Mumbai is a terribly expensive city to live in. There has much written and said about this fact. Most people want to live there for a while, make their money and move on. It would take a lot of money to sustain in the financial capital of the country. Recent reports indicate that the city is the 82nd most expensive city for the expatriates to live in. It has come out on top of other well-known and important cities in the European and American continents.
Real estate prices have been climbing here for many decades. It has reached a point where no person drawing a normal salary is not able to afford properties. There is great demand for properties which falls between INR 30 to 50 lakhs everywhere in the country. But in a city like Mumbai it is well near impossible to get even a small 1 BHK in that price bracket. One hears of property deals which are being cut which range in the INR 100 crore plus price bracket in the posh areas of city. Granted mostly these are deals struck between high net worth individuals, it still takes some time for the common man to digest these figures.
But this city is not without pockets of affordability. There are also options a little outside the city like Navi Mumbai and Thane where properties are priced lower than in Mumbai. But it would take some amount of travelling on the part of those who live in these cities to get the central parts of the capital city of Maharashtra. So it would be much better to look at the suburbs of the city rather than outside the city. But the other option is not a bad one either if you are willing to put up with the travel.
One locality which is located in the northern parts of this sprawling metro that has captured the imagination of those who are looking for cheap homes is Mira Road. A 1 BHK in Mira Road is a good proposition for those who are looking for affordable properties in Maharashtra’s capital city. Why you might ask. Well properties here are priced at INR 7200 per square feet on average. This is a mind boggling number for a city like Mumbai and is the prime reason why 1 BHK flats in Mira Road are being lapped up like crazy by home buyers on budget.
Another reason why a 1 BHK in Mira Road is popular is because of the micro market’s location. It is located in close proximity to several employment generators. This is always makes a micro market score quite high among builders and buyers. If you want to live in the home you buy or if you want to rent it out to those who are working in the companies nearby you stand to win either way. So buying a 1 BHK flats in Mira Road is good as an investment option and for end use as well.
Mohan Kumar is a writer who shares his views on Indian real estate through indiaproperty.com
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