Mumbai's Top Real Estate Influencers Reveal Locations Where One Can Buy Flat In ₹1 Crore

Mumbai's real estate paradigm is always brimming with potential to make headlines, given its size, scale and ability to churn out staggering numbers. Affordability is a major factor that placates real estate in the city of Mumbai. Given the shrinking space and rising price of real estate in the city of dreams, it is essential to know where one can get value for their money.

Four of the most sought-after real estate agent/ influencers in Mumbai came under the same roof to discuss just that.

Ravi Kewalramani, along with Mayank Agarwal, Bhavesh Kaware and Rafique Merchant, got together to talk about the real estate landscape of the city's real estate.

Rs 1 Crore In Mumbai?

Given the extensively pricey nature of accommodations in Mumbai, the beginning of what constitutes as 'basic' has been pushed farther away on the scale from lakhs to crores, with Rs 1 crore being the starting point.

On the question of where one could invest Rs 1 crore in Mumbai, one of the influencers, Bhavesh Kaware, replied and pointed to one of the largest suburbs in Mumbai, Andheri. Andheri is one of the biggest and most diverse markets in Mumbai.

Some of the other locations that would be good for a Rs 1 crore investment that came up in discussion included the eastern suburbs of Kanjurmarg, Bhandup and Vikhroli (on the Central Line).

Is Andheri an Option?

Bhavesh Khaware defended his answer by saying that one could easily procure a 'compact' 1 BHK. In addition, Khaware further enlisted the reason behind why one might prefer Andheri.

According to him, given the high concentration of commercial facilities and office spaces in Andheri, one might want to live closer to their office rather than spend money and time commuting a long distance.

In addition, Andheri also has a concentration of other leisure establishments. Along with that, the suburb's proximity to the airport is also another attractive factor about Andheri.

Kewalramani's Retort

Ravi Kewalramani, an ace agent himself, claimed that the possibility of getting a flat/apartment in Andheri under or for Rs 1 crore is limited and the expense, including stamp duty and GST associated with the deal, would easily take the final tally beyond Rs 1 crore.

What Are The Other Options?

Upon Kewalramani's retort, Bhavesh Kaware reconsidered his answer and said that Vikhroli, not Andheri, would be an ideal place to invest Rs 1 crore. According to Khaware, with an adequate amount of negotiation, one could easily procure a 2 BHK for Rs 1 crore.

As per 99Acres.com, currently, Vikhroli has an average price of Rs 29,250/sq.ft. And the rate for Andheri West stands at Rs 36,450/sq.ft. Meanwhile, Andheri East has a rate of Rs 28,100/sq.ft.

In a market that has reached a great amount of saturation, given the dearth of space and amenities, options are shrinking.

And, therefore, according to these ace real estate agents, the aforementioned suburbs, including Vikhroli, Kanjurmarg and Bhandup, are viable options within Mumbai city.

This location has availability of options, is relatively affordable, and also has amenities and facilities like the Metro system, which may aid living in these parts of the city.

According to Rafique Merchant and Mayank Agarwal, Ghatkopar is another location that could be viable for an investment. Kaware disagreed and claimed that the suburb is 'overcrowded'. However, it was largely agreed upon that most localities in Mumbai are overcrowded with a greater concentration density of buildings.

Dreams Under Construction

Another major avenue that the ace realtors touched upon was the potential of under-construction projects. According to the likes of Mayank Agarwal and Rafique Merchant, one could still manage to get a better deal, possibly under Rs 1 crore, if they place their bet on under-construction projects, as getting a deal on an existing flat is unlikely and most importantly exorbitant.

In addition, as evidenced by the conversation held by these real estate influencers, property and the availability of the same have been drifting farther away from the boundaries of the city.

More and more construction of residential facilities is happening in Mumbai's satellite towns, including Thane, Kalyan, Dombivli, Mira Road, Bhayandar and even Bhiwandi. It also includes part of Navi Mumbai, including Kharghar and Kandeshwar. Along with Mumbaikars aspiring a home of their own, find a conclusion in regions at least 40-50 kilometres from Mumbai, including areas like Titwala, Ambernath, Vasai and Virar. This makes the dream of having a home in Mumbai almost unattainable.