Buying a House in Palava City? Here are Other Mumbai Locations to Consider

Real estate in Mumbai is among the most expensive in the world. Property prices have continued to rise in all parts of the city, be it Powai, Malad, or Chembur. If you are looking to buy real estate, Mumbai could well be beyond your budget. Especially downtown Mumbai properties come with sky-high price tags. But there are other locations that you could consider. For instance, Palava City provides affordable housing within close proximity of Mumbai city. Getting to South Bombay is simple enough by road and local train.
In fact, if you are looking to buy affordable property, there are many new locations to consider. Real estate prices in these areas are poised to appreciate further in the coming years. That could make your investment a worthwhile one in the near future. Mumbai real estate affordable locations:
1. Dronagiri: Dronagiri in Navi Mumbai is mainly famous for the Dronagiri Fort. It falls under Raigad District and is a rapidly growing residential hub. The City and Industrial Development Corporation (CIDCO) is responsible for its development. The current price of property in Dronagiri ranges from Rs.3,800 to Rs.4,900 (approximately) per built square foot.
Dronagiri will be connected to a large number of transport corridors in future. There are various multi-storey constructions coming up in the area. So, investment in a home here could result in substantial profits once the area develops as planned.
Interested buyers should apply for a home loan soon as properties are being sold out. When looking for home loans, don’t just look at banks. Also try non-banking financial companies (NBFCs) like Bajaj Finserv for convenient home financing options.
2. Alibag: The coastal town of Alibag, also known as Alibaug, falls under Raigad District. This town is very popular among real estate investors. The nearest railway station is Pen, which is connected to Panvel by train. Ferry services are also available. These connect Alibag to the Mumbai mainland. A catamaran ride to the Gateway of India operates in the area on weekends.
Alibag could be a perfect choice for investors who love the sea. The property prices here are around Rs.4000 to Rs.5000 (approximately) per built square foot. Real estate investors in South Mumbai do not have much choice, for space is at a premium. But homebuyers in Alibag are free to choose between a range of different housing options, including villas and apartments. You could also look for residential complexes like Palava City.

To secure a home loan for a property here, check out the flexible payment schemes available through various lenders. For instance, lenders such as Bajaj Housing Finance Limited offer attractive home loans with principal amounts of up to Rs.3.5 crore.
3. Mira Road: Mira Road is a fast-growing area of the city. This suburb of the Mumbai Metropolitan Region is a part of Thane District, which is known for its connectivity and development. Mumbai is just 12 kilometres from Mira Road. Thane and Dombivali can also be accessed in a short time. The Western Railways has improved connectivity to the nearby commercial hubs and manufacturing plants. As a real estate investment in Mumbai, Mira Road is a prime location.
The property price in Mira Road has gone up in the past few years. Now, it ranges from Rs.6,000 to Rs.8,000 (approx.) per built square foot. Despite being more expensive than some of the other localities listed, property prices in Mira Road still offer value for money.
Summing up
Whether you are buying property for a home or an investment, these areas offer promising prospects. For a quick and simple purchasing experience, you could contact banks and NBFCs for home loans. You could also get pre-approved offers from Bajaj Housing Finance. With an apartment in Palava City, or in up-and-coming localities like Dronagiri, Alibag, or Mira Road, you are sure to reap rich returns on your investment.