With growing demand on the back of attractive tax incentives, compact homes are giving stiff competition to larger properties in Mumbai. 99acres.com analyses the top localities in Mumbai for buying a compact apartment.
Residential units below 400 sq ft fall into the compact homes category, which primarily includes studio apartments and 1BHK units. The evolving parameters of urban living have led to the growing demand for such properties from the mid-income demographic. Moreover, the rising land prices and surging demand for housing in land-starved cities such as Mumbai is also pushing developers to focus their attention on this emerging segment.
Affordable solution for urban housing
Priced under Rs 1 crore, real estate experts call compact homes an efficient and affordable solution for urban areas where constricted supply of land tends to push property prices out of the reach of the middle class. The concept of compact apartments allows homebuyers to afford properties in infrastructural sound locales within the city limits. Dharmesh Jain, Chairman and Managing Director (CMD), Nirmal Lifestyle, avers that compact homes have the multi-pronged advantage of being affordable, convenient, and well-connected. Compact homes offer ample cost benefits to buyers including lower maintenance costs, lower Equated Monthly Instalments (EMI) outflow, and good resale value, which drive demand from working professionals, small families, and millennial buyers.
If you are planning to purchase a compact home in Mumbai, you may consider the following popular locations:
Located in the western suburbs, Malad is the best bet for compact homes in Mumbai, according to Ashutosh Limaye, National Director-Research, JLL India. The locality expects strong supply in the segment and offers attractively low entry points for buyers. Moreover, it enjoys good connectivity to the Secondary Business District (SBD) North, Banda-Kurla Complex (BKC), and office locations in adjacent Goregaon.
Malad itself being a popular employment hub has good social infrastructure and physical infrastructure, too, has improved in the recent past, adds Limaye
Kandivali also witnesses ample supply of compact homes from reputed developers with proven track records. Experts consider Kandivali one of the ideal suburban locations to own such homes. “Compact apartments in Kandivali and Malad often exist within the confines of larger societies, equipped with a slew of services. So, buyers can not only avail of additional amenities but also benefit from lower maintenance costs,” adds Jain.
A popular locality for offices, Goregaon ranks high in terms of social and physical infrastructure. Well-connected to BKC and SBD North, Goregaon is a popular choice for compact homes among professionals employed in the offices situated nearby.
Backed by factors such as open green spaces, self-sufficient infrastructure, Kanjurmarg has turned into a coveted residential destination. Its strategic location near Jogeshwari-Vikhroli Link Road as well as Eastern and Western Express Highways ensures excellent connectivity with the entire city. Since connectivity and location is as important as price for the success of this segment, the recently approved metro line will give a further boost to compact housing in Kanjurmarg.
Other notable locations in and around Mumbai which may be good for compact housing include Mulund, Chembur, Ghatkopar, Vikhroli, and Panvel, suggests Rohit Poddar, MD, Poddar Housing and Development. For low income housing, areas in the periphery of Kalyan, Vasai, and Virar, such as Atgaon, Shahpur, Badlapur, Karjat, Boisar, and Palghar are in high demand.