MUMBAI: Owning a home in a city like Mumbai might be your ultimate dream. But given today’s property market scenario where prices are beyond the reach of a common man, renting an apartment might be your only option. So if you are someone who has just moved here for work or as a student, we list the most affordable rental markets in the city that you should look out for.
#1 Navi Mumbai
For people working in Navi Mumbai, there are several choices for budget rental homes like Kharghar, Panvel and Ulwe among others. But among these, Kharghar and Panvel are most preferred with average monthly rentals in Kharghar for a 1-bedroom apartment ranging between Rs. 7,000 to Rs. 12,000. Similarly, for Panvel, it ranges between Rs. 5,000 to Rs 10,000. Social infrastructure and connectivity in these areas are good too.
#2 The Central Suburbs
If you are placed in the central suburbs of Mumbai then Ghodbunder road in Thane might be your best option for renting an apartment. Less time spent on travel along with good connectivity is the highlight of this rental housing market. Average monthly rentals range between Rs. 12,000 to Rs 18,000 for a 1-bedroom apartment.
#3 The Western Suburbs
If you want to stay in western suburbs and don’t mind travelling in a local train for up to 1 hour then localities like Mira road, Vasai and Virar offer very low rentals. The average monthly rental price for a 1-bedroom apartment in Mira road ranges between Rs. 7,000 to Rs 12, 000 and in Virar, it is between Rs. 5,000 to Rs 10,000. Since these locations are still developing, you might not find very good social infrastructure here. And finally, if you want to stay within the city limits, then consider Kandivali East which has very good social infrastructure. Average monthly rentals here range between Rs. 18,000 to Rs 23,000.
“The driving factors in looking for a home hould be the social infrastructure, the transport network, the commute to your work place. If one is moving in with newly formed family one might also be interested in where the schools, crèche. But you will also see micro markets with the best connectivity will have more demand.” – Nilesh Karkhanis, Partner – Real Estate at Milestone Capital Advisors.