Ask a typical Mumbaikar about the goals in his life and buying a home in Mumbai will top the chart. And why not? After all, Mumbai is a city of dreams. A city of aspiration. Owing to its ever-increasing real estate prices and a reputation of being the most expensive real estate market in India, buying a home in Mumbai is nothing short of an achievement.
What if we told you that even in this expensive market, you can still buy a home at a rate you can afford? Affordable housing in Mumbai is on the rise. Mumbaikars and immigrants are in search of micro-locations having good connectivity and affordable property rates. They are in search of locations that can suit their lifestyle and finances both. In this way, they can own a property in Mumbai and that property in high-growth locations can give them good ROI over a period of time. So, let’s explore such affordable yet high-growth locations in Mumbai.
4 Affordable Places to Live in Mumbai
1. Bhandup – Over the last few decades, Bhandup has been overshadowed by Mulund and Powai. Mainly because Bhandup used to be an industrial area. This is slowly changing now. With the pace of residential development picking up and the array of infrastructure projects lined up, the landscape of Bhandup will undergo a change.
Large scale slum-rehabiltation projects are modernising the Bhandup skyline and are set to transform Bhandup into a residential hub. While real estate prices in the neighbouring suburbs of Bhandup – Mulund and Powai are on a higher side, Bhandup still continues to be an affordable location. It’s one of the rare locations in Mumbai where once can buy a home for under a crore. With ever-improving connectivity via metro and GMLR, the real estate market, especially affordable housing in Bhandup, will thrive in the coming years. There will be a huge demand for residential projects that promote affordable housing and have smart 1 RK and 1 BHK homes.
2. Kalyan-Shil Road – Unlike Mumbai, where there is a dearth of land, huge land banks are available around Kalyan-Shil road. The availability of land paves the way for infrastructure and economic development.
Although Dombivli has excellent connectivity via railways and is close to the city, it’s property rates are lower than even Kalyan, which is further away. All this is set to change with the large-scale development happening at Kalyan-Shil with Grade A developers like Marathon, Runwal, Lodha, Regency and more developing massive projects along Kalyan-Shil road.
Also, the development at Kalyan-Shil road is one-of-a-kind. ince Kalyan-shil has a lot of open spaces, the development taking place here is greenfield development. This means that the development will happen in a planned manner as per the city development plan that will result in wide roads, footpaths, large open spaces, full-fledged drainage and sewage system. Availability of large land parcels also means that developers are able to create large scale integrated townships and can offer residents the kind of amenities that simply aren’t possible in standalone budget housing projects.
Affordable housing, good connectivity via Airoli-Katai tunnel road and central railways, vibrant neighbourhood and all these positive market trends about the Kalyan-Shil road indicate its enormous growth potential.
3. Dombivli East – Dombivli is a happening location. It is one of the last regions in Mumbai to enjoy excellent road and rail connectivity. Just off Kalyan-Shil road, vast land tracts are being developer in Dombivli E.
Compared to Thane and Navi Mumbai, the real estate prices are comparatively cheaper in Dombivli. Moreover, it is a booming location. The real estate prices in Dombivli are bound to shoot up because of the rapid infrastructure development happening in this region.
The Thane station on the Mumbai-Ahmedabad bullet train corridor is just 1-2 kilometres away from Dombivli. Once this bullet train station is operational, an entire ecosystem of shops, retail and commercial spaces is bound to develop around this station. There is already a vast network of roads proposed as per the Development plan and the bullet train corridor will prove to be an accelerant for the development of these roads.
4. Ulwe – In the last decade, Panvel, Khargarh, Belapur, and Airoli in Navi Mumbai attracted home buyers. Today, all these places have undergone transformation and the real estate prices in these localities are on a higher side. Ulwe is following a similar trajectory.
Ulwe’s proximity to the upcoming Navi Mumbai International Airport will be a game changer in its real estate market. It will drive the demand for commercial and residential property and lead to a price appreciation.
All the above mentioned locations are not just affordable places to live in Mumbai, but they are also high growth locations. The scale of infrastructure development happening around these locations just goes to prove that. If you buy at home at either of these locations today, a decent price appreciation looks certain.
Now that you know the affordable places to live in Mumbai, let’s look at the best affordable housing projects around these localities.
Best Affordable Housing Projects in Mumbai
1. Marathon Neohomes, Bhandup W – Neohomes is an affordable housing project in Bhandup by Marathon Group. It has 5 towers, namely Neoskies, Neohills, Neosquare, Neovalley, and Neopark. It is located at a central location in Bhandup. It is 10 minutes away from the upcoming metro station and 15 minutes away from Bhandup railway station. Neohomes has a smart studio and 1 BHK with decent amenities like yoga studio, indoor games club, kids play area and more.
With homes starting from 30 lakhs, this affordable housing project in Mumbai is ideal for the first time home buyers.
2. Marathon Nextown, Kalyan-Shil Road – Luxury and affordability – who said you can’t get them both? Come home to Nextown, it promises the best of both worlds. Nextown is a township project at Kalyan-Shil road featuring classical European architecture with green open spaces, breathtaking views and an iconic clock tower. At Marathon Nextown, you get access to world-class amenities that cater to people across all age groups.
Nextown is a 14-acre township having 6 towers. It is already home to 500 families. Nextown has 1 & 2 BHK’s starting at around 23lakhs. It has a wide range of size choices, you can select the home that best fits your needs.
3. Marathon Nexworld, Dombivli East – Marathon Nexworld is a mega township project in the smart city of Dombivli. It offers smart 1 RK, 1 BHK and 2 BHK in stunning skyscrapers. At Nexworld, you also get access to world-class amenities that improve the quality of your life. Even the homes at Nexworld are designed using simple yet powerful design principles.
With family homes starting at around INR 18 lakh, Nexworld in Dombivli makes for an ideal location for your dream home in Mumbai.
4. Ekveera by Marathon, Mulund W – Ekveera by Marathon is another affordable housing project in Mulund. It has 1 RK and 1 BHK homes. The homes are compact, yet quite classy. They are airy and well-ventilated.
The best thing about Ekveera is its location. It is at a 4 minutes walking distance from Mulund station and in proximity to Eastern Expressway and the upcoming metro station. With homes starting at 50 lakhs, it is a one-of-a-kind project in an otherwise luxurious real estate market like Mulund.
5. Marathon Nexzone, Panvel – Marathon Nexzone is the finest township at Panvel offering affordable and ultra-luxurious flats with valley views. It has 1, 2, and 2.5 BHK homes with open spaces and recreational amenities like a swimming pool, clubhouse, gymnasium, and jogging track. Your dream home at Nexzone starts from 50 lakhs.
The Indian Government also encourages affordable housing, and it has laid out Pradhan Mantri Awas Yojana Scheme to help promote “Housing for all”.
While Mumbai is one of the most expensive real estate market in India, there are still places in Mumbai where you can find affordable homes that come with all the comfort and convenience.
Marathon Group is a 52 year old real estate builder that has completed over 80 projects in the city. The Group has a wide portfolio of projects across affordable housing, luxury housing, townships, commercial spaces and retail spaces and has a presence in Mulund, Bhandup, Panvel, Dombivli, Kalyan-Shil, Byculla and Lower Parel.
To learn more about Marathon’s projects visit marathon.in