With better social infrastructure and improved connectivity, especially in the past few years, the demand for residential properties in Mumbai spilled over from high-end areas in Mumbai to various affordable segments in and around suburban Mumbai. Fuelled by an improving job market and the resulting first-time homebuyers, overall Mumbai remains an attractive place to invest in real estate. Mumbai continues to offer comparatively good value for money, and this is the key driver in the majority of buying decisions. Developers have also been constructing new projects in Mumbai at a rapid pace.
The recent developments that have significantly impacted the realty graph of Mumbai include
The real estate market in areas such as Andheri, Ghatkopar and Wadala is seeing an upward trend, owing to existing and upcoming infrastructure developments. Since the commencement of Monorail and Metro services, the increased connectivity offered by these locations has led to an increase in the real estate prices. Infrastructure projects have always had significant positive implications for the real estate market, especially in a city like Mumbai.
Metro has further given boost to the residential development in Andheri. Andheri is amongst the most popular commercial areas in Mumbai and very well-connected to the Western Express Highway (WEH), offering fast and easy access to commercial hubs like the BKC (Bandra-Kurla Complex), Powai, Lower Parel, and the central suburbs like Ghatkopar and Vikhroli.
Also, many new projects are being launched between Ghatkopar and Thane, which is why the demand from property seekers remains high, considering the presence of top-notch infrastructure.
Development in Extended Suburbs
One of the main reasons the areas around Mumbai incuding the suburbs and and areas beyond Thane are becoming popular residential destinations is that home buyers and investors, are now not hesitating to invest in residential properties here anymore. Property seekers and first time home buyers are now investing in properties located at Virar, Vasai, Asangaon, Titwala, Badlapur, Panvel and Khopoli cashing in on low real estate prices and improving connectivity to Thane and Navi Mumbai. These properties not only meet their requirements but are extremely affordable as well.
With current property rates in suburban Mumbai ranging between Rs 50 lakh to Rs 70 lakh for a 1BHK apartment, home buyers with lower spending capacity are shifting to these extended areas of Mumbai. These areas are more lucrative for mid-income home buyers who have a limited budget extending from Rs 20 lakh to Rs 30 lakh for a 1BHK and Rs 25 lakh to Rs 45 lakh for a 2BHK apartment and slightly more for a 3 BHK apartment near Mumbai.
Redevelopment of Old properties
The latest trend changing the skyline of Mumbai is one where more than 19,000 buildings, some of them even 100 years old, are set to get a new breath of life under the cluster development policy. Cluster development is a popular term for redevelopment of a structures in a specified area. Unlike the recent practice of redevelopment of cessed or older buildings, cluster development is a tab bit complex. Under cluster development, a developer needs to come up with a master plan for that particular area providing suitable purvey for necessary infrastructure. All in all, developers are betting big on cluster development.
Considering the overall real estate trends in Mumbai, it sure does promises excellent returns on investment.