Mumbai Property News

Affordable Housing in Mumbai is what Everyone Wants

Today, for many people in Mumbai, owning a house is a distant dream. The rates of real estate are quite unaffordable to the middle class man. Many people look at properties that are away from the main cities to far off suburbs such as Vasai, Virar etc. But a number of people find even these places quite unaffordable. In addition, many complain that the crowd and the amenities are just not worth it.

While the dream of owning a home for the middle class person seems a far fetched dream, things sure are changing. A number of real estate builders have decided to tap into this middle class need for affordable housing. A couple of real estate projects have commenced to cater to this need of the middle class people. Real estate developers such as Siddarth Group, Raheja are also considering the option of developing residential projects on the outskirts such as Karjat, Naigon, Virar etc.

A number of market surveys have shown that there is a demand for such real estate with the middle and lower income groups, and as such constructing affordable housing is a good proposition.

City’s First Iconic Building at BKC

Early 2010, will see BKC (Bandra Kurla Complex) having the city’s first ever iconic cantilever building. This building will serve the as the office of the MMRDA (). The cost of the project is estimated to be Rs. 49 crore and has been accepted by the Union Government.

In addition to breaking the monotony of regular looking office buildings, it also adds character to the city. This project is set to come up on a one lakh square foot plot in BKC and will include nine floors and a podium. This project involves construction of a main building as well as another building to house the MMRDA staff.