Real estate news on 4 hotspots to invest Rs 20-40 lakh near Mumbai

Commercial Properties, Investors/ Investment proposal, SEZ, Residential Properties, Mumbai-Thane-Kalyan-beyond
Posted on Jun 10, 2014
To buy a property in Mumbai may require you to make a minimum investment of Rs 1 crore, but for those who could only invest Rs 20-40 lakh, should not get dismayed. There are many such property options around Mumbai. Here are few emerging hotspots that Mumbai residents with a limited budget are looking at:

Checkout properties for investment in Asangaon

Asangaon

A part of Thane district, Asangaon is a locality that lies on the Mumbai-Nashik Expressway. The area is 70 km from Mumbai through the expressway and is still under development.

At present, the locality offers 1 and 2BHK units within Rs 20-30 lakh. These are available within a size range of 450-1200 sq ft. You can also find a few options of 1BHK units in a budget of Rs 10-15 lakh.

Ashok Kumar of Sarnaik Buildcon Pvt Ltd, a local realtor says, “The area offers property at very low prices when compared to other areas of Thane and Navi Mumbai.”

The area is home to more than 400 manufacturing units and boasts of its own railway station, which connects the area to the Central Line Mumbai Suburban Railway network.

Experts say that investors, especially from Thane and Kalyan, are interested in buying properties here. However, he clarifies that the locality will take at least 2-3 years to become completely liveable.

Nashik

Located almost 150 km from Mumbai, Nashik has caught the attention of Mumbai residents after the recent infrastructure development. The completion of the Mumbai-Nashik Expressway has reduced the travel time between Nashik and Mumbai from 5-6 hours to 3-4 hours.

The Expressway from Mumbai goes straight to South Nashik. Sunil Bhaybhang, joint secretary, Confederation of Real Estate Developers Associations of India (CREDAI), Maharashtra, says that the southern part of the city is popular when it comes to real estate investment. Localities, such as Pathardi and Indira Nagar, which fall in this part of the city, have come up as potential investment destinations for Mumbai residents.

Apart from this, he says that the Nashik Airport is likely to get a new airport terminal building which will further boost the air connectivity to Mumbai.

Panvel

Located in Navi Mumbai, Panvel connects Mumbai and Pune, the two major cities of Maharashtra. Major roads, such as the Mumbai-Pune Expressway, Sion-Panvel Expressway, NH-4B and NH-17 start from the locality, while the NH-4 passes through Panvel. Vishal Changani, managing partner, Mystic India Realtors says, “Those who have an investment budget of Rs 20 lakh and yet want to stay close to Mumbai, then Panvel has many options for investment”. According to the Magicbricks data, you can find a 1BHK in size ranging from 350-750 sq ft, within Rs 20-35 lakh.

Apart from the commercial set-ups, the most awaited Navi Mumbai Airport is in Panvel, one of the major reason for attracting investors to the area. The infrastructure developments, such as the 8-lane expressway from Chembur to Panvel, Trans Harbour Link, Metro, Monorail which are today at different stages, are expected to boost the real estate in Panvel.

Why are property prices low here? Despite being well-placed and offering social, physical and civic infrastructure, Panvel still has lots of vacant land parcels available. Industry experts inform that once the mentioned infrastructure development takes place, it is expected that the property prices in Panvel may double.

Ulwe

Another potential area for investment is Navi Mumbais Ulwe. It is one of the fast developing nodes in the city and offers 1BHK units ranging from Rs 24-30 lakh. Answering why should one buy property here, Ketan Tanna, owner, Twin City Realtors says, “Ulwe is a place to invest but one should opt for under construction projects which are still at a nascent stage. By the time your project is ready for occupation, it would be ably supported by the surrounding infrastructure.”

The residential growth in the locality is developing in line with the ongoing growth in the commercial sector and improvement in the connectivity. Apart from the two Special Economic Zones (SEZs) that have been planned here, the area is also seeing many developments in terms of connectivity and infrastructure.

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