Apart from being the glitz and glamour city, Mumbai
is also famous for being the most populated city of India. With multi-cultural
population residing and working in the city, the real estate of Mumbai has been
forced to push out to the surrounding too. The city that never sleeps has seen
the most talked about hike in its real estate prices in the last ten years. Finding
flats in Mumbai is not only
expensive but also hard to get if one is one a stringent budget.
Though the city is almost saturated with numerous
high rises as well as slums distributed widely, the suburbs are still seeing
budget friendly real estate developments. Thane, Kalyan and Mira Road are some
of the noteworthy areas where many projects and townships are either already
under way or planned for the near future. Navi Mumbai is the go to location for
residential and commercial properties alike. The realty rates in some areas of
Navi Mumbai have seen price hike of around 20-25% in the last few years. However,
this has not deterred multinational companies and investors to invest or open
their branches in the city. Finding affordableflats in Mumbai is difficult though not impossible. A decent 1bhk flat in a
decent surrounding can vary from INR 50 lacs to a crore depending upon the area
sq.ft. For individuals looking for affordable housing, one can search the
suburbs where many upcoming projects are offering working class friendly
apartments.
If buying an ownership flat new or resale seems a
distant dream, individuals can look for flats that are out on rent. A decent
1bhk flat rent can vary between INR 20, 000 to INR40, 000 depending upon the
location, the amenities offered, the surroundings and the area of the flat.
Mumbai is a great place for leasing out flats and commercial places. Keeping
this in mind, if the individuals manages to buy flats in Mumbai, even a loft in shady localities, the same can
be leased out to earn some extra bucks. Many satellite towns around Navi Mumbai and
around the Mumbai-Pune Expressway are convenient places to but flats as they
offer twin benefits-affordable housing and easy transport facilities.
According to the latest realty reports, there are
approximately 2000+ unsold flats in Mumbai, Thane and Navi Mumbai combined.
Most of these flats are under INR 65lacs. This surely shows that the Mumbai
real estate, though a tad costly, has not spiralled out of control.
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