The price of real estate in each neighbourhood in Mumbai differs significantly depending on the infrastructure and amenities in the area. But, over the years, certain pockets in the metropolis have emerged as the most desirable among home seekers due to various reasons. Sunny Developers takes a sneak peek into some of these sought-after places to live in Mumbai.
Mumbai, the mega-metropolis, is always on the radar of home seekers. However, amid a host of options, it is challenging to choose a locality that provides the best trade-off amidst affordability, amenities, infrastructure and connectivity. Sunny Developers, thus, shares a list of the 10 best places to live in Mumbai. These include Kandivali East, Goregaon East, Andheri West, Mulund, and Chembur, among others. The list is a result of the popularity these neighbourhoods have garnered from home seekers on Sunny Developers. Let us find out what makes these areas the most coveted markets in Mumbai.
Kandivali East is a prominent residential cum industrial hub situated in the western part of Mumbai. High-rise residential apartments majorly dominate this area, with property prices pegged around Rs 18,700 per sq ft. Proximity to the employment hubs like Charkop Industrial Park, Akurli Industrial Estate, and Ruby Crescent Business Boulevard is the main growth driver here. The average monthly rentals for a 2 BHK home in Kandivali East range between Rs 33,000 and Rs 34,000.
Vishal Ujjainkar, Proprietor, One Roof Realty LLP, Mumbai, highlights that the Western Express Highway (WEH) passes through Kandivali East and an under-construction Coastal Road would significantly reduce the travel time between Kandivali and Nariman Point. Thus, making Kandivali East one of the best places to live in Mumbai.
Located in the western suburbs, Goregaon East is a prime residential locality housing one of the largest railway stations in Mumbai, with seven platforms served by both the Western Line and the Harbour Line. Proximity to commercial hubs like Nesco IT Park, Infinity IT Park, Nirlon Knowledge Park, and Film City drives the rental demand, with prices starting from Rs 24,000 per month for a 1 BHK apartment. Homebuyers in Goregaon East have shown a strong penchant for 1 BHK properties in the last year. However, the maximum supply here is 2 BHK and 3 BHK units. Ready-to-move properties have shown over 10 percent YoY growth in prices in Goregaon East.
Andheri West is a developed locality with sound infrastructure, proximity to employment hubs and good connectivity. The area is popular among tenants and comprises a number of multi-storey apartment projects and cooperative housing societies. The average monthly rental for a 2 BHK home in Andheri West hovers around Rs 56,000. Over 40 percent of the housing inventory available for sale here is 2 BHK units, with property prices ranging between Rs 50 lakh and Rs 2 crore.
Reviewers pointed out that the locality has “many reputed educational institutes” and “hospitals” and is “well-connected” from all sides. “Safety and lifestyle” are also some aspects highly praised by reviewers.
A well-developed locality with a two percent YoY growth in average property values, Mulund offers ready-to-move residential apartments in abundance. Most buyers in Mulund prefer properties less than Rs 50 lakh, with a typology of 1 BHK.
A dedicated railway station on the Central Line of the Mumbai Suburban Railway network and proximity to the Eastern Expressway Highway (EEH) allow for a smooth commute. The region is popular among both upper and middle-class segments due to its connectivity, greenery, and industries located along LBS Road. Monthly rentals in the area average at around Rs 23,000 for a 1 BHK apartment.
Malad East is one of the key localities ahead of Andheri on the Western Suburban Line. The locality has evolved as a mid-segment market and is primarily favoured by professionals working in the Andheri-Borivali region. Several reputed corporate giants have offices in Andheri East and Bandra-Kurla Complex (BKC) within an 18 km distance. Besides, the proposed Harbour Line extension will increase the number of local trains in Malad, further easing the commute. Malad East, as an active retail hub, offers properties at Rs 19,200 per sq ft, and monthly rentals here start from Rs 24,000.
