- February 14, 2024
The city of Mumbai offers a wide range of growth opportunities but presents a complex challenge for families seeking the best residential area in Mumbai. With myriad factors, determining the best area to live in Mumbai for a family is no simple task.
These residential places in Mumbai, such as Mira Road, are known for being family-friendly. With ongoing infrastructure developments enhancing connectivity and the launch of residential projects like AsmitA Grand Maison that offer good value, the future of Mira Road as one of the family-friendly rental options looks quite promising. Another Mumbai residential area consideration is the rental budget localities in Mumbai like Chembur, Ghatkopar and Mulund offer spacious rental homes at reasonable prices.
Table Of Contents
What makes Mumbai the Most Favourable Residential Area in India?
Residential Average Property Price in Mumbai
Mira Road Property Investment Opportunities
Average Prices for Some of the Areas in Mumbai
Best Places to Live in Mumbai
Best Residential Area in Mumbai for Investment
Bottom Line
Frequently Asked Questions
In this comparative analysis, we explore and evaluate several of the best places to live in Mumbai that rise to the best area in Mumbai, diving into the pros and cons of posh areas in Mumbai such as Bandra, Andheri, Goregaon, Kandivali, Borivali and Dahisar. Delving deeper into attributes such as family-friendly surroundings, connectivity and rental costs, we aim to illuminate the best areas in Mumbai to live for families seeking places in Mumbai to live to call home in Mumbai without the long-term commitment of ownership.
What makes Mumbai the Most Favourable Residential Area in India?
Opportunities and Infrastructure
Mumbai, the financial hub of India, has a plethora of career opportunities in many different industries. As a result, the city is now among the nation’s most urbanised and crowded residential areas. Residential places in Mumbai have amazing infrastructure that allows its citizens to have excellent connections inside the city and to other parts of India. Its closeness to important business centres and vibrant nightlife increases the city’s allure.
Variety of Residential Options
Mumbai has everything, from luxurious skyscrapers to reasonably priced homes. In addition to upscale neighbourhoods like South Mumbai, with its colonial architecture, residents can opt for more square footage at comparatively lower real estate costs in communities like Andheri, Goregaon, and Malad. There are also reasonably priced group housing societies and planned residential townships to suit a range of budgets. Suburban communities such as Mira Road are becoming increasinglyfamily-friendly.
Amenities and Safety
Nowadays, most Mumbai neighbourhoods have clubs, parks, schools, and hospitals either inside or next to residential projects. Residential apartments are becoming safer choices for families, thanks to security features like CCTV cameras and gated neighbourhoods. Suburban places balance affordability, safety, and amenities well; central neighbourhoods may be more expensive.
Rental Culture and Investment Potential
In Mumbai, there is a strong preference for renting over buying real estate properties. Because of this, residential projects are desirable assets that can provide income. Real estate is a wise investment because it consistently appreciates over time, even after acquisition. Due to the strong demand for rentals, owners can rent out their flats either permanently or temporarily.
Connectivity and Growth
Fast intra-city connectivity is offered by one of the busiest local train networks in the world, which serves the best area to live in Mumbai. Along with having a vast road network, the city is well-connected to various regions of India through ports, airports, and national highways. Mumbai is becoming more liveable and connected than other major cities because of current infrastructure initiatives. Its real estate has strong growth potential, making it a desirable long-term investment.
Residential Average Property Price in Mumbai
Mumbai is well known for its exorbitant real estate costs, with prices differing greatly between areas. Mumbai’s average residential price per square foot is Rs. 18,500, based on data from 99acres.com. This average, though, hides notable variations among the city’s several neighbourhoods.
Residential properties in some of the priciest neighbourhoods, such as South Mumbai or Bandra, which are posh areas in Mumbai, fetch premium rates of up to Rs. 80,000 per square foot. Emerging areas like Mira Road, which provide considerably more inexpensive options starting at Rs. 14,050 per square foot, are at the other end of the spectrum.
Mira Road Property Investment Opportunities
For those considering purchasing a property, Mira Road offers an alluring investment opportunity. The need for homes in Mira Road is continuously increasing since it is a developing community with a growing population. Property values have increased quickly over the last five years, with a compound annual growth rate of more than 10% due to the combination of this surge in demand and the scarcity of land available for new developments.
With an average gross rental yield of 3-4% for residential units, rental yields are likewise appealing. Mira Road is becoming more and more accessible due to its close proximity to Mumbai and the upcoming Metro, which will strengthen its communication infrastructure.
