Where Is Mumbai Searching For Property?
Mumbai, the financial capital of the country, has been a major hub for real estate offering both commercial and residential properties at luxury prices. In the fourth quarter of the financial year 2019, too, while most of the markets struggled getting good sales number, the Mumbai Metropolitan Region’s property market witnessed a four per cent rise in sales. Also, the inventory overhang reduced.
Mumbai market will never seize to disappoint any investor planning to buy a property here, especially in the suburbs, for future returns or constant rental returns. Here are the top five most-searched properties in Mumbai that are worth your money.
Mira Road West
Livability score: 7.9
Average property price: Rs 7,626 psf
Average rent: Rs 9,600 monthly
Mira Road West is an emerging locality lying close to the established and posh Mira Road area. Located in the north of Mumbai, Mira Road West lies close to the suburbs, including Thane and Navi Mumbai. It also has good connectivity to the city’s central business district Bandra-Kurla Complex. Owing to its infrastructural development, the locality’s property prices are expected to rise in the future. The Mumbai Metro’s Line 10 will connect this locality to Gaimukh near Thane.
Property profile: There are over 680 projects that are available for sale in Mira Road West, 552 ready for possession and 108 under construction. The locality that offers property at premium prices has apartments available in 1-4BHK configurations. The average price of these apartments varies between Rs 42.3-90 lakh. Property prices here have appreciated 13.5 per cent in the past six years
Livability score: 8.4
Average property price: 10,045 psf
Average rent: Rs 23,193 monthly
A locality in the suburbs, Thane West is an emerging real estate destination offering property at luxurious prices. The locality that has witnessed a growth in prices owing to coming of many commercial hubs and growing migratory population. A large number of people are even looking for apartments on rent in Thane West. In the future, to enhance the livability in the locality, a Metro network would operate in the area. The state government recently gave an approval to a ring Metro in Thane that will conver the complete Thane region and will also be connected to the Mumbai Metro.
Property profile: This locality has a huge housing stock for those planning to invest here. Choose from over 1,130 projects, 764 ready-to-move-in and 264 under-construction, offering apartments in 1-5 BHK configuration. These apartments here are available for average price ranging between Rs 59 lakh to Rs 4.65 crore. Property prices in Thane West have witnessed a 17 per cent rise in the past six years.
Livability score: 8.1
Average property price: 7,672 psf
Average rent: Rs 23,458 monthly
Kharghar is located in Navi Mumbai and among the upcoming localities here developed and maintained by CIDCO. With Navi Mumbai becoming a hub for commercial development, the locality witnesses a huge influx of migratory population looking for apartments on rent.
Property profile: Those looking to invest in Kharghar can buy apartments in 1-4BHK configurations and their average price ranging between an affordable Rs 40 lakh to a premium Rs 3 crore. In a market that has witnessed a rise of 28 per cent in property prices in the past six years has over 524 projects in different stages of construction. While 469 of these projects are ready for possession, nearly 50 are under construction.
Livability score: 7.6
Average property price: 6,308 psf
Average rent: Rs 13,139 monthly
Dombivali East is a suburb offering property at affordable prices when compared to its neighbouring localities, including Thane and Navi Mumbai. Dombivali East lies in proximity to major IT parks such as Dhirubhai Ambani Knowledge City and Millennium Business Park and industrial hubs such as Taloje MIDC and Ambernath MIDC. These job-generating hubs have created a huge demand for property on sale and on rent in Dombivali East.
Property portfolio: For investors, Dombivali East has 527 projects on offer. Of these 283 are ready for possession, 166 are under construction while 66 have been newly launched. These projects have apartments ranging between 1BHK and 4BHK with average prices starting at Rs 32 lakh and going up to Rs 1.43 crore.
Livability score: 7.5
Average property price: Rs 5,585 psf
Average rent: Rs 12,024 monthly
Kalyan West is the most affordable suburb among the top-searched localities in Mumbai. The locality well-connected to Mumbai through road and railways will also have Metro connectivity in the future. Kalyan will be a part of the 24.9 km-long Thane-Bhiwandi-Kalyan Metro-V corridor that will be constructed at a cost of Rs 8,416 crore. This will connect Kalyan to other suburbs in Mumbai. The locality serves as the residential hub for those working in nearby areas such as Dombivali and Ambernath.
Property profile: Kalyan West have over 350 prjects that are up for sale here. Of these 223 are ready for possession while 92 are under construction. Another 30 projects have been recently launched. The projects here have 1-4BHK apartments that could be purchased for an average price ranging between Rs 32 lakh and Rs 1.43 crore. Property prices in this locality have appreciated 13 per cent in the past six years.