Real Estate In Mumbai – Changed Beyond Belief

Real Estate In Mumbai - Changed Beyond Belief

Mumbai, the capital city of India, even as recently as 15 years ago, it was a very different place. Navi Mumbai was yet to come into its own; a decade ago with few sorry-looking building along Palm Beach Road. Now, Palm Beach, with its tiny sliver of what estate agents called a “sea view”, is one of the plushest addresses in town. Fifteen years ago, who would have thought these locations would become so high profile?  Home buyers today have never had it so good – if they have the budgets, they certainly have the plenty of choice.
In South Mumbai, and the Central and Western suburbs, a host of other destination addresses have sprung up, driven by growing connectivity and premium projects. Developers will tell you that the locations where they have their own projects are the best ones, but the fact is that 15 years ago, they would not have considered ever coming to places like Dombivali, Chandivali and Panvel; now the city’s top developers are transforming these into upmarket destinations.
No doubt, infrastructure is playing a large role in developing the real estate market of  Mumbai. Properties in the island city are notorious for being the most expensive real estate in India. This has caused the city to grow far into the mainland in the north and east directions. A well-conceived and executed residential project in Mumbai is still only as good as the infrastructure that makes its location accessible and capable of providing a certain level of comfort and lifestyle. Mumbai’s residential property destinations of the future will be those that are seeing sufficient infrastructure development. Adding that destination development and infrastructure development are joined at the hip in Mumbai.
The desirability of any location is directly related to the thrust on the infrastructure development of the region, connectivity to key areas and availability of employment opportunities and social infrastructure such as healthcare, reputed educational institutions and organized retail. For instance, Wadala, with proximity to business districts like Bandra-Kurla Complex, is becoming a new city centre and financial hub; it benefits from being the confluence of the monorail, metro and Eastern Freeway. Powai, stands out as a clear candidate for excellent destination development because the Jogeshwari-Vikhroli Link Road offers good connectivity between the western and central suburbs. Malad and Goregaon have been examples of such development where developers like Raheja and Oberoi have created a cluster of excellent commercial office, retail and residential projects, and that Navi Mumbai and Kalyan-Dombivali will also hit some new high notes with the coming of the new International airport.
Thane is also a good example for its effortless connectivity to the two main arterial roads of Mumbai – Eastern and Western Express Highways, to the Central and Western railway lines, to Navi Mumbai via Thane-Vashi rail link, and to the international and domestic airports including the upcoming international airport in Navi Mumbai. Locations towards the North-Eastern borders around Dombivli also make for excellent destinations owing to better connectivity by suburban train networks and a vibrant social infrastructure coming up in the affordable segment.
When one new area comes into prominence, those in the vicinity get a boost as well. For instance, Powai’s high profile is spilling over into Chandivali. Chandivali’s proximity to the business districts of western and central suburbs of Mumbai including Andheri, Saki Naka, Powai, Ghatkopar and various landmarks makes it a convenient destination. Chandivali has also attracted corporate offices to set up shop, educational institutes to establish schools and management institutes, large financial and banking institutions. Surrounded by nature, it is one of the quiet and calm locations in the busy city. Today, there are a number of options to travel between Powai and rest of the city. One can come from Kanjurmarg, Vikhroli or Andheri. Roads have been widened, enabling easy flow of traffic, cutting down on commuting time. Also, the metro-rail project from Ghatkopar to Versova will be in close proximity and
accessible to residents of this area.
In the Western suburbs, Goregaon has emerged as a location to watch out for. The suburb has been on the radar of HNIs because of its central location and easy connectivity with fast growing CBDs of Andheri, Bandra-Kurla Complex and Lower Parel. Goregaon has become a retailers’ hub with malls like Inorbit, Infinity and Oberoi. While there are height restrictions in most of Santacruz, Vile Parle, and Khar, Goregaon has an advantage that is enjoyed by South Mumbai up to Mahim, Prabhadevi. People in Goregaon can now live in towers that as high as those in South Mumbai leading to additional open spaces because of the green nature of this area.
That this growth is happening across the city, and in unexpected locations, there is no doubt. The Liases Foras Q3 FY 12-13 Residential Real Estate Market Report says: “Thane, Ulwe and Panvel have emerged as the bright spots closely followed by Dombivali(E), Virar (W) and Mira Road (E). Meanwhile, Airoli in Navi Mumbai and Ambernath (W) in Extended Central Suburbs have shown a significant surge in sales volume in Q3 2012-2013, clearly indicating the rise in appeal of the peripheral regions on grounds of increased infrastructure activities and better connectivity.”
Data Source- Web

By-
Alok Kumar Upadhayay
Real Estate Professional

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