What Would You Pay As Rent In Mumbai’s Affordable Areas
Like
Dislike
Share

What Would You Pay As Rent In Mumbai’s Affordable Areas

What Would You Pay As Rent In Mumbai’s Affordable Areas
(Dreamstime)

The unaffordability of real estate in prime localities of India’s financial capital has proved to be a boon for the suburban localities. As homebuyers shift focus towards these localities, investors are busy making plans to put their money in these emerging areas in hopes of earning a good rental yield. Data by PropTiger.com show, of the total housing demand in the city, 43 per cent is for properties across the localities of Thane West, Vangani, Dombivali, Kalyan West, Kandivali West and Mira Road East.

However, before you are tempted to make an investment in these localities, let take a closer look because there is the market dynamics in each of these localities is interesting and intriguing at the same time.

Thane West

Although affordable, 2BHK homes at Thane West will cost you anywhere between Rs 30 lakh and Rs 10 crore given the amenities, brand of the developer and the quality of construction. According to Makaan.com, there are over 4,000 properties available for renting in this area. These are 2BHK units and rents could vary between Rs 5,500 and Rs 1.50 lakh per month. Thane West offers good connectivity to major areas, including Borivali, Dadar, Airoli and Vashi.

Locality

Capital Value (per sq ft)

1BHK rent/month

2BHK rent/month

3BHK rent/month

Thane West

Rs 9,346

Rs 5,500- 40,000

Rs 5,500-1.50 lakh

Rs 10,000- Rs 2.70 lakh

Dombivali

 

Rs 5,383

Rs 3,500- 12,000

Rs 4,500-35,000

Rs 11,000-15,000

Kalyan West

Rs 5,321

Rs 3,000- 25,000

Rs 7,000-60,000

Rs 12,000 and above

Kandivali West

Rs 11,165

Rs 7,500- 50,000

Rs 20,000- Rs 1 lakh

Rs 24,000 and above

Mira Road East

Rs 7,249

Rs 3,000- 25,000

Rs 20,000- Rs 1 lakh

Rs 12,000 and above

 

Dombivali

Dombivali properties are priced at anywhere between Rs 14 lakh to Rs 1.15 crore. However, 2BHK units on rent can garner you Rs 4,500-35,000 a month. Dombivali comes under the Kalyan-Dombivli Municipal Corporation (KDMC) and lies close to major IT (information technology) parks such as the Dhirubhai Ambani Knowledge City, the Millennium Business Park and the IT Park. The area is also close to Taloje MIDC and Ambernath MIDC. Therefore, if you employed in any of these areas, Dombivali could be a ideal choice.

Kalyan West

Capital values of properties at Kalyan West could range between Rs 18 lakh and Rs 2.30 crore. However, 2BHK apartments or villas in the rental market move for anywhere between Rs 7,000- 60,000 per month. Kalyan West is close to the major highways such as the National Highway-3 (NH-3), the NH-4 and the Eastern Highway. Chikanghar, Shivaji, Shankar Rao, Tilak, Gandhi, Parnaka, Dudhnaka, Durgadi Killa Area Road, Syndicate, Das Wadi, Karnik Road, Kala Talao and Baug Lane are the neighbouring areas of Kalyan West. Given that it is an upcoming residential destination, investor interest is high while end-users, too, are finding it convenient owing to the prices. However, on the livability score, the locality is rated quite poorly at present and its score must move upwards.  

Kandivali West

As for Kandivali West, properties on sale are usually in the price band of Rs 24 lakh to Rs 12.30 crore, depending on the size of the unit and other considerations such as the location, the amenities, the brand of the developer, the age of the building, etc. If you are keen on renting, 2BHK units could cost you anywhere between Rs 20,000 to Rs 1 lakha month. Therefore, investors stand to gain.

 

Well-known localities such as Nagar, Kandivali village, M G Road, Link Road, Shankar Lane and Charkop that have undergone massive development in the past few years form part of Kandivali West. From an agricultural backdrop to a residential hotspot, this area has emerged as a vibrant real estate destination, offering good connectivity to commercial hubs such as the Bandra-Kurla Complex (BKC), Goregaon and Andheri.

Mira Road East

Have anywhere between Rs 20 lakh to Rs 1.50 crore? You could opt for apartments on sale at Mira Road East. However, if you are considering flats on rent, 2BHK units could cost you anywhere between Rs 9,500-40,000 per month.

Mira Road East comes under the Mira-Bhayandar Municipal Corporation (MBMC). The locality offers easy connectivity to Mumbai, Thane and Navi Mumbai. In addition to these localities, it offers smooth connectivity to business hubs such as the BKC and Lower Parel via the Western Highway. Localities in the south, including Nariman Point, are easily accessible from here via the Bandra-Worli sea link road.

Like
Dislike
Share

Similar articles

@@Thu Sep 14 2017 19:23:23