Mumbai's Top Real Estate Influencers Share Best Locations to Buy a Flat for ₹1 Crore
In the highly competitive real estate market of Mumbai, finding a flat for ₹1 crore can seem daunting. However, leading real estate agents share their insights on where to invest.
Mumbai Real EstateFlat For 1 CroreReal Estate InfluencersAffordable LocationsProperty InvestmentReal Estate MaharashtraNov 05, 2024
When asked where one could invest ₹1 crore in Mumbai, Bhavesh Kaware initially pointed to Andheri, one of the largest and most diverse suburbs. Andheri is known for its commercial facilities, office spaces, leisure establishments, and proximity to the airport. However, Ravi Kewalramani, an experienced real estate agent, pointed out that getting a flat in Andheri for ₹1 crore is challenging due to the high costs, including stamp duty and GST, which could push the total expense beyond ₹1 crore.
Kaware then reconsidered his stance and suggested Vikhroli as a more viable option. According to him, with some negotiation, one could procure a 2 BHK flat for around ₹1 crore. Vikhroli, with its average price of Rs 29,250/sq.ft., is more affordable compared to Andheri West (Rs 36,450/sq.ft.) and Andheri East (Rs 28,100/sq.ft.).
Beyond Andheri and Vikhroli, other suburbs like Kanjurmarg, Bhandup, and Ghatkopar were also discussed. These areas offer relatively affordable options while still providing essential amenities and facilities like the Metro system. However, Kaware noted that Ghatkopar, while a good option, can be overcrowded.
Another significant avenue for investment is under-construction projects. Mayank Agarwal and Rafique Merchant emphasized that such projects can offer better deals, potentially under ₹1 crore, as existing flats in the city are often exorbitantly priced. The market is increasingly moving towards satellite towns like Thane, Kalyan, Dombivli, Mira Road, Bhayandar, and even Bhiwandi. Parts of Navi Mumbai, including Kharghar and Kandeshwar, are also seeing a rise in residential construction.
As the city's real estate landscape continues to evolve, finding a home within Mumbai's city limits is becoming increasingly difficult. Many Mumbaikars are now looking at areas 40-50 kilometers away, such as Titwala, Ambernath, Vasai, and Virar, to fulfill their dream of owning a home.
Despite the challenges, the insights from these real estate influencers provide a valuable guide for those seeking to invest in Mumbai's property market with a budget of ₹1 crore.
Frequently Asked Questions
Is it possible to buy a flat in Mumbai for ₹1 crore?
Yes, it is possible to buy a flat in Mumbai for ₹1 crore, but the options are limited to certain suburbs like Vikhroli, Kanjurmarg, Bhandup, and under-construction projects.
Which suburbs in Mumbai are recommended for a ₹1 crore investment?
Vikhroli, Kanjurmarg, and Bhandup are recommended for a ₹1 crore investment due to their affordability and amenities.
Why is Andheri not a good option for a ₹1 crore flat?
Andheri is not a good option for a ₹1 crore flat because the prices, including stamp duty and GST, would likely exceed ₹1 crore.
What are the benefits of investing in under-construction projects in Mumbai?
Under-construction projects can offer better deals and potentially lower prices, making them a viable option for a ₹1 crore investment.
Are there any satellite towns around Mumbai where I can find affordable flats?
Yes, satellite towns like Thane, Kalyan, Dombivli, Mira Road, Bhayandar, and parts of Navi Mumbai, including Kharghar and Kandeshwar, are seeing a rise in affordable residential construction.
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