India, July 13 -- For homebuyers eyeing a second home near Mumbai with a Rs.50 lakh budget, options are limited but not impossible. According to real estate developers, while popular weekend destinations like Lonavala, Igatpuri, or Alibaug are largely out of reach at this price point, emerging locations in the Karjat-Neral belt still offer affordable opportunities.

"For a Rs.50 lakh budget, one of the few viable options is buying land in areas like Karjat, Neral, Shahapur, or Murbad from a Grade B developer for around Rs.20 lakh, and spending the remaining Rs.30 lakh on construction and approvals for a 2BHK independent home," said Gautam Thacker, chairman and founding president of NAREDCO, Karjat-Neral Belt.

Thacker said that partnering...