moneycontrol.com-Looking for a south Mumbai address for less than Rs 4 cr ? Try these neighbourhoods
South Mumbai, defined as all areas south of Mahim in the west and Sion-Chembur in the east, has long been considered out-of-bounds for the salaried class, even among the higher end of the scale, due to historically high home prices. However, observers say that an increasing number of projects in close proximity to south Mumbai, and some in south Mumbai itself, can be purchased for upto Rs 4 crore, although inventory remains limited.
Developers generally refer to the Rs 1 crore-4 crore segment as "premium" or "affordable luxury", with most new supply in Mumbai's suburbs being in that category. Due to high land prices, such a price point was considered unviable in the south Mumbai market. However, with the government pushing slum rehabilitation and cluster redevelopment policies, especially in the island city and in the immediate vicinity to revitalise some of these areas, a few developers have chosen to work in that segment in order to attract more volumes.
