Do you get attracted to a project just by looking at the prices? There have been many cases where home buyers in Mumbai, Gurgaon, and other cities get impressed by very low prices and lost a lot of money in greed of saving a small amount. Don’t you think that in a city where normal prices for 2BHK apartments are somewhere INR 50 lakhs to 70 lakhs, how can a builder afford to offer the same flat at INR 22 lakhs?
In recent past, a number of builders in Mumbai have announced new projects in affordable housing category. Those looking for affordable housing in Mumbai found it a great opportunity to get a home just for Rs. 15-20 lakhs. There is no doubt in the fact that an affordable home in Mumbai will cost more than the same apartment in Noida or New Gurgaon. This is not just the price that you should be bothered about while buying a home, but you should also look at other pros and cons of affordable homes.
Here are a few advantages and disadvantages of buying affordable property in Mumbai.
Real estate trends in Mumbai show a growing demand for affordable homes. Looking at the trends, a number of large builders and corporate groups in this segment have started working dedicatedly to facilitate timely delivery of the projects. Getting possession on time is one of the biggest achievements for the home buyers for it is a nagging issue in Indian real estate market. Buyers putting their money in affordable housing segment don’t need to wait for years like people investing in luxury homes.
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Price is not the only thing you need to pay attention to when buying a home. If you look at the present market situation, there are many other challenges that upcoming projects in Mumbai can face. Connectivity is a big concern due to the location of these projects on the outskirts of cities. To get land at cheaper prices, builders launch projects in far off areas.
Moreover, the upcoming affordable housing projects in Mumbai might not be able to provide basic amenities due to their location. So, to ensure that you don’t just get a cheap home but a convenient home, search projects on top 10 property websites in Mumbai. You can also look for a site that gives locality and lifestyle index to make your search quick and easy.