Top 3 Affordable Areas in Mumbai in 2015

Despite the economic downturn and the damp sentiments in the country’s real estate market over the last couple of years, property prices in the country’s financial capital have refused to come down. Along with this, the search for areas offering affordable housing continues in 2015. As per latest research by CommonFloor, the following areas emerged as the top 3 residential real estate markets offering affordable housing in the Mumbai Metropolitan Region (MMR) during the first half of 2015.

The affordable budget for buying a house in Mumbai is taken to be up to Rs 60 lakh.

Areas offering affordable housing

1) Mira Road

Mira Road, which is situated just beyond Dahisar, has gained popularity as a fast growing area for buying an affordable house in the last few years. The growth of residential real estate is fuelled by the high property prices in the western and eastern suburbs, and south Mumbai. Proximity and great connectivity to the important business hubs as well as prime localities via the Western Express Highway (WEH) and suburban railway too have greatly contributed to the area’s growth. With a fast growing infrastructure in terms of civic amenities, transport and social amenities, the area can now be considered a fully developed area rivalling a few other western suburbs.

2) Panvel

Panvel is one of the fastest growing areas in MMR. While affordability is one of the main drivers of this growth, the upcoming Navi Mumbai International Airport. Panvel is also strategically located on the Mumbai-Pune Expressway and Bangalore-Mumbai National Highway, giving it excellent connectivity to Mumbai as well as other major cities. Panvel is close to several industrial areas. The area’s infrastructure is growing at a fast pace, with plans of a Navi Mumbai metro rail and the Mumbai Trans-Harbour Link (MTHL) close to the area to improve its accessibility. The area is set to be developed as an educational and IT hub. All these factors make Panvel a sought after area.

3) Nala Sopara

Nala Sopara is situated in the Vasai-Virar region of MMR. The area has slowly started gaining prominence in the last 3-4 years as a destination of affordable apartments in Nala Sopara, primarily due to its lower property prices, good connectivity to Mumbai via the WEH and rail. The area’s civic and social infrastructure too is growing at a good pace. The Mumbai metro is expected to be extended up to Virar, passing through Nala Sopara, improving its connectivity. The real estate activity in the area, especially Nala Sopara (W).

The following table briefly outlines the property prices and the availability of property configurations in these areas.

BHK-wise availability and property prices in the top 3 areas