With the property prices soaring within city limits, it doesn't come as a surprise to see home seekers search for alternatives that offer homes that fit well within their budgets.
And with capital values of homes in Mumbai touching the sky, neighbourhoods like Malad, Kandivali, Borivali and Andheri are fast becoming one of the most sought after destinations by MIGs (Middle Income Group).
One such stretch that is blinking on the realty radar of Mumbai is Mira Road.
Steady infrastructure and improving connectivity are some of the major factors that are attracting property seekers.
Situated towards the western side of Mumbai, Mira Road is cited to be a suburb that is developing at a rapid speed.
An array of independent homes, villas, and apartments in Mira Road are made available at pocket friendly rates.
Compared to its neighbouring localities that offer homes at affordable prices, properties here are even more economical.
Real estate developers are now cashing on the housing demand and are creating a number of affordable residential projects offering all the basic civic amenities.
Targeting young buyers, nuclear families and retired personnels, builders are coming with a number of 1 BHK apartments in Mira Road.
Being a developing locality, the stretch once faced shortage of water supply.
The sight of water tankers was common, however today the locality enjoys all the basic facilities like water and electricity along with telephone services and public transportation.
Growing infrastructure is another element that has lured many major players to create extraordinary living spaces here.
According to recent data, 90% of the housing inventory of Mira Road comprises of multistorey buildings.
The presence of reputed educational and healthcare facilities are attracting a number of potential home buyers.
Offering homes under 50 lakhs, properties here are a hit amongst working professionals.
Connectivity and strategic location are some other aspects that are driving the realty demand here.
The locality is well networked to established localities like Navi Mumbai and Thane through the Western Express Highway.
The western line of the suburban railway too helps ferry individual to these vicinities.
The Ghodbunder Road is another arterial road that is improving intra-connectivity.
The proposed metro line is cited to be the game changer.
The widening of current roads by MMRDA ( Mumbai Metropolitan Region Development Authority) and the proposed four-lane road linking Gorai to Bhayandar are some of the major developments in the pipeline.
The existing Mahim Mira Road bus corridor and the skywalk are drawing many property buyers to invest in apartments in Mira Road.
Apart from homes being very economical here, the properties have also appreciated big time.
Capital values f flats here have increased over 30% in the past one year.
On an average 1 bhk in mira road are currently estimated to hover between Rs 6,100 and 8,100 per square feet.
Attracting both end users and second time home buyers, the realty market here is considered to be a haven for investors as the same 1 BHK home generates a formidable rental income of Rs 15 per square feet per month.
If you are a common man who is looking towards purchasing a property that does not burn a hole in your pocket- Mira Road is a safe bet for you!