According to Homebay Residential CEO Raminder Grover, affordable housing in the areas outside Greater Mumbai in the Mumbai Metropolitan Region would be defined as homes in the range of Rs 20 to 35 lakh. “In Mumbai itself, affordable housing would cost around Rs 40 lakh. However, since land comes at a premium in Mumbai, as of today there is no affordable housing project in Mumbai,” said Grover. He predicts that in the next three months, a lot more developers will get into affordable housing sector to increase their sales and cash flow, though all of these would continue to be in areas like Thane, Virar, Navi Mumbai and Kalyan.
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