Affordable housing destinations in MMR
March 2023
Given that different people at different life stages are calling Mumbai their home, there is ample demand for affordable housing in and around the city. A few areas that have emerged as popular affordable destinations in MMR are Badlapur, Panvel and Virar. With home values averaging around Rs 6,200 per sq ft, these pockets garner huge traction. To know what more these areas offer, read further.
Mumbai is the most densely populated city in India and the 11th most densely populated city in the world, as per the latest reports. Hence the demand for affordable housing in the metropolis will always be on the higher side. The scarcity of land in MMR; however, has been pushing buyers to peripheries in search for affordable housing. Homebuyers are looking towards suburbs due to the skyrocketing capital prices in the city. Further, these suburban markets offer expanding infrastructure, improved connectivity, industrial hubs and open spaces, often missing in the cluttered core pockets. Hence, below are some affordable housing destinations in MMR, which you may consider if you are planning to buy a home in the region. 99acres elaborates on the socio-physical infrastructure in these areas along with various property options available.
Badlapur, Thane
Located in the Thane district of Maharashtra, Badlapur is one of the fastest developing cities of MMR, constituting four small villages – Katrap, Kulgaon, Badlapur and Manjarli. It is situated off the Kalyan-Karjat Highway. While the neighbourhood is majorly known as a tourist spot for its peaceful environment, it has grown into a well-developed region having its own residential community. According to 99acres data, home values in Badlapur are faring around Rs 4,000 per sq ft, post a five percent increase in the last three years. Housing inventory in the area mostly comprises 1 BHK apartments, holding over 65 percent share.
Affordability, burgeoning tourism, connectivity to Mumbai and Pune via roads and railways, presence of social amenities, water parks and expanding infrastructure make Badlapur a sought-after locality. Moreover, proposed connectivity projects, such as the Mumbai Metro corridor from Kanjurmarg to Badlapur, and an upcoming commercial hub within the Ulhasnagar-Ambarnath-Badlapur region will further fuel the region’s real estate market.
Kalyan-Dombivli, Thane
With home values hovering around Rs 7,000-7,500 per sq ft, as of February 2023, Dombivli East and Kalyan West are the two promising localities in Thane. Of late, the Kalyan-Dombivli stretch has witnessed a real estate boom, mainly due to soaring capital prices in Mumbai and an increased demand for affordable properties. In addition, several small and large industries present along the stretch drive demand for reasonably priced properties here. The housing stock in this stretch is primarily dominated by 1 BHK and 2 BHK homes. Waterlogging in monsoons is, however, a major concern for residents living here as highlighted on the 99acres Ratings and Reviews Platform. There have also been reports of water shortage in some pockets of the Dombivili area, but the administration is taking steps to increase the frequency of water supply in such pockets.
Parth Mehta, Managing Director, Paradigm Realty, shares, "Availability of industrial belt, upgrading infrastructure, and connectivity to key areas of MMR via railways and roadways are some of the growth stimulators for this stretch."
Further, proximity to the proposed Navi Mumbai International Airport, the planned Ring Road from Dombivli to Titwala via Kalyan and the Belapur-Taloja metro rail service extension up to Kalyan and Ulhas Nagar are also anticipated to increase the region's growth prospects.
Panvel, Raigad
Located in the Raigad District of Maharashtra, Panvel's residential market noticed a spurt soon after the announcement of the Navi Mumbai International Airport. Connectivity is one of the biggest advantages of Panvel since it enjoys an excellent system of roadways and railways via the Mumbai-Pune Expressway, Sion-Panvel Highway and Panvel Railway Station. In terms of infrastructure, the locality is close to Mumbai, Pune and Thane and houses social facilities ranging from renowned schools, educational institutes, multispecialty hospitals, and malls to retail outlets.
In the vicinity of major industrial parks that house companies such as Larsen & Toubro (L&T), Reliance, and ONGC, among others, the locality serves as a suitable residential destination for working populace. People working in Kopar Khairane, Kharghar and Belapur CBD (Central Business District) also prefer the accommodations here. Further, mega infrastructure projects like the Navi Mumbai Airport Influence Notified Area (NAINA), Delhi-Mumbai Industrial Corridor (DMIC), and the proposed international airport are expected to generate employment opportunities in Panvel's neighbourhood that could be instrumental for the real estate growth of the region. A large data centre and a proposed business district at Khargar (six km away) are also expected to accelerate affordable housing demand in Panvel.
According to 99acres listings, property prices in Panvel average around Rs 8,000 per sq ft as of February 2023. Housing options of 2 BHK configurations, in a price range of Rs 50 lakh and Rs 1 crore, are the most popular in this area.
Virar, Palghar
Situated in the Palghar District of Maharashtra, Virar is one of the most affordable housing destinations in MMR, with capital values averaging around Rs 5,500 per sq ft. Besides affordability, Virar benefits from seamless connectivity through NH-8 (Mumbai-Ahmedabad), NH-3 (Mumbai-Agra-Delhi), NH-4 (Mumbai-Chennai) and NH-17 (Goa-Mangalore-Kerala).
The locality also offers direct access to Mumbai via the Western Highway and the Western Line of Suburban Railways. The bulk of the residential stock here is priced below Rs 50 lakh, and 1 BHK is the most popular configuration.
Most of the development is concentrated along the eastern part of Virar, namely Manvelpada, Phulpada, Chandansar Road and Veer Savarkar Road. From decent housing options to adequate social infrastructure, such as entertainment and leisure zones, shopping outlets, hospitals and schools, this suburb has everything one can ask for a relaxed and affordable living.
Upcoming infrastructure projects like the Alibaug-Virar Corridor, a dedicated Mumbai Metro station, Vasai-Bhayander Bridge, the Bandra-Versova Sea Link extension and Churchgate-Virar elevated project are expected to improve transit access for this locality further.
Expert speaks
Manju Yagnik, Vice Chairperson, Nahar Group Senior Vice President of NAREDCO- Maharashtra, shares, "According to a recent report, the demand concentration for housing units in the range of Rs 25-50 lakh has been recorded at 66 percent and units above Rs 50 lakh at 20 percent. The places which have emerged as the best destinations for affordable housing in the Mumbai Metropolitan Region (MMR) are Badlapur, Kalyan-Dombivli, Panvel and Virar. Keeping in mind that Mumbai is India's financial capital, many people migrate from various parts of the country in search for better life and job opportunities. To stay in Mumbai, one of the most pivotal factors for existing and new migrants is housing availability.
A recent phenomenon is also the Mumbai AQI (Air Quality Index) getting worse, making people look for a green lung alongside good connectivity. Therefore, sub-urban areas like Powai-Chandivali and Goregaon-Kandivali have become the go-to places for those wanting the best of Mumbai living without the hefty price tag."
In addition to the localities mentioned above, Ulwe is another locality offering a host of housing options at a competitive price of Rs 8,800 per sq ft (on average). However, the sluggish pace of development and the demand-supply mismatch are the two major growth deterrents for this region. Experts opine that infrastructure projects like the Navi Mumbai International Airport, Mumbai Trans-Harbour Link (MTHL), Seawoods-Ulwe link from Palm Beach Road and SEZs (Special Economic Zones) are the key factors attracting potential buyers to the region.
Source: 99acres.com
Also read: How to pay home loan EMIs in case of job loss?
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