Top Mumbai Localities To Buy Property For Rs 1-1.5 Cr
Mumbai, the financial capital of India, is known for its expensive property markets. According to the Economist Intelligence Unit’s Worldwide Cost of Living 2019 index, it is the country’s most expensive cities to live in.
That has led to the city suburbs emerging as new housing hubs around the Maximum City. In fact, new localities are emerging as luxury real estate hotspots today.
Moving away from highly expensive central and south of Mumbai, homebuyers are now investing heavily in the suburbs, especially the ones lying on the western belt. Proximity to the city centre, stronger connectivity and development of infrastructure together have fuelled the demand for housing in these areas, so much so that some of these localities have the highest number of projects offering properties priced over Rs 1 crore.
For those looking for an apartment in Mumbai in the budget of Rs 1-1.5 crore, PropGuide lists five localities that have the highest number of options.
Thane West: Thane West is known for its well-developed infrastructure and strong connectivity to the city centre, earning it a livability score of 8.4. To further enhance the livability score soon a Metro network would also operate in the area now that the state government has given its approval for the project. The ring rail route for Thane region will be further connected to the Mumbai Metro, too. All of these factors have already increased the demand for housing here which can be seen in an 18-per-cent rise in property prices in the past six months. The locality today offers property at an average price of Rs 10,380 per square foot (psf), a price on a par with some of the key localities in Mumbai.
Those looking for a 2BHK or 3BHK apartment in the price range of Rs 1-1.5 crore can invest in over 100 projects in Thane West. Of these, 22 are ready to move in while another 73 are under construction. Some of the prominent developers here include Lodha Group, Rustomjee Constructions, Piramal Realty and Godrej Properties.
Chembur: The eastern suburb of Mumbai, Chembur is one of the prime localities offering property at an average price of Rs 17,000 psf, a rise of 16 per cent in the past six months. The locality enjoys a livability score of 9.8, one of the highest in the city, owing to its proximity to the international airport (20 km) and the city centre (20 km) and the strong connectivity provided by the Eastern Expressway and the recently-operational Monorail route. The locality also offers good civic infrastructure with ample number of educational institutions, healthcare centres and leisure options. Those looking for property in the price range of Rs 1-1.5 crore can buy apartments in over 60 projects in 1BHK and 2BHK configurations.
Of these projects, 57 are under construction while nine are ready for possession. Developers operating in this area include Godrej Properties, Sia Developers, Aster Developers and Midas Group.
Borivali West: With a livability score of 8.6, Borivali West has emerged as one of the prime residential destinations in the western suburb of Mumbai offering property at an average price of Rs 16,800 psf. The locality has strong connectivity through the Western Expressway, and also lies in proximity to the International Airport. It is also known for the huge green cover the locality is surrounded with, making it a choice for those looking for better air quality and also, for leisure activities. Not just connectivity and social infrastructure, the locality also has a well-developed civic infrastructure with over 100 schools and nearly 200 healthcare centres in the vicinity.
Those who are willing to spend between Rs 1-1.5 crore could buy apartments in over 40 projects, in 1BHK, 2BHK and 3BHK configurations. These projects are being developed by real estate majors, including Sheth Group, Kanakia Group and Divisha Developers.
Andheri East: Andheri East has become an attractive destination for commercial real estate housing the Maharashtra Industrial Development Corporation (MIDC), the Santa Cruz Electronic Export Processing Zone (SEEPZ) Saki Naka and the Solitaire Corporate Park. The coming of many business here has also made it key locality for dwelling for many working in and around the locality. With a livability score of 9, Andheri East offers property at an average price of Rs 17,500 psf, a 23 per cent rise in the past six months. One of the centrally located areas when compared to the ones listed in this article, Andheri East enjoys Metro connectivity through Line-1 and is also connected to the other commercial hubs such as the Bandra Kurla Complex (BKC), Lower Parel and the Eastern suburbs of Powai, Vikhroli and Mulund through the Western Expressway. One could look at as many as 36 projects for an apartment in the price range of Rs 1-1.5 crore. These are being developed by Omkar Developers, Kanakia Spaces and Green Tree Lifespaces.
Kandivali West: Kandivali West, which in the past six months has witnessed a price rise of eight per cent, offers property at an average price of Rs 13,500 psf. It is one of the oldest residential markets of the Mumbai suburbs that now enjoys strong road and Metro connectivity and has a livability score of 8.3. The locality has nearly 33 projects that offer properties in the price range of Rs 1-1.5 crore in 1BHK and 2BHK configurations. Of the total, 21 projects are under construction while 12 are ready for possession. These projects are being developed by companies, including Westin Sankalp Developers, Amisha Constructions, among others.