridge School, DNA Multispeciality Hospital and Aditi Hospital also bolster the social infrastructure in the area. The property rates hover around Rs. 26-27,000 per sq. ft. based on reports.
- Kharghar- Kharghar is one of the top places to buy affordable flats in Mumbai, with average property rates of around Rs. 15,500 per sq. ft. The area has witnessed skyrocketing development over the years, with handsome appreciation since the announcement of the Navi Mumbai International Airport. Kharghar is located near the Sion-Panvel Highway and Mumbai-Pune Expressway along with the MIDC, CIDCO, CBD, and the Taloja Industrial Estate.
- Thane West- Properties are usually available at reasonable prices in this stretch, with average prices of Rs. 17,600 per sq. ft. The Ghodbunder Road is a major growth driver in this locality while there is easy access to almost all central locations in Mumbai. Infrastructural development has made Thane West a highly coveted real estate hub in Mumbai.
- Mira Road- The average property rates are around Rs. 14,450 per sq. ft. in Mira Road. The area offers great connectivity, while being nestled between the Sanjay Gandhi National Park and the Arabian Sea, thereby offering picturesque and charming surroundings. There are several hospitals and educational institutions nearby while innumerable apartments are available for buyers at affordable rates here.
- Panvel- Panvel is one of the most promising real estate locations in Mumbai, with average property rates of around Rs. 11,500 per sq. ft. Panvel offers affordable flats in Mumbai. The locality is just next to the Navi Mumbai International Airport. The National Highways 4 and 17 pass through the area while the Mumbai-Pune Expressway is another connectivity lifeline. There is good railway connectivity along with good hospitals, educational institutions, shopping centres, restaurants, and more such amenities.
- Dombivli East- With average property prices hovering around Rs. 9,800 per sq. ft., Dombivli East is a great place to invest in property in Mumbai. The area is developing rapidly with surrounding greenery and good civic and social infrastructure. It has steadily become one of the most popular housing markets near the city.
- Ulwe- Average property prices are usually around Rs. 13,250 per sq. ft. in Ulwe, one of the most promising property hubs in Mumbai. It offers good connectivity to the city through the Palm Beach Road and also to the CBD (Central Business District) along with Vashi and the Sewri-Nhava Link. Ulwe is also known for offering sound civic and physical infrastructure.
- Kamothe- With average real estate rates of approximately Rs. 12,600 per sq. ft., Kamothe is one of the top places to find affordable flats in Mumbai. It is located near the Mumbai-Pune Expressway and has become a popular housing market in Navi Mumbai that has been developed by CIDCO. It is also located near major employment and business hubs, along with offering several parks, markets, hospitals, and schools.
Hence, there are still several places to buy affordable apartments in Mumbai. From locations in Navi Mumbai and Thane to a few areas on the fringes of the city, there are several well-developed areas that offer good infrastructure and facilities to residents on a budget.