Dreaming of a Mumbai house? Know what it'll cost you
Buying a house remains the ultimate dream for most middle-class Indians. The amount of money to be invested depends on factors like housing loan interest, savings, location etc. In Mumbai and its surrounding areas, for instance, properties can range from Rs. 50L and go up to a crore. So which one to choose and which to reject? Here, we help you decide.
Before we start, here's a disclaimer: this list is in no way exhaustive, but is just an idea to help you decide. If you're looking for a well-sized house at relatively low costs, head to Bhiwandi, where an 800sqft flat will cost around Rs. 26L, says LiveMint. If your budget goes till Rs. 50L, try out places like Panvel, Badlapur, Ambernath, Khopoli and Vasai.
All these places require at least an hour's commute to reach Mumbai. Coming to price per sqft, Ulwe tops the list. Panvel, Sil Phata Dronagiri, Vasai and Naigaon come next, where per sqft price is between Rs. 4,380 to 4,490. At Bhiwandi, Ambernath, Badlapur, Khopoli and Taloja, the per sqft rate hangs around Rs. 3,000
Another place that's slowly gaining recognition is Ulwe because of its planned infrastructure. Realtors said it's the second-best place to live in after Vashi. Developed and maintained by CIDCO, it commands Rs. 5,910 per sqft, more than any other place in this category.
Going a bit higher in the price ladder are houses priced Rs. 50 to 80L. In this category, location is the key for price determination. For example, in Kandivali West, at Rs. 62.09L you can get a 740 sqft flat. At the same price, in Mira Road East, an 840 sqft flat would cost you almost the same (Rs. 62.16L).
Similarly, a 600 sqft flat in Ghatkopar East will cost you less than a 520 sqft flat in Mulund West. Now coming to per sqft price, Mulund West tops the list at Rs. 11,280 for a one-bedroom house, followed by Dahisar (Rs. 9,730), Ghatkopar East (Rs. 9,300), Kandivali West (Rs. 8,390), Bhandup West (Rs. 8,170) and Mira Road East (Rs. 7,400).
Now comes the price range that can be easily called a middle-class man's nightmare: the bracket of crores! Like the price, the bedroom numbers too take a hike. So for a 2-bedroom house at a massive 2,000 sqft, be ready to shell out Rs. 2.39cr in Thane West. However, Powai topples it, commanding Rs. 2.67cr for a 1,490 sqft flat.
Among the rest, Borivali East has higher price per sqft than Kurla, Kandivali East and Kanjurmarg. These flats are between 1,000-2,000 sqft. If price per sqft is concerned, it's Powai again at the top with Rs. 17,940, equal to a month's salary for many.