Mumbai promises home for everyone

Surbhi Gupta | April 13, 2015 @ 11:57 AM

Every Mumbaikar would be finding a home in their budget very soon. Even though Mumbai real estate market is the most expensive in the country, government initiatives will make affordable housing a reality.

Recently Prakash Mehta, Housing Minister recently announced government’s plan to construct affordable houses in Mumbai. This would be constructed not just in Greater Mumbai region but also on the outskirts to provide a roof overhead.

Although, affordable housing is still a rarity in Mumbai real estate pricing, the government is busy making it a plausible. At present, it is finalising the project location such as Ramabai Colony in Ghatkopar, as announced by Mehta.

“Constructing affordable housing projects in Mumbai region would be a challenging task. However, building those on the outskirts can be a good idea if infrastructural development is ensured. Good schools and colleges, medical facilities and quality living should be focused upon, otherwise we would end up in creating more slums,” says Mohit Verma, co-owner, Prenatic Properties and advisories.

Recently areas such as Boisar, Murbad and Kalamboli have made headlines because of the availability of properties below Rs 20 lakh. Availability of large size land parcel makes these areas a perfect choice for constructing low-budget homes.

These areas are not just popular because of the presence of branded realty players but have also gained fame for the kind of quality construction being offered. “Areas like Boisar and Shahapur have attracted second home investment from Mumbaikars. These localities would take considerable time to appeal first time home buyers,” says Tushar Bharuch, one of the property brokers dealing in this area.

Maharashtra Housing and Area Development Authority will be the planning authority which will clear building proposals in five days and the onus will be on the architect to ensure everything is within the law.

However, there is another way to find a home in your budget. Just login to Magicbricks.com that offers maximum options in each budget category along with locality insights and comparison tools at one click.

Surbhi Gupta is a real estate correspondent in Magicbricks’ editorial team with the flair of analysing the industry trends and scenario.

You can reach us at editor@magicbricks.com for further queries, feedback and comment.