Mumbai Buyers Turn to Karjat for Budget Second Homes

Mumbai: After the COVID-19 pandemic, many people are looking to buy second homes to relax on weekends. However, real estate experts say that people with a budget of ₹50 lakh have very few options near Mumbai.

Popular locations like Lonavala, Igatpuri, and Alibaug are now too expensive. Buyers need a budget of at least ₹1 to ₹2 crore in these areas. In Alibaug, prices are even higher because it is close to South Mumbai.

But all hope is not lost.

According to Gautam Thacker, President of NAREDCO Karjat-Neral, areas like Karjat, Neral, Shahapur, and Murbad still offer affordable second-home options.
“For ₹50 lakh, one can buy a plot of land from a local developer for ₹20 lakh and use the remaining ₹30 lakh to build a 2BHK house,” he said. Buyers can also earn up to 10% rental income per year if they give the property on rent through property managers.

Another option is buying a 2BHK apartment in Neral, with views of the Matheran hills, for around ₹30 lakh.

To meet the rising demand for second homes, well-known builders like Rustomjee Group, Godrej Properties, Mahindra Lifespaces, Wadhwa Group, House of Abhinandan Lodha, and Arihant Superstructures have launched new villa and plot projects across Maharashtra.
Popular locations include Lonavala, Khandala, Dapoli, Manor, Igatpuri, Kasara Ghat, and Karjat-Neral.

Buyers Must Check All Legal Documents Before Buying

Aditya Zantye, a chartered accountant in Mumbai, advises buyers to do proper checks before buying land or houses.

“Buyers must know if the land is agricultural or non-agricultural,” he said. “Always check the ownership papers and get legal help before paying money.”

Important documents to check include:

• Property card
• 7/12 land record
• Property tax receipts
• Water connection bills

Know the Tax Rules Too

Zantye also explained that NRIs (non-resident Indians) cannot buy agricultural land due to rules under FEMA.

Local buyers should keep in mind:

• Stamp duty
• Registration charges
• Property tax
• Water tax
• Capital gains tax if the property is sold later

Experts say that while second homes under ₹50 lakh are possible, buyers must be very careful, do legal checks, and understand tax rules before investing.