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Flats Under 60 Lakh for sale in Stephen Menezes Marg Virar, Virar, Mumbai
About Properties in Mumbai for Sale
About Mumbai
Home to soaring towers, top corporations, and sleek infrastructure - Mumbai gives you the advantage of living in a developed city. Residential properties here usually offer a high quality lifestyle with good constructions and a range of amenities.
From 1 BHK flats in Mumbai to lavish sea-view apartments, the city offers a diverse range of residential housing. With easy access to a large variety of units & configurations - it is easy to find flats for sale in Mumbai that span across the affordable, mid-segment, and luxury sectors.
A well-connected network of roadways, rail lines, and sea-link makes it easier to travel from one corner of the city to the other. Numerous infrastructure projects on waterways, coastal roads, and metro lines are being developed to reduce congestion in Mumbai.
About Mumbai Real Estate
Mumbai is one of the leading cities for residential real estate, with a high property demand in India. In fact, the first 3 months of 2023 saw a 39% growth in property sales in Mumbai, despite repo rate hikes and implementation of 1% metro cess.
The key reason for demand in flats for sale in Mumbai is the immense consumer demand here. The Western & Central suburbs usually lead in the demand and sales, followed by Thane, Navi Mumbai, and South Mumbai.
As per a Knight Frank report, at least 48 to 50% of real estate sales are in the affordable market, with sales under ₹50 lakhs. The sales have also significantly risen in the ₹50 lakhs to ₹1 Crore range in recent months.
Developers too have risen to meet the growing housing demand by launching projects, with the second half of 2022 seeing a 29% growth in new project launches. Most of these launches were in the Western & Central markets along with Thane.
The supply range is ample across all configurations, from 1 to 4 BHK. In the last half of 2022, the Western suburbs supply was mostly 2 and 3 BHK flats, while South Bombay majorly featured 2 and 2.5 BHKs. The Central suburbs saw an equal distribution of the supply, while the rest of the suburbs had a larger number of 1 and 1.5 BHK flats.
Overall, the age of old inventory has decreased as well, and the consumer sentiment is driving the residential real estate sales in Mumbai.
Key Features About Mumbai
- Mumbai is one of the safest cities to live in India
- Popular localities to buy a flat in Mumbai are Mulund, Worli, Kandivali, Lower Parel, Juhu, Andheri West, Chembur, Thane West, & Mira Road.
- The stamp duty charges in Mumbai is 5% for women and 6% for men.
- Registration charges in Mumbai are 1% for properties valued at less than ₹30 Lakhs and ₹30,000 for properties valued above ₹30 Lakh
- SEEPZ, Powai, BKC, Airoli, Ghansoli, Saki Naka, & Lower Parel are the top commercial hubs in Mumbai
- St. Xavier’s College, DY Patil University, NMIMS, & SNDT Women’s University are some of the reputed educational institutes here.
- Access top notch healthcare at Hinduja, Fortis, Apollo, KEM, & JJ Hospitals.
- Mumbai is home to reputed developers such as the Hiranandani Group, Ashwin Sheth Group, Godrej Properties, Kalpataru Group, Shapoorji Pallonji, and numerous more!
- The main arterial roads and highways here are the Eastern Express Highway, JVLR, Western Express Highway, Sion-Panvel Expressway, Bandra-Worli Sea-link, & LBS Road.
- Metro Line 1 (Versova - Ghatkopar), Line 2A (Dahisar - DN Nagar), Line 7 (Dahisar E - Andheri E) are operational in Mumbai.
- Further proposed metro routes are set to improve connectivity, reduce congestion & further increase property value in Mumbai.
- The Proposed Coastal Road from Kandivali to Marine Drive would improve connectivity between South Mumbai & Western suburbs of the city
- Goregaon-Mulund Link Road, Thane-SGNP Tunnel, Nhava-Sheva Sea Link, and Airoli Katai Tunnel will reduce travel times significantly across Mumbai
- Upcoming Navi Mumbai International Airport is predicted to create around 4 lakh job opportunities & will also lead to rising property price appreciation in Panvel, Kharghar, Kamothe, Ulwe, & Taloja
- There is a good presence of greens at Sanjay Gandhi National Park, Aarey Colony, & Mulund hills.
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Frequently Asked Questions
Kanjurmarg, Mulund, Powai, Worli, Thane, Andheri, & Kandivali are the best areas to buy a property in Mumbai.
Yes, Mumbai is excellent for real estate investment as it features the top infrastructure and gives easy access to the top commercial hubs in India. Based on the area, properties in Mumbai also offer good price appreciation and rental returns.
Some of the affordable residential areas in Mumbai include Vikhroli, Chembur, Malad, Airoli, & Ghatkopar.
Here are a few luxury projects you can invest in Mumbai -
1. Lodha Bellagio, Powai
2. Sheth Avalon, Thane
3. Raymond TenXHabitat, Thane
4. Lodha World One, Worli
5. L&T Crescent Bay, Parel
The cost of buying a home in Mumbai can range around anywhere from 35 lakhs to 2 crores as it depends on your location preferences. Buying a home in areas such as Kanjurmarg, Navi Mumbai, Mira-Road, & Kalyan-Dombivli would cost you less, while prime locales in South Mumbai and the Western suburbs could cost you more.
A few popular real estate projects in Mumbai are -
Hiranandani Estate, Thane
JP North Garden City, Mira Road
Runwal Forest, Kanjurmarg
Marathon Nexzone, Panvel
Sheth Montana, Mulund
Below are a few popular new, upcoming projects in Mumbai -
1. Raymond Ten-X Era, Thane
2. Dosti Eastern Bay, Wadala East
3. Runwal Bliss, Kanjurmarg East
4. Prestige City, Mulund West
5. Piramal Mahalaxmi
Below are a few properties that are offering ready to move flats in Mumbai -
1. Marathon Nexzone, Panvel
2. Lodha New Cuffe Parade
3. Hiranandani Fortune City, Panvel
4. Lodha Amara, Thane
5. Marina Enclave, Malad
A few affordable residential properties in Mumbai are -
1. Rustomjee Global City in Virar
2. Wadhwa Wise City in Panvel
3. Arihant Anaika in Taloja
4. Lodha Upper Thane
5. Shapoorji Pallonji Joyville in Virar
As property prices are always appreciating in Mumbai, you can invest in flats anytime. However, developers offer great discounts and offers during the festive season. So, if you are looking for the right time to invest in residential properties in Mumbai, you should plan to buy a flat around Gudi Padwa, Diwali, or other popular festivals.