Finding Affordable Homes in South Mumbai Under Rs 4 Crore
Despite the long-standing unaffordability in South Mumbai, there are still opportunities to find homes under Rs 4 crore. Explore these neighborhoods for a premium living experience without breaking the bank.
South MumbaiAffordable HousingReal EstateRedevelopmentMhadaReal Estate MumbaiJan 08, 2025
However, recent trends show that there are still pockets where you can find properties under Rs 4 crore.
This article delves into the various neighborhoods and developments that are making this possible.
Chembur The Gateway to Affordability
Chembur, located on the eastern side of Mumbai, is quickly becoming a popular choice for those seeking homes under Rs 4 crore.
Its proximity to both South Mumbai and Navi Mumbai, coupled with easy connectivity, makes it an attractive option.
Ritesh Mehta, JLL India's Senior Director and Head of Residential Services and Development, highlights Chembur's potential.
However, height restrictions due to its location near the Mumbai airport limit the supply of high-rise buildings.
The Eastern Seaboard A Hidden Gem
Historically overshadowed by its port and trading areas, the eastern seaboard, from Trombay to Wadala and Sewri, is undergoing a transformation.
Developers like Ajmera Realty and the Ashwin Sheth Group are setting up projects on both greenfield and redevelopment sites.
These areas, once industrial, are now being primed for residential use.
Mehta sees Sewri and Parel as particularly promising, given their commutable distance to key employment centers.
Wadala A Resurgence of Interest
Wadala, once home to various industries, has found a new lease of life.
The area’s decline following the closure of these industries is being reversed thanks to its strategic location.
It is well-connected to the rest of Mumbai via the Harbour Line of the Central Railway and the Eastern Freeway.
Additionally, the upcoming Mumbai Metro lines and the trans-harbour Atal Setu are expected to further boost its appeal.
The Atal Setu, terminating in Sewri, will provide another vital connection to the Fort area.
Dadar East and Byculla Redevelopment Opportunities
Dadar East and Byculla, located closer to South Mumbai, are also seeing a surge in redevelopment projects.
These areas, which once housed stately bungalows, are now witnessing the rise of modern residential complexes.
Sugee, a redevelopment and South Mumbai-focused developer, is leading the charge with projects like Hindu Colony, offering two-bedroom units for around Rs 3.5 crore.
Even one-bedroom apartments are available in Dadar East, with under-construction units pricing around Rs 1.62 crore.
Byculla A Slightly Higher Price Point
Byculla, being even closer to Fort and Nariman Point, commands slightly higher prices.
However, developers are strategically undercutting these prices to attract more buyers.
Adani Realty and Marathon’s joint venture project, Monte South, is offering two-bedroom apartments for around Rs 3 crore, with the project set to be fully ready next year.
Affordable Housing Schemes by MHADA
The Maharashtra Housing and Area Development Authority (MHADA) also plays a crucial role in providing affordable housing in well-connected suburbs.
Homes priced between Rs 80 lakhs to Rs 3 crore are available through MHADA schemes.
Areas like Wadala’s Antop Hill have seen significant interest due to their competitive price points.
However, the lottery-based system often limits the inventory, leading many to prefer the open market for such deals.
Conclusion
While South Mumbai has long been associated with high property prices, the increasing number of projects and redevelopment opportunities is making it more accessible.
Areas like Chembur, the eastern seaboard, Wadala, Dadar East, and Byculla offer a blend of affordability and connectivity, making them attractive choices for homebuyers looking to stay within a budget of Rs 4 crore.
Frequently Asked Questions
What areas in South Mumbai can I find homes under Rs 4 crore?
Areas like Chembur, the eastern seaboard (Trombay to Wadala and Sewri), Wadala, Dadar East, and Byculla offer homes under Rs 4 crore. These areas are seeing a mix of new projects and redevelopment opportunities.
Why is Chembur considered affordable for homebuyers in South Mumbai?
Chembur is considered affordable due to its proximity to both South Mumbai and Navi Mumbai, easy connectivity, and the presence of new and redevelopment projects. However, height restrictions near the Mumbai airport limit the supply of high-rise buildings.
What is the role of MHADA in providing affordable housing in South Mumbai?
MHADA provides affordable housing in well-connected suburbs, with homes priced between Rs 80 lakhs to Rs 3 crore. However, the lottery-based system often limits the inventory, leading many to prefer the open market.
Are there any upcoming connectivity projects in Wadala and Sewri?
Yes, Wadala is set to see increased connectivity with two new lines of the Mumbai Metro, including one that connects to the Fort area. The trans-harbour Atal Setu, which terminates in Sewri, is also expected to boost interest in the area.
What is the price range for one-bedroom apartments in Dadar East?
One-bedroom apartments in Dadar East are available in the under-construction phase and typically sell for around Rs 1.62 crore according to listings on sales platforms.
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