The area is seeing an increase in job prospects and economic activity due to the construction of huge IT parks and commercial centres. The ability to profit from the capital appreciation of purchasing residential homes in Mira Road at an early stage is attracting more and more investors to the area. Long-term, substantial profits are promised to investors.
Average Prices for Some of the Areas in Mumbai
Ghatkopar and Mulund, two long-established residential zones, remain popular because of the affordable houses there, 1 bhk flat in Mira Road costs between 26,350 and 28,150 rupees per square foot. These areas have grown into urban residential districts with all the amenities one could want, all within easy walking distance.
Apartments with two bedrooms and two bathrooms (Rs. 24,300 to Rs. 35,150 sq. ft.) are available for rent in Mumbai’s desirable areas of Andheri, Goregaon, and Malad, among many others. Due to their closeness to social infrastructure and commercial areas, these neighbourhoods are attractive to tenants.
Real estate possibilities in the best area to live in Mumbai span all price points, thanks to the city’s many micro markets. However, one must undertake some study to discover homes that suit their needs due to the wide variation of average square foot cost in the area.
Best Places to Live in Mumbai
Mumbai offers a wide variety of localities in Mumbai catering to different budgets and preferences. Here are some of the posh area in Mumbai for families:
Bandra (West)
Consistently ranking high as one of the most posh area in Mumbai, Bandra commands a premium with property prices upwards of Rs. 57,150 per square foot. However, its laidback lifestyle, green spaces and connectivity make it worth the price for many. Families are drawn to its schools and social infrastructure.
Andheri
AndheriA popular residential district housing many luxury Residential projects and group housing societies. 2 BHK Apartments can be had here for Rs. 1.6 to 2.35 cr property prices with excellent social amenities. Proximity to commercial hubs and transport links make Andheri urban residential a desirable option.
Goregaon
An emerging family-friendly zone in the western suburbs. Large townships and affordable housing complexes in Goregaon offer good sizes, sometimes over 1,500 square feet, within Rs. 28,550 per square foot property price range.
Mira Road
This far-flung northern suburb has seen a massive growth in residential apartments. With new projects launching all the time, Mira Road offers great value for money in the Rs. 14,050 per square feet property price range. It is emerging as the best area to live in Mumbai for those seeking more affordable options outside Mumbai’s main limits. As the town of Mira Road continues to expand swiftly with new residential buildings, it is intriguing to discover more about the history of Mira Road and how it has evolved from a little village to one of the most promising rental hotspots in the Mumbai region.
The family-friendly suburb of Mira Road is situated in Mumbai’s western region. In comparison to other parts of Mumbai, it is rather roomy and provides reasonably priced rents, with a two-bedroom property rate in Mira Road at Rs. 10,000 per month. There are many green areas along Mira Road, such as the Sanjay Gandhi National Park, which is a great place for kids to engage in outdoor activities. With ongoing infrastructure developments enhancing connectivity and the launch of residential projects offering good value, the future of Mira Road as a family-friendly rental destination looks promising.
New project in Mira Road benefits from quick road access as it is located on the primary route that links Mumbai to Gujarat and northern India. The forthcoming Metro line will significantly enhance its transit linkages. However, commuting might be lengthy due to its distance from Mumbai. Nevertheless, Mira Road is a sensible alternative for families looking for a quiet, reasonably priced apartment close to lots of facilities.
Powai
The best area to live in Mumbai is in the east, which balances nature and urban infrastructure. Home to IIT Bombay and Hiranandani group’s luxury townships, Powai is pricier but offers large residential apartments with excellent campus-style amenities.
Malad
With good social and transport infrastructure, Malad has evolved into a self-sustaining residential district. Projects offer family homes within Rs. 24,750 per square feet property price, along with schools, parks and hospitals nearby.
Best Residential Area in Mumbai for Investment
Mumbai’s real estate market is well-known for its boom, which makes investing in residential apartments very profitable. To maximise results, however, one must make judicious choices given the variety of localities in Mumbai. Here are a few of the best neighbourhoods in Mumbai to purchase a home as an investment:
Central Mumbai
Among South’s posh areas in Mumbai neighbourhoods are areas like Churchgate, Colaba, and Fort, which feature classy high-rises. Properties in this area command prices as high as Rs. 80,000 per square foot, and they appreciate by 7–10% a year. The upscale apartments draw well-paid renters, which makes them wise long-term investments.
Western Suburbs
Suburbs such as Bandra, Khar, and Santacruz have developed into affluent residential apartments that can compete with South Mumbai. Here, properties costing between 30 and 50 lakhs are appreciated by 5 to 8% a year. They are good investments because they are less expensive than central neighbourhoods and are close to amenities and business zones.
