Got a job in Mumbai? Here are budget-friendly 1BHK apartment options

For those with a budget of less than Rs 20,000 or, say, between Rs 10,000 and Rs 20,000, they could look at renting 1BHK apartments outside the city limits in micro-markets like Thane, Mira Road, Bhayander, Kalyan or Dombivali, brokers said.

Given that the Mumbai real estate market is the costliest residential market in India, those shifting to Mumbai after landing a new job are unlikely to find 1BHK apartments for rent for anything less than Rs 20,000 per month, say the city’s real estate brokers. According to brokers Moneycontrol spoke with, Rs 20,000 is the bare minimum an individual should be having to budget for as monthly rent. This can go up to Rs 60,000-70,000 in micro-markets near Bandra Kurla Complex (BKC) and Central Mumbai, where most offices are located.

Where should you rent budget friendly 1 BHK apartments?

On a monthly basis in Mumbai, more than 20,000 e-registrations of leave and licence agreements—basically, contracts between landlords and tenants—are signed as part of rental transactions.

Most such transactions are currently being reported in the western and central suburbs along with parts of Central Mumbai, where hundreds of old buildings are being refurbished as part of a clutch of redevelopment projects that are under way, according to real estate brokers.

"Where one should rent a 1BHK apartment also depends on where the office is located. However, considering the office of an individual shifting to Mumbai is usually in BKC, and he or she wants to rent a 1BHK apartment in the Rs 20,000 to Rs 25,000 range, there are very few options (in the vicinity). Areas like Chembur, Mulund, Vikhroli and Ghatkopar are where one can rent 1BHK apartment in Rs 20,000 to Rs 25,000 and it will be close to BKC," said Ajay Chaturvedi, a real estate consultant and CEO of Real Estate Study Circle, a knowledge institute in Mumbai.

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"Further, there are options in areas like Dahisar, Borivali and Kandivali where one can rent a 1BHK apartment in the range of Rs 20,000 to Rs 30,000 per month. However, if one has to travel to work by road, considering the traffic on Western Express Highway (WEH), I would not suggest the western suburbs to anyone. In the end, it depends where your office is located and what your budget is," Chaturvedi added.

Andheri is another important micro-market that is also home to several offices in Mumbai, and is surrounded by areas like Goregaon, Jogeshwari, Vile Parle, Khar, Bandra, etc. If one wants to rent a 1BHK apartment in these areas, the monthly rent may go up to anywhere from Rs 35,000 to Rs 60,0000 in prime areas of Bandra, Khar and Vile Parle.

Also read: Mumbai real estate: How two new metro corridors are jacking up residential rentals

Costliest 1BHK on rent

According to brokers, the most expensive 1BHKs to rent would be in Central Mumbai in micro-markets like Bandra, Khar, Mahim, Matunga, Wadala, Sewri, Lower Parel, Dadar etc. "In new buildings 1BHK apartments are hardly being constructed now. Hence, whatever 1BHK apartments there are in Central Mumbai and South Mumbai will be in old buildings or those that are at least 20 years old. The rent for these apartments may easily range between Rs 40,000 and even Rs 60,000-70,000 depending on the location," said Vikram Doshi, a real estate broker in South Mumbai.

Co-living options?

Brokers say those with a budget between Rs 25,000 and Rs 40,000 can also consider co-living and serviced apartments. "Near BKC in the central suburbs, one can get good co-living options in the Rs 25,000 to Rs 30,000 range. There the whole serviced apartment with lots of amenities and hence the cost. There are several localised PG (paying guest) options too but the quality is not great here," said a local broker around BKC.

Also read: Mumbai real estate: 2BHK apartments gain traction post Covid; 1BHK owners upgrade to 2BHKs

For those with a budget of less than Rs 20,000 or, say, between Rs 10,000 and Rs 20,000, they could look at renting 1BHK apartments outside the city limits in micro-markets like Thane, Mira Road, Bhayander, Kalyan or Dombivali. However, one should be ready for a daily commute of three to four hours if their office is in Central Mumbai, said local brokers.