Mumbai is a city that is fast becoming the most sought after place in India for both Indians and expats. It’s easy to see why—the city buzzes with an electric fervour that attracts people from all over. The city has expanded beyond its borders, overflowing into the suburbs and beyond. Because of this, housing there has become more and more expensive. But there are some areas that have not been forgotten by developer, and as such, are undergoing major facelifts. These areas are very affordable as well as have a convenient transportation.
Here are the top 5 locations to buy cheapest property in Mumbai
Ulwe
The Navi Mumbai area is home to both affordable and luxury housing. Although housing in the Vashi, Chembur, and Panvel areas are rising in cost because these communities are becoming more desirable, the city of Ulwe provides budget homes. In fact, this area was constructed by CIDCO out of mangroves and marshland.
There are three big infrastructure projects in the vicinity of Ulwe, which means that in the near future, Ulwe is going to be an expensive area. But right now, first-time homebuyers can take advantage of the lower prices.
Mira Road
For those looking for relatively affordable housing, consider the city of Mira Road-Bhayander in Mumbai. With its lower population, it is a rapidly rising center for apartment living. In this teeming city, you can find a place that has easy transportation and is good value for money.
Kharghar
Kharghar, a suburb of Mumbai, was originally a fishing village. In recent times, the suburb has grown to be one of the most sought after locations for investing in an apartment. Kharghar began developing around the mid-1990s and is now a very attractive area to settle. In addition, the development also has schools, children’s playgrounds, and public transport links, all of which make it very convenient for young families.
Vasai-Virar
The housing market in Mumbai is in a slump. However, Vasai-Virar has been a bright spot, with property prices appreciating six times since 2007. Experts estimate that the area will continue to do well because of the growth and development happening around it. Property prices in Vasai-Virar are currently in the range of Rs 4,000 to Rs 6,000 per sq. ft., which is great for an area that has traditionally been inexpensive but is now experiencing rapid growth.
Badlapur
Situated near Thane, Badlapur is fast becoming a preferred area for property buyers. Badlapur has become an increasingly popular place to own an apartment. Prices for apartments fall in the affordable Rs 3,000 to Rs 4,000 per sq. ft. range with a new 1 BHK apartment currently going for Rs 22 Lakh.