Want To Rent Rs 1-Cr Property For Rs 15,000 In Mumbai? Explore Boriwali West
Buying property in Mumbai requires loads of money – after all it one of the most expensive real estate markets in the world. Naturally, for a large number of people buying property in Mumbai is like a dream. Now, what about staying in the same type of home you always wished for, at a fraction of the actual cost? Yes, you can rent a Rs 1-crore apartment in Mumbai at just Rs 15,000 a month! There are some localities in Mumbai that offer 1 BHK apartments with the size of 550-600 square feet at a monthly rent of Rs 12,000 to 17,000.
Sounds interesting? Boriwali West is the place for you.
According to local realtors, the property price levels in Mumbai have gone prohibitive for a large section of homebuyers. Data look to support this viewpoint. According to PropTiger's Report 'Realty Decoded – Q2FY18', 39 per cent unsold real estate inventory in Mumbai ages above three years. Most of these properties are priced over Rs 1 crore. Consequently, people have no choice but to go for rental properties.
So, what do they look for?
Connectivity and social infrastructure are the top factors that they expect – and Boriwali West doesn't disappoint on this front. The locality is well-connected by road and rail, and it's now considered as the well-located area near the roads that seamlessly connect to south Mumbai.
On top of that the area provides cost-effective public transportation through local trains and BEST bus services that add to the convenience factor people appreciate. This is how Boriwali West is well connected to different parts of Navi Mumbai, Mumbai and Thane.
Now the question is, who prefers this area? What is the typical profile of people who reside in this locality? Well, this area is mainly preferred by business class. According to property brokers operating in Boriwali West, the rental market is controlled by small businessmen who can't afford to have the property here.
Also, the area provides well-developed civic and social infrastructure well-equipped with schools, colleges, shopping centres and restaurants.
This rental market is anticipated to grow further because of Mumbai Monorail Phase-1, which is planned here. Once the project hits the ground, you could reach from here to Powai and Mulund within 20-30 minutes. This will have a tremendous impact on the real estate market of Boriwali West.