Chembur is a residential cum commercial locality in East Mumbai. The area is primarily divided into various colonies- Yashwant Nagar, Siddharth Colony, Tata Colony, and Rahul Nagar, with 2 BHK being the most-favoured configuration. It is surrounded by Govandi in the east, Trombay in the south, Ghatkopar in the north and BKC and Sion in the west. BKC and Lower Parel at 8-10 km also make it a preferred location in Mumbai. The locality has been rated 4.4 out of five by former and current residents on various parameters, such as connectivity, safety, greenery and lifestyle.
According to Sushil Dabria, Owner, Sushil Enterprise, Mumbai, "Chembur is the numero uno in the list of the best places to live in Mumbai. It is well-connected to all other parts of Mumbai via the Eastern Express Highway, Eastern Freeway, Sion-Trombay Road, and SCLR (Santacruz-Chembur Link Road) and interfaces between Navi Mumbai and Central Mumbai.” Monthly rentals in the area start from Rs 28,000.
One of the posh areas of Mumbai, Vile Parle East, boasts of class and opulence. It offers both residential and commercial developments, with the former comprising a good mix of high and mid-income abodes. 1 BHK homes have been the most preferred by buyers in the last six months in Vile Parle East. About 10 km from major employment hubs in Andheri, Santacruz and Kalina, one can rent a home in Vile Parle East starting at Rs 36,000 per month. Multi-storey apartments in the locality comprise over 90 percent of the inventory. Buy rates here have increased by around two percent in the last five years.
Bhandup is a developing locality in the eastern part of Mumbai located adjacent to the Mumbai-Agra Highway, which divides it into Bhandup East and Bhandup West. It comprises multi-storey residential apartments, alongside some industrial and commercial developments. Residential demand in this area is driven by proximity to various textile industries like Armaan Silk Mills, and Reliance Industries Limited, among others. Further, it is located within 10 km of major employment centres, such as Lodha i-Think Techno Campus, Godrej One, Godrej and Boyce Industry Estate. The locality comprises many completed as well as under-construction high-rise residential societies priced approximately at Rs 18,300 per sq ft. Average monthly rentals in Bhandup hover around Rs 34,000-40,500 for a 2 BHK unit.
Dahisar East is an affordable locality with 1 BHK apartments being popular among buyers and tenants. Diamond Industrial Estate is a major industrial hub in Dahisar East, driving the residential demand along with Andheri MIDC and BKC, at about 20 km. Reviewers have rated the locality 4.4 out of five. Most have praised the ‘public transport’, ‘safety and security’, ‘steady water supply’ and ‘markets at walkable distance’.
Home values in Dahisar East average at around Rs 14,300 per sq ft. The prices denoted a 10 percent increase soon after the Metro Line 9 from Dahisar East to Mira Bhayandar was proposed in 2018. The monthly rentals in the area range between Rs 19,500 and Rs 20,500 for a 2 BHK unit.
As per RBI, NRI home loans are available with the lowest interest rate starting from 6.85% per annum. Under Section 80 C of the Income Tax Act 1961, an NRI is eligible for tax benefi ts on a home loan if and only if they file income tax returns in India. There are two ways by which the tax deduction happens- the interest component and the principal component.
Under the interest component, the deduction is up to Rs 2 Lakh on the interest repayment amount, whereas on the Principal component, the deduction is up to Rs 1.50 lakh on the principal amount repayments.
