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How to actually afford buying a home in Mumbai?

February 26, 2018 | Admin

How to actually afford buying a home in Mumbai?

Mumbai is an incredible city that goes through development every single day. Known as the ‘City That Never Sleeps’, Mumbai never closes down and always has something new to offer its residents. Being the economic capital today, many people want to be a part of this mega city and the reasons are many. With the property demand in Mumbai touching the sky, its real estate sector is booming with plenty of residential as well as commercial projects throughout the city and its outskirts as well. With a number of people moving to Mumbai to seek opportunities, the demand for property has led to property prices soaring up-high! Today, Mumbai is a city with the most expensive housing market in the country.

The shortage of space for construction has led to real estate companies going vertical instead of horizontal and ‘affordable housing’ is something that most real estate companies are focusing on. Yet, with people of multi-segment salaries living in Mumbai, what may be termed as affordable for one, may not be the same for another. Do not despair as there are many suburbs in Mumbai where you can still buy a residential space that will not put a load on your wallet. These suburbs offer A-class developments and wide open space at the same time due to the availability of land. However, there are important factors that you need to keep in mind when looking for a budget-friendly purchase.

Since all neighborhoods are not created equal, targeting the light localities is very important. It is import for you to do ample research and bring forth a list of locations that match your purchase criteria perfectly. Places like Mira Road East, Ambernath West, Neral, Umroli, Mumbra, Virar East & West, Nalasopara East &West, Dombivali East, Naigaon East, Vasai East, etc. are good locations to purchase affordable homes with zero compromises on luxury. As some of these places are a little far from the main city areas, remember to give first preference to places that offer good connectivity. Places that offer good connectivity will not only make commuting throughout the city a lot easier, but will also increase your property value in the coming years.

It is very important for you to know your budget so that you can pick the right apartment according to your needs and requirements. There are three basic ranges of properties that you can opt for. While the first range starts from Rs.15 lakhs to Rs.25 lakhs, the second range follows with Rs.25 lakhs to Rs.35 lakhs and the third from Rs.35 lakhs to Rs.50 lakhs and above. There will be certain differences in the prices due to the apartment area sizes, location of the development, reputation of the builder and more.

The Central Government has been focussing on providing good homes to one and all, and many well-known real estate companies are entering the affordable housing segment today to offer value homes to every home buyer. In fact, if you are looking for a new home to move-in or to invest-in for that matter, choosing the right builder is very important to get the best residential space that is worth every penny spent.

JP North Mira Road is one of the latest residential projects at Mira Road, Mumbai by JP Infra Group that you should definitely consider. This development sits on a bed of 18 acres and offers variants of 1BHK, 2BHK, 3BHK apartments with carpet areas starting at 310 sq. ft. and going up to 786 sq. ft.

This residential development offers premium luxury from head to toe! The apartments are spacious and contain plush fittings & fixtures, elegant kitchens, high-quality flooring, tough doors and wide windows, safety features and more. This development also offers world-class external amenities include a clubhouse, gym, spa, swimming pool, jogging track, meditation centre, theatre, multipurpose hall, crèche, car parking, power back-up, landscape garden and tight security.

Starting at a price of Rs.41 lakhs and gradually moving up to Rs.1.10 Cr., the apartments at this residential development are budget-friendly and worth your savings.

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