Mumbai, also known as the financial capital of India, is one of the worlds’ most popular cities. This metropolitan is home to some of the world’s most expensive residential properties. When it comes to property investment at the heart of Mumbai, it will cost you much more than it would in the other popular cities of the world. Mumbai is the second most expensive residential city in the world only behind Tokyo. That is enough to portray the astronomical prices that this region has. If you look a short distance away, there are properties which are not as expensive as this. There are several areas which are in proximity, and they offer an excellent infrastructure along with affordable housing.
Another major talking point is the commercial real estate which is not having the best time. Major corporates moving from older structure to newer ones has affected South Mumbai drastically. More and more movement can be seen from old structures to the new state of art buildings. One of the finest examples is the lightning fast development of areas such as BKC, Worli, and Powai. These areas have become a hub for commercial activities. Furthermore, development of metro has made the areas more accessible. All this has led to an enormous amount of residential growth in the areas nearby.
Best Areas to Invest in Mumbai:
- Western Suburbs:
The most popular areas when it comes to residential investment are Juhu and Bandra. However, these regions have witnessed slight fall in sales. There are other suburbs such as Kandivali, Goregaon, and Andheri which have experienced steady growth. The main reason for this contradictory growth is due to affordability. An average property in Juhu and Bandra costs INR 24,000-45,000 per. sq. ft. However, when we talk about the other suburbs, the price lies in the range of INR 14,000-22,000 per. sq. ft. Thus, you can understand the massive difference between the two areas.
- Central Suburbs:
One of the most affordable areas surrounding western suburbs is the central suburb. Under this, areas such as Mulund and Chembur are in high demand. However, the growth has slowed down due to the inflated price that the developers are asking for. The prices that prevail in these regions are similar to that of the eastern suburbs like Santacruz East, Vile Parle East. The property price here lies in the range of INR 13,000-20,000 per. sq. ft.
Best Areas to Invest in Navi Mumbai:
- Kharghar: Located at Sion-Panvel Highway, Kharghar has proposed world’s largest Isckon Temple. It has exceptional infrastructure and transport facility. It is well-connected with Mumbai. Kharghar is one of the most economical areas in Navi Mumbai while the lifestyle that it offers is among the best. There are various real estate projects going on in the region, somee of the few are World Mall and Glowmax Mall. The residential property rates in Khargar is in the range of INR 6,000 -10,000 per. sq. ft.
- Panvel: It is one of the oldest and the most populated city in Navi Mumbai also it is one of the major real estate investment hotsopt in Mumbai. There are many companies such as L&T, ONGC, and MIDC which have provided mass employment in the region. Panvel is an important junction, and the transport facilities that it offers is excellent. The residential property in Panvel are in the range of INR 4,000-7,000 per. sq. ft.
- Ghansoli: It is one of the newly built localities in Navi Mumbai. It owes its popularity much to the presence of Reliance and several other well-known companies. The transportation is pretty smooth and there is a decent connectivity offered in this region as local trains between Thane and Vashi are available at a good frequency. The residential property rates in Ghansoli is in the range of INR 8,000-8,500 per. sq. ft.
These are few of the regions where you can invest if you are looking to buy property in or around Mumbai.