LOCATION HUNT - A matter of AFFORDABILITY : The Times of India

What are the key aspects that determine the affordability quotient of a location in Mumbai? We get you some answers

There is immense demand for affordable housing in the peripheral areas of Mumbai with supply not being able to match the demand. The demand for af fordable housing is growing consistently in the peripheral locations. Girish Shah, chief marketing officer, Godrej Properties Limited, says, “With property prices getting expensive, smaller homescompact homes have become the order of the day in Mumbai. Customers find smaller homes better as compared to larger homes since it suits their pocket and attracts lesser maintenance charges as compared to larger homes.“

DETERMINANTS OF AFFORDABLE REALTY GROWTH

There is a big demand for developments which provide amenities such as schools, restaurants, malls, hospitals, libraries, ample parking space in addition to the hygiene amenities. “There is a huge demand for affordable housing in Mumbai's peripheral areas, especially in Ulwe, Kharghar and Panvel, primarily because of its good connectivity to various prominent places and infrastructure development. It is because of these reasons that realty prices in these areas are gaining momentum in the recent past,“ believes Rajesh Prajapati, managing director, Prajapati Constructions Ltd.

There is a big demand for affordable homes in Mumbai but the supply is not enough to meet the demands of Mumbaikars. “The presence of a good social infrastructure, coupled with excellent connectivity to other parts of the city, helps to fuel the growth for affordable realty in Mumbai's periphery. Most of these projects consist of township developments where residents enjoy various facilities and amenities provided for recreational purposes, like a clubhouse, a gymnasium, an indoor swimming pool, a tennis court, sauna, a multi-purpose room, a banquet hall, a restaurant, etc,“ informs, Deepak Goradia, vice-chairman and managing director, Dosti Realty Ltd.

ATTRACTIVE SPOTS TO BUY AFFORDABLE HOMES IN MUMBAI'S PERIPHERY

Panvel, Badlapur, Ghodbunder Road in Thane, Kalyan, Dombivali, Kharghar and Sea Woods in Navi Mumbai, are all seeing a big demand and also boast of many big projects today. Experts suggest that there are various areas that one may look at to buy affordable homes in Mumbai's periphery.

The Thane-Shil area for example is a fast developing nodule strategically located with good connectivity to Thane, Dombivali, Kalyan and Navi Mumbai. This area is located close to the main NH 4, with the proposed metro and mono rail projects expected to pass through the area, commencing from Navi Mumbai, passing through Shilphata and terminating at Kalyan. The other attractive spots to look out for are Dronagiri, Panvel and the Vasai-Virar belt. Even Thane, due to the connectivity, benefits the customers as their preferred affordable housing location.

GROWTH PROSPECTS OF AFFORDABLE HOUSING IN MUMBAI'S PERIPHERY

“In the near future, the far-off belts of Mumbai will see a rise in the number of industrial setups, which will in turn, intensify the need for residential areas. Also, the existing connectivity to Mumbai by roadways and railways gives these peripheries a tremendous advantage, which is helping it to become a more sought-after distant area for industries as well as housing complexes in the near future,“ explains Gautam Ahuja, managing director, Ahuja Constructions.

Experts believe that with the upcoming and existing infra developments, the gap between Mumbai and its periphery only seems to be get ting closer.

Therefore, the future of affordable housing looks bright and promising in Mumbai's peripheral areas.