Mumbai is considered to be a city which has enormous importance in regard to financial aspect is concerned. The city is continuously growing and developing if considered the financial and economic condition. The flourishing of newer job opportunities has transformed the financial condition of the city in a major way. Mumbai is located within the state of Maharashtra. The extreme flourishing of the city has led to people from other parts of the state to relocate here in search of job. Due to this, the population of the city has taken up a rapid growth. This has even led to the high demand of accommodation related issues. As a result, the price of land property also has taken up a heavy hike.
Often it has been observed that the real estate agents are finding it difficult to cope up with the supply of adequate land property. The demand is much higher if compared to the supply to demand ratio is concerned. The people who relocate to the city of Mumbai often find it extremely difficult to find some ideal place to enjoy healthy and safe accommodation facility.
Previously, the state government along with some private real estate agents helped in providing approximately 55,000 houses on a yearly basis. But, if the recent scenario can be taken into consideration, then it can be said that such a number is insufficient. According to the recent scenario, approximately 85,000 houses on a yearly basis are required to fill up the requirement of the people living within the city. The normal flats that are available are quite expensive in pricing. However, if one wants to avail a fair flat at a decent place within the city, then the cost is simply unimaginable. As a result, a whole lot of people have felt to acquire a healthy living option and have shifted to slums and shared room options.
It has been observed that several new local contractors and builders have come up from different parts of the city to cope up with this serious problem. They are working hard on a constant basis to provide the relocated people with adequate space for healthy and affordable living. Certain real estate developers are trying hard to find places within the city to construct flats and houses while there are also those ones who are looking for places at the outskirts of the city. Places like Navi Mumbai, Kandivilli, Borivelii, and Andheri have faced with rapid development processes of newer houses and residential apartments. While these are suburban localities of Mumbai but due to the rapid and impressive development, they have become part of the main city.
If you look at the present scenario, then you will definitely observe the completion of a lot of top land projects in some of the poshest areas within the city. These areas include Bandra, Juhu, Santacruz, Worli, Khar, etc. Several house for rent in Mumbai can be availed in these places with a monthly rental charge of 10 to 12 INR per square feet of area. Therefore, a 700 square feet flat will have a monthly rental charge of 7000-8400 INR.
By the end of the following year, several new projects will be completed at localities of Nerul, Kandivili, Goregaon, Malad, Thane, Vashi and Powai. As these are considered sub-urban regions to Mumbai, therefore the property prices will be a little on the lower side as expected. Not only rental flats in Mumbai will be available, but direct selling of them will also occur at low and affordable prices.
Goregaon East is one of the better developed areas within the sub-urban region of Mumbai. The Swapnalok Apartments are one of the most sorted out accommodation facilities available with the eastern side of Goregaon. A single BHK flat will definitely have a carpet area measurement of six hundred sq.ft. at the Swapnalok apartments. The flats are fully furnished along with twenty-four hours water supply, round the clock security and spacious parking lot. These flats will definitely have a monthly rent that ranges within 10,000/- to 12,000/- INR. The rents vary according to the furnishing facilities along with the area of location. Moreover, the square feet measurement will also play a major role in fixing the rates. The Swapnalok apartments mostly feature flats with measurement area of 550 sq.ft to 750 sq.ft.
The bigger area sized flats are available at some other apartments like the ones that are located near the F.C. Road. Two BHK flats having a minimum measurement of thousand square foot can be found here. However, these flats are mostly available unfurnished. But, facilities like spacious car parking area, round the clock security and twenty-four hours water supply are available. These flats have a monthly rental price range within 15,000/- to 18,000/-.
The Padmavathi Nagar area within the Goregaon east features some affordable flats. They have a measurement that ranges from 450 to 550 sq. ft. These are located extreme near to the Oberoi Mall. Most of the flats available in here are of 1 BHK unfurnished type. The flats consist of a single bedroom, a drawing cum dining room, a kitchen, and single toilet. Some of the flats even consist of balconies. However, the facility of car parking, round the clock security and 24 hr. water supply can be enjoyed. Added facility includes a great market place that is located near to the apartments. The monthly rental is around 7,000/- to 9,000/- INR.
The residential complex “SAI BABA”, located again at the eastern side of the Goregaon also features flats that have a square foot measurement around 550 to 600. These 1 BHK flats all comes with a fully furnished style along with all the essential amenities like round the clock securities, spacious car parking facilities and also enough supply of water. The rent is approximately 13,000/- to 15,000/- on a monthly basis. A single room and kitchen flats (350 – 400 sq.fts) can be also availed which are located around the F.C. Road. They are unfurnished and are available at a monthly rent of 7,000/- to 8,000/- INR.