Budget Homes: Buyers flock to fringe areas

With homes within Mumbai city no longer within reach, property buyers on a tight budget of between INR20-50 lakhs are now flocking to peripheral suburbs and select nodes of Navi Mumbai to find an affordable home, writes Rajesh Kulkarni.

Affordable home typically signify homes in the budget range of approx INR20-50 lakhs, afforded by the lower middle-class and middle-class that form a huge chunk of home buyers in the domestic real estate marketplace.

Unfortunately given the high prevailing property prices, options in this category especially in urban metros like Mumbai are limited and practically impossible to find within the municipal limits of the city. Yet there are several completed and upcoming residential projects on the city’s outskirts that cater to this volume segment.

Vasai, Nalla Sopara, Naigaon, Virar and Boisar on the Western suburban rail network and emerging destinations in Navi Mumbai like Ulwe, Dronagiri, Nerul and New Panvel are some of the suburbs that currently offer homes in this price range.

Boisar an industrial area in Palghar district some 45kms north of Virar on the suburban Western railway network currently hosts a mega affordable homes project by Mahindra Lifespaces. Spread over 14 acres, Mahindra Happinest offers 1RK, 1/2BHK apartments in the range of 351-762sqft, priced at a reasonable INR11-21lakhs-onwards.

Located in the vicinity of the railway station, bus stands, hospitals and educational institutions, the project focuses on enabling better living at an affordable cost. According to Sriram Mahadevan, the business head for the project, over 300 families have already booked their homes here in the first phase. The newly launched Phase 2 of the project offers another 240 units for buyers looking at buying an affordable home.

Pre-certified as eco-friendly by the IGBC, ensuring a low-maintenance cost, homes at Happinest come with a provision for modern comforts like air-conditioners and washing machines. Other frontline amenities provided here include: 24x7 power backup (for common areas), ample parking space, elevators, walking track, volleyball court, cricket ground and a basketball court among others.

HDIL’s ongoing Residency Park project - Phase 2 at Virar West is also a good option for budget home buyers. The project scheduled for completion around December 2015, features 1/2/3BHk apartments in the 616-1115 sq ft range priced at INR28-52lakhs. Exterior amenities made available here include a modern clubhouse, rainwater harvesting, swimming pool, landscaped garden and an intercom system.


The elegantly finished apartment interiors feature decorative cornices & premium paint, vitrified flooring with skirting, anodised aluminium sliding windows with MS safety grills, concealed copper wiring with modular switches, granite platform with stainless steel sink and MCB & ELCB for electrical safety.

Closer to Mumbai, Ornate Universal’s Ornate Galaxy at Naigaon East has a configuration of 4 Blocks with 15 Floors each comprising exclusively of 1BHK apartments, ranging from 564-617sq.ft. Priced from a modest INR25lakhs onwards per unit, this residential project is well equipped with modern amenities that include: a landscaped garden, kids play area, jogging track, ample parking, branded lifts, 24x7 security and an intercom facility among others. Currently under development, this project is scheduled for completion around December 2016.

One of the few select properties that offers homes in the affordable price range at Mira Road is Jaycee Bhagtani Riyo, that features 1/2BHK apartments ranging from 600-875sq.ft, priced from INR36 lakhs onwards. A project by Jaycee Homes Ltd, Riyo is located on St. Jerome Church Road, about 3kms from the suburban railway station. The primary amenities available here include: ample water supply, high speed lifts, CCTV, clubhouse, gymnasium, ample parking and an intercom facility among others.

Affordable Projects @Navi Mumbai:
With property prices on the upward climb in places like Vashi, Belapur and Kharghar and supply fast reaching saturation point in other popular locations like Airoli and Ghansoli, home buyers are now targeting upcoming areas like Ulwe, Dronagiri, New Panvel and Nerul in their quest to find a affordable home.

Ulwe, a Navi Mumbai node developed and maintained by CIDCO, for example is witnessing a rapid rise in the number of ongoing residential projects by leading builders like the Proviso Group, Paradise Group, Akshar Developers and Yushan Realty Ventures.

Popular projects here include the under-construction Yushan Maple Viva at Sector 3, a residential tower of ground plus 7 storeys that offer spacious 1/2BHk apartments and shops on the ground levels. A project by Yushan Realty Ventures, apartments here range from 670-1055 sq.ft and are priced from INR 26.03lakhs onwards with a slew of modern amenities like a housekeeping service, CCTV surveillance, open & covered car parking, branded lifts and a children play area on offer.

Other options at Ulwe include Aramus Realty, a Ground + 11 Floor tower that offers beautiful 1/2BHK apartments from 650-1050sq.ft, priced from approx INR36 lakh onwards. A project by Gurukripa Enterprises, this under-construction tower comes with all essential amenities including ample parking, branded lifts, CCTV surveillance, landscaped podium garden and a health club and is scheduled for completion around September 2017.

Prajapati Vihar is an upcoming ground plus 7 storeys residential project at Sector 55, Dronagiri, located at the southern tip of Navi Mumbai, near Uran. Helmed by the Prajapati Group, the project features exclusive 1BHK apartments offering an area of approx 650sq.ft and priced from an affordable INR27.30lakhs onwards.
In addition to its array of modern exterior facilities (kids play area, ample parking, high speed lifts & CCTV surveillance), the project also offers a range of superior interior amenities like; vitrified flooring (in all rooms), granite kitchen platform (with Stainless Steel sink), concealed copper wiring, cable & telephone points (in living room), decorative main door, intercom facility and power backup for lifts and common areas. Possession here is scheduled to begin from December 2016.

Those with a taste for living in a township can check out Kritika River View, an upcoming township project by Bombay Constructions Engineering Co. Pvt Ltd, at New Panvel. This well-planned project offers a choice of 1/2BHK Vastu-compliant apartments ranging from 780-1150 sq.ft., priced from INR35lakhs onwards.  Planned in a configuration of 18 Buildings of Ground + 5 upper Floors, this project offers all the facilities associated with living in a township.



These include:  a community hall / prayer hall with social activity centre, jogging track on river front, beach volleyball court, badminton court, riverside promenade, designer pathways within the complex and a regular shuttle bus service to Panvel railway station and bus stop.

Key internal amenities offered here include: imported vitrified flooring (in living room and bedrooms), powder-coated sliding aluminium window frames with clear glass (in all rooms), provision for Cable TV, telephone points and other essential electric points in the living room and all bedrooms, Internet points in all bedrooms, good quality hardware fittings and a granite.

A major highlight of this township project are its several eco-friendly amenities like solar light panels in common areas, water treatment plant, sewage treatment plant, rain water harvesting facility, and LED street lights in addition to approx 65percent of the plot being reserved for green landscaped areas.

In Conclusion:
It’s an accepted fact that Mumbai’s realty is among the most expensive in the country today with a majority of residential projects in the preferred Bandra-Borivali belt priced well above INR1cr. This in turn has effectively put them well out of reach for a large majority of property buyers with limited means and small budgets.

While the ongoing slowdown hasn’t done much by way of a major price correction, budget buyers would be well advised to consider projects under development in the above-mentioned areas that not only offer affordable homes in the INR20-50lakh range, but also feature the latest in terms of facilities and amenities that are on par with luxury projects in prime locations.

(All prices mentioned herein are purely indicative)