Mumbai real estate prices have always been on the higher side. The lack of adequate land due to close proximity to the sea has meant Mumbai real estate developers had to go vertical instead of horizontal growth. With limited options for growth the property prices have witnessed a massive rise in the past. So much so that property prices remained high when the market was sluggish and buyers were hard to come by.
Thankfully with the emergence of the Mumbai MMR corridor the emergence of affordable housing in Mumbai has become easily available. Owning an individual house in Mumbai which was earlier a dream even for the super rich is now made possible thanks to new projects in the MMR region. The areas from Thane to Panvel and from Navi Mumbai to Khopoli have all witnessed a surge in real estate enquires. Mumbra and Kharghar have emerged as the two hotspots when it comes to affordable housing in the region. Property experts at property marketplaces like property.sulekha.com agree that Mumbai has now a strong market for affordable houses a segment which was almost non existence some years ago.
Looking to buy affordable homes in Mumbai like most others? Keep the following in mind to make sure you not only get a value for money deal but also make a good investment that holds good for the future.
Shortlist options wisely: There are many areas that offer affordable housing but each area has its own merits and demerits. Just choosing an area because of the pricing alone may not be a good decision so check on other essential aspects as ease of travelling to and fro and connectivity to all other cities and towns including Mumbai along with any security concerns.
Opt for community housing: Instead of seeking plot and then do construction opt for an affordable home in a community housing should be preferred. With such community housing the security is much more established while you do not hold the risk of getting clearances and NOCs for construction activity.
Focus on security: A lot of affordable homes especially plots which are available on a budget are located in the interiors with not much active population. While your affordable plot may be a part of a good community some years down the line when more people shift to the area, keep the security concerns in mind when making a purchase for such affordable houses especially in MMR region.