| Locality | Educational institutes | Hospitals | Malls and commercial hubs | Connectivity |
|---|---|---|---|---|
| Kandivali East | Thakur International School | Seven Star Multi speciality Hospital | Thakur Mall | Kandivali Railway Station |
| Cambridge School | DNA Multispecialty Hospital | Centrium Mall | Proposed Metro Line | |
| Ryan International School | Vansh Hospital | Akurli Industrial Estate | Western Express Highway | |
| Goregaon East | Oberoi International School | Radha Krishna Hospital | Film city | Goregaon Railway Station |
| Ryan International School | Lifeline Medicare Hospitals | Commerz tower | Western Express Highway | |
| St Thomas High School | Kapadia Multispecialty Hospital | City Centre Mall | SV Road | |
| Andheri West | Gyan Kendra Secondary School | Kokilaben Dhirubhai Ambani Hospital | Andheri West Market | Link Road |
| Jankidevi Public School | Medical Research Institute | Infiniti Mall | SV Road | |
| Rajiv Gandhi Institute of Technology | Lifeline Medicare Hospitals | NESCO IT Park | Andheri Railway Station | |
| Mulund | Mulund College of Commerce | Fortis Hospital | Korum Mall | Lal Bahadur Shastri Marg |
| Uchhamadhyamik Vidhyalay | Chandraganga Spandana Hospital | Ashar IT Park | Eastern Express Highway | |
| VK Krishna Menon College of Commerce and Economics | Shushrusha Hospital | Odyssey IT Park | Mulund Railway Station | |
| Malad East | VIBGYOR High School | Sanjeevni Hospital | Neo Corporate Plaza, | Malad Railway Station |
| Sharada Gyan Peeth International School | Suchak Hospital | Infinity Mall | Proposed Malad Metro Station | |
| St Francis English High School | Sai Kripa Hospital | Inorbit Mall | Western Express Highway | |
| Chembur | Loreto Convent School | Zen Multi Speciality Hospital | Star Mall | Chembur Railway Station |
| Ryan International School | Apollo Spectra Hospital | Trombay Industrial Area | Chembur Monorail station | |
| Shri Narayan Guru College of Commerce | Wockhardt Hospital | Cubic Mall | Mumbai-Pune Highway | |
| Vile Parle East | Sathaye College | Four Care Hospital | Bandra Kurla Complex | Western Express Highway |
| Mithabai College | KLS Memorial Hospital | Parle Square | Dedicated railway station | |
| Jivanlal College | Advanced Multi-speciality Hospital | Prime Mall | Mumbai International Airport | |
| Bhandup | Pawar Public School | Lotus Multi Speciality Hospital | Neptune Magnet | LBS Marg |
| Shri Ram College | Fortis Hospital | R City | Eastern Express Highway | |
| National Education Society | Hira Mongi Navneet Hospital | Boyce Industry Estate | Mulund- Airoli Road | |
| Dahisar East | Somiaya Vidyavihar | Ashok Hospital | DMart Ready | Dahisar Railway Station |
| Universal High School | Pragati Multispeciality Hospital | Phoenix Marketcity | Western Express Highway | |
| Ryan International School | Navneet Hitech Hospital | Godrej And Boyce Industry Estate | Mira Road | |
| Ghatkopar East | The Somaiya School | HJG Hindu Sabha Hospital | R Odeon Mall | MG Road |
| Hindi High School | Ashirwad Heart Hospital | Neelyog Square | Ghatkopar Railway Station | |
| HVPS Law College | SMM Hospital | Vikhroli and Kurla | Andheri-Ghatkopar Link Road |
Ghatkopar East is a suburban residential locality in eastern Mumbai, primarily having multistorey residential developments in mid and luxury segments priced at Rs 20,100 per sq ft. Some of the key areas in the neighbourhood include Neelkanth Valley, Mankur, Kamraj Nagar and Pant Nagar.
The locality has good connectivity via Western and Eastern Expressways, MG Road and the widely used Andheri-Ghatkopar Link Road that connects it to employment areas like Chembur, Vikhroli and Kurla within 10 km. The monthly rentals for a 2 BHK unit in Ghatkopar East begin from around Rs 47,000.
Prospective homebuyers may also consider places like IC Colony, Borivali, Thakur Village and Andheri East to live in Mumbai, where rents vary between Rs 27,000 per month and Rs 35,000 per month for a 2 BHK apartment and the buy rates average at around Rs 20,000 per sq ft.
Source:99acres.com