Top 3 locations for property investment within Rs 80 lakh in Mumbai

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Mumbai

Owing to the advent of rapid urbanisation, popular investment destinations in Mumbai are not only getting saturated but also increasingly expensive day by day. As more and more residential locations go out of the reach of a certain cross-segment of homebuyers, other emerging locales beyond Mira-Bhayander have come to the rescue.

Well-known for its ostentatious real estate, Mumbai is a city of exclusivity, wherein, owning a property is a status symbol in itself. However, with the expansion of business districts, certain affordable residential sub-markets have also been garnering increased attention from developers and investors alike.

While infrastructure, connectivity, and upcoming developments are some of the major factors contributing towards making the emerging locations attractive, property rates also play a pivotal role in augmenting the residential demand in the locality. Keeping in mind the price difference vis-a-vis the established locales along with other factors as mentioned hereabove, here is a list of some of the emerging locations for property investment within Rs 80 lakh in Mumbai.

Virar

An emerging location, nestled in the northern tip of Mumbai, Virar is one of the promising locations for real estate investments. The location offers several newly launched and developing projects from reputed builders. Competitive prices, well-amenetised homes and smooth connectivity to other parts of the city -Virar has it all! Strategically linked to Mumbai, Thane, and Navi Mumbai via high-end rail and road connectivity, Virar is also connected to the other prominent locales through fast running trains plying between Churchgate and Virar. Being the northern-most station on the west line of the Mumbai suburban railways, the locality offers easy commutation to Mumbai via local trains. The upcoming Virar-Alibaug multimodal corridor will further extend the connectivity to NH-3, 4 and 8. It will also provide smooth connectivity to the upcoming airport in Navi Mumbai.

"Magnificent infrastructure along with substantial connectivity has fueled residential and commercial demand in the region. Owing to the development of Vasai-Virar Municipal Corporation (VVMC), there is an improvement in the infrastructure along with connectivity. This has contributed to a steady increase in the population. The future growth of the locality will be driven by factors such as an adequate supply of water which is at present limited. Additionally, the proposed extension of the metro line corridor and Virar-Alibaug bypass will give a fair upturn to the property prices,” shares Rohit Poddar, Managing Director, Poddar Housing and Development Ltd.

Currently, the average property value in Virar is around 4,500 per sq ft. A 2 BHK unit in Virar costs approximately Rs 55 lakh, whereas, a 3BHK unit is priced within Rs 80 lakh.

Ritu dreams, Reliable Homemakers Township, and Ved constructions are some of the renowned real estate developers in this locality.

Nalasopara

Settled between Virar and Vasai, Nalasopara is a town within the Mumbai Metropolitan Region. A bustling trade centre erstwhile, the region became popular when Mumbai became unaffordable for a majority of the homebuyers who eventually started scouting for residential locations beyond the city and its suburban limits. Cheap land parcels along with enhanced connectivity via road and rail further gave a thrust to the development of residential real estate in Nalasopara. While suburban western railway is the main rail link to Mumbai, the facility of road transport is also available under Virar Vasai Municipal Corporation (VVMC). Located merely at a distance of four km from Virar and Vasai, Nalasopara has all the trappings of the city including schools, hospitals, shopping and entertainment centres. Having witnessed prolific growth in terms of infrastructure and real estate development, Nalasopara is majorly preferred by people who have a limited budget up to Rs 75 lakh.

A 1 BHK unit in this locality costs somewhere around Rs 35 lakh whereas a 2BHK and a 3 BHK unit would cost around Rs 50 lakh and Rs 75 lakh respectively.

Micro markets

Average property rates (per sq ft)

 

Oct-Dec 2017

Oct-Dec 2018

Virar

4,000

4,500

Nalasopara (West)

4,000

4,100

Nalasopara (East)

3,900

4,200

Boisar

2,650

2,900

                                                           Source: 99acres.com

Boisar

The industrial town of Boisar is one of the fastest growing suburbs of Mumbai and a preferred realty hotspot. Over the past few years, the region has emerged as a hub for commercial activities, resulting in significant job creation and increased housing demand in the area. Brimmed with residential properties priced up to Rs 60 lakh, Boisar offers connectivity to Mumbai and some of the famed locales of Gujarat  via railways. With local trains operating between Churchgate and Dahanu, the region also offers connectivity to Mumbai. Hypermarkets and shopping arcades such as D Mart and Big Bazaar along with healthcare and educational facilities further add to the liveability quotient of the location. Delhi-Mumbai Industrial Corridor (DMIC), quadrupling of lines between Virar and Dahanu, and the bullet train between Ahmedabad and Bandra-Kurla Complex (BKC), which will halt at Boisar, are some of the upcoming developments that will further propel the popularity of the region.

“Earlier the location was preferred by the individuals working along the Palghar-Boisar-Dahanu stretch, but the announcement of the bullet train project has increased the demand for residential projects in the region. The high-speed train will cut down the travel time from Mumbai to Boisar to 30 minutes”, says Amit Wadhwani, Co-founder, Sai Consultants.

Competitive prices are one of the prime factors working in favour of Boisar. A 1 BHK unit here would cost somewhere around Rs 25 lakh, whereas a 2 BHK and a 3 BHK unit would cost around Rs 35 lakh and Rs 55 lakh respectively.

Capture

Investment in emerging locales is considered to be one of the basic rules of a successful residential investment, which can yield better returns in future as compared to established corridors. However, it is always advised to have an in-depth study of the market and the price growth potential before making any hefty real estate investments.


Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. 99acres does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.


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