Eastern Suburbs
The Eastern Suburbs of Andheri, Vile Parle, and Goregaon have evolved into fashionable residential complexes with sophisticated social infrastructure. Residential properties priced between 50 and 80 lakhs produce significant rental returns and see annual capital appreciation of 4-6%. They are attractive investments because of their metro’s connection to business districts.
Mira Road
Over the last ten years, Thane neighbourhoods like Mira Road have become popular places to live. Properties range in price from Rs. 14,050 per square foot, with an annual potential capital appreciation rate of 8–10%. They are becoming autonomous residential districts due to their proximity to Mumbai and their growing social infrastructure.
One of the top developers in Mira Road, which is changing the skyline of this vibrant Mumbai neighbourhood to the west, is AsmitA India Realty. The AsmitA Group created the AsmitA Grand Maison, a premium residential building on Mira Road in Mumbai. It is spread over ten acres of land and consists of two- and three-bedroom apartments ranging from 1100 to 1500 square feet. All units include current standards and facilities. The project provides exceptional amenities such as a swimming pool, clubhouse, gymnasium, jogging track, and playground for residents of the complex.
With rising property prices on Mira Road, investing in a residence at AsmitA Grand Mansion provides excellent returns, since values have climbed substantially in recent years. Residents enjoy a tranquil living environment thanks to well-kept manicured gardens and 24-hour security. Given the scarcity of luxury developments on Mira Road, AsmitA Grand Mansion stands out as a very appealing residential alternative for purchasers wishing to invest in the neighbourhood.
Navi Mumbai
Navi MumbaiPlanned townships with excellent living conditions are available in Panvel, Kharghar, and Kalamboli at reasonable costs of Rs. 15,750-26,200 per square foot. Long-term yearly returns of 10-15% are promised by residential buildings here, thanks to the forthcoming international airport and infrastructure initiatives.
Bottom Line
Mumbai has several renting alternatives for families in various places in Mumbai. South Mumbai, Bandra, and Juhu, posh area in Mumbai with urban residential appeal, charge higher rents than other neighbourhoods.
Andheri, Goregaon, and Malad provide huge, affordable two-bedroom homes with easy access to social facilities, thus families are moving there. Before choosing the best area in Mumbai, families should consider travel times, affordability, and social facilities. South Mumbai is upscale, while Andheri, Malad, and Mulund are affordable for families.
One project that’s one of the best residential option in Mira Road is AsmitA Grand Maison. It offers residential options that balance quality construction with pricing accessible for middle-income families. Mira Road’s developing infrastructure is also making it a more viable location, with improving road networks helping to reduce travel times to various parts of Mumbai over time.
Mumbai has housing alternatives for every need, from luxury flats in upmarket areas to affordable individual floors in outlying regions. Carefully assessing criteria, facilities, and rentals helps tenants choose the best residential zone.
Frequently Asked Questions
What factors should you think about when picking a home project to invest in?
When investing in a residential apartment, it’s important to look at its location, services, infrastructure, builder’s name, and how easy it will be to sell later on as an expensive area in Mumbai. The social facilities and links in the area should be very good. Extra features like a cabin, gym, playground, and so on should be added to the project. It is also important that the builder has a past of always meeting project deadlines and providing high-quality work.
How do I know if a certain area is a good place to spend for the long term?
To figure out if an area is a good long-term investment , you need to look at a lot of things, like planned infrastructure apartments that will make it easier to get around, improvements to social infrastructure like schools and hospitals, job opportunities, and patterns of population growth. It is a good idea to look at old statistics on how prices have gone up and how demand has changed in that expensive area in Mumbai. It is believed that the best areas in Mumbai to live with strong foundations will give big returns over time.
What types of homes in Mumbai, like 1BHK or 2BHK, are better investments?
Most of the time, 2BHK and 3BHK real estate houses in Mumbai are better investments than 1 BHK homes. This is because families and buyers wanting to rent their homes want bigger layouts than ever. Also, buildings that house more renters tend to have higher growth rates.
How long should you keep a rental property in Mumbai to get the best returns?
Should you want to get the most money out of a rental property from places in Mumbai to live, you should keep it as your own for at least five to seven years. Most experts say you should hold on to a Mumbai residential area for at least 5 years. In this way, the effects can build on top of each other as housing prices rise every year. For investors who keep an investment for 7 to 10 years in areas in Mumbai, there is plenty of time for the improved long-term value to pay off.
By asmitarealty
By asmitarealty
By asmitarealty
