Affordable Homes for Rs.10-15 Lakh in Mumbai Suburbs

Affordable Homes for bigimg10-15 Lakh in Mumbai Suburbs

By siliconindia   |   Wednesday, January 30, 2013   |    1 Comments

Bangalore: There is good news for home buyers who mainly belong to middle to lower middle income group as developers are coming up with affordable homes under the price bracket of rs10-15 lakh in Asangaon residential area. This far-flung area is emerging as a new residential locality located around 40 km from Thane, suburbs in the financial capital-Mumbai.

Home buyers who seeks residential units of 1BHK (one bedroom apartment) within a budget that ranges between rs10 lakh and rs15 lakh can now enquire for properties in Asangaon. This area is witnessing several real estate activities followed by residential units in the size ranges from 300-600 square feet, reports Sruthi Kailas of MagicBricks.com.

Even prominent developers are also showing interest to launch their projects in this far-flung location due to its affordable land prices. “Asangaon is the fifth station after Kalyan on the central railway line and increasing land prices in localities such as Kalyna, Dombivali etc have pushed developers to acquire land in Asangaon,” said Asif Fazal, Director of Tetris Realty Group, a city-based realty firm.

However, the emergence of Tata Housing in the close-by station has drive the property prices high but still the prices in Asangaon remains under affordable range. “With Tata Housing acquiring land in a big way in Vasind, the station just before Asangaon, land prices has shot up considerably. In comparison land prices are still reasonable in Asangaon,” added Fazal.

This area is observing demand for housing mainly from home buyers who belongs to middle and lower middle income group. Factors that are driving demand to this location are affordability, serene environment and good connectivity. Also, the connectivity to Mumbai and Thane is an added advantage of this area.

Besides, Asangaon is attracting buyers who are employed in its Industrial Area. “Residential demand is also pouring in from people working in the industrial belt who look for affordable dwellings,” said Vikram Kharvi, Manager, Marketing Communications, Tata Housing Development.                      

Adding to it, “It would take another 2 years for the locality to become completely livable. Prices are expected to increase by at least rs300-500 per square feet by that time,” added Fazal.

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