Areas to buy a home under Rs 50 lakh in Mumbai

Property prices in Mumbai significantly vary across its length and breadth. Therefore, home-buyers have some very attractive spots where they can buy a home within the Rs 50 lakh range. Homebuyers can get a 1, 2 or even 3-BHK flats in Mumbai, within a budget of Rs 50 lakh, but it depends on the correct synchronisation of the budget, site and amenity requirements.

Mumbai is among the costliest cities in our country to buy a property. It is regarded as a status symbol to own a property here. When compared to Delhi; Mumbai remains a high-priced real estate city. The average property price of a 1,000 sq ft home in Mumbai is about Rs 1.6 crore, while in Delhi, it is about Rs 1.1 crore. A lot of buyers are investing in pre-launches due to its cost effectiveness.

The buyer can have a good quality of life with a budget of Rs 50 lakh. There are several projects available, which have great amenities and schools for their kids. Depending on the site, the buyer can even purchase a 3-BHK apartment.

Areas to buy a home under Rs 50 lakh
Locations such as Thane, Dombivali and Badlapur are developing at a rapid pace with the creation of new infrastructure. Since land prices in these locations are less in comparison to the island city, the residential property prices in these areas are in the affordable range.

The following aspects make these locations profitable investment zones in the affordable home category:

• Their proximity to the island city;
• The presence of commercial business districts in and around these locations;
• An expectation of higher returns on investment in the near future.

According to experts, property buyers can invest in pre-launch projects within Mumbai or look for properties in the outskirts of Mumbai like Thane, Panvel, Ulwe or beyond Kalyan. A property in these areas starts at an average rate of Rs 4500 per sq ft. The prices here are growing marginally due to the infrastructure development plans of the airport, metros and freeways.

Based on the assumption that the buyer will travel by the local suburban train to and from work, there are primarily three possible large locations to buy a home in the Rs 50 lakh range:

• Areas of the central suburbs such as Kalyan-Dombivali and its periphery;
• Western suburban places such as the Vasai-Virar belt;
• The harbour areas of Kharghar-Panvel.

These locations have their own flourishing micro-markets with a substantial population. They have a good civic and social infrastructure such as open playgrounds, malls, multiplexes, schools, hospitals and other recreational amenities." Also, homes within the Rs 50 lakh budget are available in the outskirts of Mumbai, buyers have the option to go in for pre-launches, which are again time-consuming, but can offer great price appreciation benefits in the future.

A trade-off:
Experts advise that the buyer may need to cut down on certain aspects such as size of the flat, amenities, etc. Certain aspects that a buyer may need to be more accommodating of are:

Location:
The projects may not be located within the island city of Mumbai, but in its periphery;

Amenities:
Buyers may be required to compromise on recreational amenities to meet the cost criteria;

Connectivity:
Travel time could be an issue;

Walk-to-work:
Getting a 'walk-to-work' home in this budget is difficult unless the office is also situated in the outskirts.

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