City anchor: To buy 2BHK flat in suburbs, shell out at least a crore

A middle-class family living in Mumbai will now have to cough up at least Rs 1 crore to buy a modest two-bedroom home in the city's suburbs.

Developers exhibiting their projects at a real estate exhibition organised by Maharashtra Chamber of Housing Industry (MCHI) said with rising land and labour costs, increasing interest rates and delay in approvals of housing projects, the concept of 'affordable' housing needs to be redefined.

"One needs to factor in the increasing costs in the industry, taxes imposed on the industry and the low sales for previous months to determine the current rates of real estate in the city. There has been a paradigm shift in the way we perceive a middle-class family today and the basic idea of affordable housing," said Paras Gundecha, President, MCHI, said.

According to Bharat Dhuppar, chief marketing officer, Omkar Realtors & Developers, "With a large number of projects based in Borivali, Malad and Kandivali, the exhibition is attracting the middle-class. A 2-BHK is averagely priced at Rs 1.5 crore to Rs 3 crore in suburban Bandra — in line with the rising salaries of the middle-class. Also, middle-class will find it easier to afford such homes with the lending sector easing its norms," he said.

The exhibition, organised by the MCHI and CREDAI, is showcasing over 15,000 properties in the city and suburbs. The prices of 2BHK apartments located in the city start from Rs 1 crore, while a 1BHK flat is priced at Rs 70 lakh, said developers. Developers are hoping to cash in on sales in projects at Thane, Kalyan-Dombivali, Mira-Virar City, Raigad and Navi Mumbai due to the relatively low pricing. In the city, they hope sales will pick up during the festive season.

"With the ongoing festive season, coupled with renewed interest among home buyers, this exhibition is the ideal destination for a cross-section of people. Apart from the wide range of properties, we also have facilities for spot finance," said Gundecha.

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