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Indian Real Estate News : Mumbai
Own a house in Mumbai in just Rs 10-30 lakh
Source: The Times of India Jan 06, 2014
With property values increasing at a brisk pace, owning a house in Mumbai has become a dream for many. And more so, if you have a restricted budget of Rs 10-30 lakh. But here's a reason to cheer as here is an area in Mumbai where 'affordability' is still a reality.

Khopoli offers several residential options to the home buyers within the budget range of under Rs 30 lakh, without compromising on connectivity and social infrastructure. Strategically located on National Highway-4, Khopoli has recorded a rise of 13 per cent over the last three months. As per the data with Magicbricks.com, property rates for multi-storey apartments have climbed up from Rs 3,100 per sq ft in Jul-Sep 2013 to Rs 3,500 per sq ft in Oct-Dec 2013.

Khopoli has caught the eyes of real estate developers and investors alike as the area houses some of the major chemical and industrial units. The housing demand, thus, is mainly fuelled by those employed in these units. Tata Hydro Electric Power Supply Company Limited, India Steel Works Limited, Paper And Pulp Conversions Ltd (PAPCO) and Zenith Steel Pipes Limited are some of the industries present in the area.

Available options

Several big and small projects are lined up in the area offering affordable homes to prospective home buyers. Developers active in Khopoli are Indiabulls Real Estate, Space India Builders & Developers, LA Homes, Om Sai Developers, Bonzer Infra, among others. Most of these projects are expected to be ready for possession in 2014 itself. These projects are loaded with amenities such as club house, swimming pool, gymnasium, reserved parking, to name a few.

Property values

The locality offers a wide range of properties at different price points. As per the data with Magicbricks.com, apartments of 400-1200 sq ft are available within Rs 3,100-3,800 per sq ft. Thus, a 400-sq-ft apartment, for instance, is available at Rs 12 lakh. On an average, the wide range in Khopoli is between Rs 12-45 lakh. As per rentals, a standard 1BHK apartment is available in the range of at Rs 4,000-5,000 per month, while a 2BHK apartment is available within Rs 5,000-8,000 per month.

As the area falls under the authority of the City and Industrial Development Corporation (Cidco), it also has well-built social infrastructure. There are various educational institutions, hospitals and shopping centres to meet the daily requirement of the end-users.

Khopoli also boasts of swift connectivity through roadways and railways. "Khopoli Bus Station and Railway Station are located at a distance of about 5km and 6km respectively from the area," says Vijay Wagh of Space India Builders & Developers. Another USP of Khopoli is that through Mumbai-Pune Expressway, the proposed Navi Mumbai International Airport is just 40 minutes drive away, which is further expected to enhance the property market of the area.

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