There are several areas in the Mumbai metropolitan region where one can get a home within a budget of Rs 50 lakh. Enhanced connectivity is making them a viable option
As each city evolves, it also expands. From a scenario where the name 'Mumbai' was applicable to just the island city, over the decades the definition has extended to its suburbs, then the extended suburbs and now, it encompasses peripheral areas as well. A greater emphasis on augmenting road and rail connectivity, coupled with large infrastructure projects like the upcoming airport at Navi Mumbai, proposed Sewri - Nhava Sheva Transharbour Link, which will in due course connect Panvel to South Mumbai and multi-modal corridor between Virar and Alibaug have truly made it possible for people residing at any place in the Mumbai Metropolitan Region (MMR) to manage the daily commute to work and back.
Townships preferred
Moreover, self-contained township projects are making it possible to set up a home even in emerging locations as all the required facilities are easily available close at hand. Even though the skewed demand-supply ratio has led to property prices appreciating regularly, it is still possible for a middle class family to find their dream home within a budget of Rs. 50 lakh, albeit a little farther away than they would have initially envisaged.
Location logic
The size of the house available within that budget increases in proportion to the distance one is ready to commute on a daily basis. Compact flats for Rs. 50 lakh are hard to find within Mumbai city limits, with the exception of a few 'no frills' projects or those offering studio apartments in the remote corners of the Goregaon-Dahisar belt in the western suburbs or Mulund-Mankhurd on the central side.
Toll time
Once you cross the Dahisar, Mulund or Mankhurd check point and pay the toll that symbolises crossing the border, options increase substantially. Comfortable 1BHK flats or compact 2BHK flats become much moreeasier to find in the Mira Road-Vasai belt, parts of Thane and Navi Mumbai as well as the Dombivali-Kalyan belt. Going forward, areas such as Naigaon-Virar, Karjat-Titwala and beyond Panvel offer an opportunity for buying even more spacious homes.
Visible trend
This trend was visible during the recent MCHI Property 2011 exhibition where properties on the periphery of Mumbai and suburbs were also showcased as an attractive option for a home seeker in the MMR. From Titwala to Asangaon, Khardi to Karjat, Boisar to Badlapur, home seekers were provided a host of new opportunities to choose from.
Investment incentive
Even for those residing with their parents or in company-owned accommodation, it makes sense to invest in such locations because the rates are still affordable. Plus, given the fact that they are still emerging markets, the scope for capital appreciation is that much higher. These emerging locations provide good connectivity to Mumbai city by road and railway, so it is easy to lease them out as well. Moreover, residents can enjoy a lush green environment, great lifestyle and good quality of living, with world-class malls, reputed educational institutes, hospitals, resorts, etc. Given the current space constraints and rising demand of having a dream home in and around close periphery of Mumbai, these locations are ideally poised to address the housing needs of the mid-income segment.
Quality counts
Quality is also no longer a concern because the new projects on offer in Mumbai's peripheral areas are comparable with those in the established suburbs. In certain cases, the cheaper rate of land enables the builders to provide something extra to home seekers, which may not be viable in the main suburbs. While the existing 'premium' locations have retained their position as preferred locations, a number of peripheral locations are also witnessing extensive development.
Decision time
Until recently, entry level and middle class home seekers knew that there was always an option beyond the city borders. Soon certain peripheral areas began to develop at a fast pace and gradually became self-sufficient in many aspects. There too, one could distinguish between the prime and emerging locations.
The concern for home seekers today is that waiting any longer may deprive them of this option as well. Once the rates rise in these areas too, they would need to look beyond the developing extended suburbs and have no option left except the very distant locations that may not have social infrastructure in place.
So it is high time that home seekers get off the fence and take a home purchase decision.
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