Mumbai is the city of dreams, a city where Bollywood’s favourite stars reside. It also the place where upcoming actors and a pool of migrant population dwell – so being a city that is so diverse and warm, its cited to be one of the most costliest and the most sought after city in the country. Mumbai real estate scene has meta morphed into becoming the most favoured bankable realty destination, so finding a home here could be a daunting task, but worry not. Below we list a few neighbourhoods that offer housing options for potential homes buyers, investors and tenants alike.
Vile Parle East & West
One of the main reasons that have flourished this locality is its strategic location. Vile Parle West proximity to the International airport and the Eastern Freeway has lured many families here. Mostly dominated by business families who are either Sindhis, Parsis or Gujaratis. Its nearness to CBDs (Central Business Districts) like Carter Road and Linking Road too has roped in many to shift base. With the housing demand increasing day by day, property values have already started to increase. According to recent reports, capital values of homes here have appreciated over 17 percent in the past few years. Flats in Mumbai especially in a locality like Vile Parle west are cited to cost anywhere between Rs 1 and Rs 5 crore depending on the facilities and specifications offered by the builder.
While Vile Parle boast of great social infrastructure, the east boasts of great connectivity. The nearness to the SCLR (Santacruz Chembur Link Road) and the monorail linking Chembur to Wadala has fulled realty demand here. Dominated by working professionals, the area has developed into becoming a rental hub. Rents here vary from cost Rs 20,000 per month for a 2 BHK home to Rs 1 lakhs for a fully furnished 3 BHK home.
Owing its development to the growing infrastructure- Dombivli is blinking high on the realty radar. Wide roads, the proposed monorail project and the insurgence of many residential projects are driving the vicinity’s realty demand. Real estate developers with both local and national presence are purchasing large tracts of land to build integrated township projects and gated communities that meet the needs and demands of the urban crowd. Mumbai’s real estate market that attracts the cosmopolitan crowd is pushing many property builders to offer affordable homes and this neighbourhood offers just that. 1 BHK homes that cover a carpet area of 500 square feet or more a likely to fall well within a budget of Rs 40 lakhs. The economical prices have resulted in a high housing influx which is pushing property price to soar. In a span of just a year, capital values of homes here have escalated over 9 percent.
Palm Beach Road
The availability of residential plots and proximity to CBDs like Belapur, Vashi and Sanpada are fuelling the realty demand here. Being one of the rarer neighbourhoods that over multistorey buildings in apartments in mumbai here are selling like hot cakes. The sea facing views and the growing infrastructure are luring many investors here. Having a robust rental market- the area is cited to be a haven to many second time home buyers and local investors. According to reports, rental returns have increased by 14 percent in the past few years. Depending if the homes are semi or fully furnished, homes here generate rental yields anywhere between Rs 31,000 and Rs 1 lakh per month. UK CBD Capsules