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Mumbai real estate market is the most expensive real estate market in the country and purchasing a home in the financial capital is a dream come true for many homebuyers considering that apartments cost as much as ₹20,000 per sq ft to ₹1.50 lakh per sq ft if not more.
Housing options in the range of ₹50 lakh are almost non-existent in Mumbai except for a few studio apartments. Having said that, there is a choice for homebuyers in this budget in the outskirts, in the Mumbai Metropolitan Region (MMR), according to real estate consultants.
What is available where
According to developers and real estate consultants, first time homebuyers have limited options in this budget. The only choice available to them is that of a studio apartment which is rare to come by, said local brokers.
“With a budget of ₹50 lakh in Mumbai, homebuyers can typically explore studio apartments ranging from 180 to 200 sq ft, perfectly suited for bachelors and working couples. One can find studio apartments in the ₹50 lakh range in and around Kurla that is located near the commercial hub Bandra Kurla Complex (BKC). Properties in the ₹50-60 lakh range are in high demand, sell fast and are an ideal option for urban professionals starting their journey in Mumbai,” Harshvardhan Tibrewala, managing director of Mumbai-based Vida Realty said.
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According to Divyesh Doshi, director at Kinjal Group, in Mumbai, studio apartments are favoured in locations like Central Mumbai (Worli, Prabhadevi, Lower Parel) owing to their close proximity to business districts, making them appealing to working professionals.
Similarly, the Western Suburbs (Andheri, Bandra, Malad) and Eastern Suburbs (Powai, Ghatkopar) also experience a demand for studio apartments, attracting younger demographics due to factors such as accessibility to colleges, entertainment hubs, affordability, and connectivity, he said.
Options available to homebuyers with a ₹50 lakh budget in Mumbai’s outskirts
Real estate consultants opine that with a ₹50 lakh budget, home buyers can comfortably purchase 1 BHK apartment in the outskirts of Mumbai and even a compact 2 BHK in several areas close to Central suburbs.
“With a ₹50 lakh budget, a 1 BHK apartment can be purchased in Mira Road, Vasai, Virar, Thane, Kalyan, Dombivali, Panvel comfortably. However, homebuyers can also purchase compact 2 BHK units in areas like Titwala, Ambernath, Karjat, Neral that are considered to be Mumbai 3.0. The upcoming Navi Mumbai International Airport is expected to impact property rates in a 30 km radius that are currently in the affordable range,” said Bharat Rathod, a Navi Mumbai based real estate consultant.
While these areas are attractive in terms of price, prospective homebuyers should take into account factors such as connectivity by public transport and traffic congestion.
Also Read: Rent vs buy: Here’s why asset management and banking firms prefer to buy rather than lease commercial property in Mumbai
Affordable housing across top eight cities
According to a recent report released by real estate consultancy firm Knight Frank India, homes priced in the ₹1 crore and above category constituted 46% of the total sales, growing 41% year-on-year with 40,328 units sold in Q3 2024.
Units priced between ₹50 lakh to ₹1 crore accounted for 30% share of total sales with 26,011 units sold, followed by units under ₹50 lakh with 24% market share and sales of 20,769 units in Q3 2024, the report stated.
The share of affordable housing during the quarter ended September declined by 14% annually with Mumbai and Kolkata emerging as the outlier markets where sales in the segment grew in year-on-year terms. “The combined impact of rising prices, higher home loan rates, and the relatively adverse effects of the pandemic in this sector persisted, suppressing demand,” the report noted.
Also Read: Maharashtra government formation: 5 things Mumbai homebuyers look forward to from the new government
Real estate body CREDAI, which celebrated its 25th foundation day earlier this week, has said that the cap on affordable housing be increased from ₹45 lakh to ₹75- ₹80 lakh and suggested that 1% GST be charged on under construction housing units priced in the range of ₹75 to ₹80 lakh.
