Can I Afford A Property In Mumbai?
That Mumbai is quite an unaffordable property market and that it is one of the most densely populated cities are facts that could not be denied. However, that also indicates that the Maximum City welcomes everyone who comes here with dreams of future in their eyes with open arms. In short, Mumbai, known to be among the costliest property markets in the world, has a place for everyone, irrespective of their social standing. If India's financial capital houses the Antilla, counted among the costliest private properties in the world, a large part of the tinsel town are also slums that add to the riches of the prosperous city while running a parallel economy of their own—Dharavi is a perfect example of that.
To put it succinctly, a homebuyer should not be misled by the reports that go on and on about the cost factor. No matter who you are, what you do and how much you earn, you could sure have a piece of your own Mumbai. Currently, average property rates in Mumbai are Rs 2,900 per square foot (sqft) . But there is no lack of options in case you want to keep it lower.
Can I afford?
If you have anywhere between Rs 15 lakh and Rs 25 lakh, you could pick from 6,483 properties across Mumbai. Moving upwards, you could pick from 7,693 options if you can spend anywhere between Rs 25 lakh and Rs 33 lakh. These are mostly 1BHK units, spread across developing localities of the city. Data on availability of housing options also brings forward an interesting point — that a major part of the housing stock is meant for the budget segment. Considering we are talking aabout a city that is popular for expensive real estate, this is a lot. However, the highest number of properties available for purchase in Mumbai is in the price range of Rs 42-52 lakh. You could pick from 8,123 options if you have that kind of budget.
Looking For A 1BHK In Mumbai? Here Are Your Options
Where are the budget properties?
These budget properties are mostly concentrated in emerging areas such as Asangaon, Badlapur, Boisar, Dombivali, Dronagiri, Karjat, Naigaon, Nalasopara, Neral, Mira Road, Panvel, Virar, etc.
Sheltrex Experana, for instance, is an under-construction project which offers homebuyers 1BHK units of 469 sqft for Rs 15.95 lakh. Do not be mistaken. Even big developers are building affordable compact and homes for you in Mumbai. Real estate major Lodha's Heaven Nilje at Dombivali East, for instance, offers buyers ready-to-move-in units for Rs 20 lakh. In the same locality, you could buy a ready-to-move-in property at Sai Mauli apartment for Rs 19.49 lakh.