- Electronics Mart India IPO: Should you subscribe or avoid? Know Anil Singhvi's recommendation
- SpiceJet, IndiGo, Jet Airways stocks gain up to 9% as government raises loan limit
- How to activate 5G network on your smartphone - Check step-by-step guide
- Metal stocks in focus: Tata Steel, APL Apollo shares gain 2-6% - key triggers
- Electronics Mart India IPO subscription status Day 2: Issue booked over 6.5 times so far; retail and NII investors bid most
Want to buy a home in Mumbai? Check top 5 dream house destinations in Maximum City
Mumbai Realty Market: With rise in housing demand, the next big thing for a Mumbaikar would be to know where the real gems lies in this city which will help you own your dream house.
Mumbai Real Estate: The demand for housing sector is set to rise, especially after the host of reforms announced by Prime Minister Narendra Modi government in Budget 2019. Both real estate developers and home buyers are seen to be the biggest beneficiary in FY20. With rise in housing demand, the next big thing for a Mumbaikar would be to know where the real gems lies in this city which will help you avail your dream house. Mumbai which is the India’s financial hub, has witnessed consistent rise in the demand for houses.
Interestingly, there are five places in Mumbai which have become top destinations for buying a house. Few of the markets which are currently witnessing such trends along with good ROI include locations like Sion, Kanjurmarg, Andheri, Mira Road and Panvel. What makes these locations attractive is the upcoming infrastructure like Metro Connectivity, Rail and Road Connectivity; Proximity to Business Districts, Lifestyle Amenities and Price Appreciation.
If you plan to buy a house in Mumbai, you might want to check out the below mentioned places.
Sion has always been the preferred location for corporate homebuyers, who want to enjoy a ‘walk-to-work’ culture with easy access to business districts of Bandra–Kurla Complex and South Mumbai.
Sion has shown a good resilience in the re-sale property market depending upon the factors like construction quality, amenities available in the project, etc. The region also has tremendous potential to unlock space through redevelopment, many of which can be formalized soon once the SRA reforms are completely in place.
Speaking about the ‘Advantage Sion’, Hiral Sheth - Head - Marketing, Sheth Creators, said, “Sion has risen rapidly on Mumbai’s realty circuits being the first choice of many corporate, higher income groups and NRI homebuyers. Its central location, improvements in physical and social infrastructure, proximity to major business districts of Mumbai has given an edge to homebuyers ensuring the highest return on investments.”
“The next phase of development of the area is likely to be in terms of redevelopment of older societies and slums; which will take place gradually over the coming years and also due to the existing and upcoming infrastructure projects. Further, considering the price trends, this place will prove to be a game changer in the Mumbai’s real estate market”, added Sheth.
Surrounded by mountains and lush greens all around, Panvel city enjoys the maximum livability quotient as it is a planned development by ‘The City and Industrial Development Corporation of Maharashtra’ (CIDCO).
Proposed Navi Mumbai International Airport is a major influencer for the city development. Besides this, the Mumbai Trans - Harbour Link, Virar Alibaug Multi-Modal Corridor, Panvel-Vashi Metro line, Panvel-Karjat Railway line promises best of the best connectivity through all modes of transport.
— Zee Business (@ZeeBusiness) February 5, 2019
Proposed NAINA city (Navi Mumbai Airport Influence Notified Area) by CIDCO, which is in the works, will further see prices soaring once it begin getting action. Located close to Mumbai-Pune expressway and the Sion-Panvel, it also provides easy access to both Mumbai and Pune. As the previously preferred locations like South Bombay reaching a saturation point due to skyrocketing prices, Panvel has emerged as an affordable option for both Mumbai and National buyers.
Commenting on the Panvel market, Navin Makhija, Managing Director, The Wadhwa Group, said, “With Mumbai scaling to its maximum with respect to factors like paucity of land and pricing pressures, neighborhood residential locations like Panvel are now emerging as the new epicenter. Further, infrastructural development is boosting the prospects of affordable housing in such micro – markets. The government has shown adequate support with robust infrastructure development and policies like PMAY being implemented, that has helped boost affordable housing in the region.”
Andheri possesses many gated communities, luxury apartments and commercial spaces. The location offers excellent connectivity and social infrastructure and these are the major reasons for its rapid growth. Thus, there is no denying that Andheri is certainly one of the best places to live in Mumbai. When you talk about the Andheri realty market, it is always classified into two parts – Andheri East and Andheri West.
While Andheri East has metamorphosed into a major commercial destination and is the densest micro market in Mumbai, comparatively Andheri West is one of the posh and the oldest residential areas of the city.
Sarojini Ahuja, VP - Sales & Marketing, Transcon Triumph said, “Being the hub of Bollywood and TV industry, Andheri real estate enjoys the maximum interest of top celebrities. This has resulted in Uber Luxury project launches with a bigger ticket size which is targeted to the marquee clientele like the HNI’s, industrialists, head honchos of blue-chip firms etc. who belong to the ‘creme-de-la-creme’ of society.”
Newly-developed locations along the Central suburbs such as Kanjurmarg have an edge over other locations due to the presence of high-end residential complexes loaded with state-of-art modern amenities and facilities.
Kanjurmarg has excellent connectivity with the business districts of Thane, Powai and BKC as well as South Mumbai via LBS road, JVLR, Eastern Express highway, SCLR and the Eastern freeway. Its strategic positioning on the central line provides easy accessibility to both the Harbour and Western lines of the city's local rail network.
“With excellent connectivity, access to upmarket lifestyle spots, quality housing such as what we are developing and extremely attractive real estate prices, Kanjurmarg is the poised for an exponential rise similar to Powai. It is an extremely attractive option for luxury home buyers”, says Subodh Runwal, Director of Runwal Group.
Considering the overall real estate trends in Mumbai and factoring in affordability, infrastructure and connectivity, Kanjurmarg offers good returns on investment. Large residential towers, office complexes, 5-star hotels and shopping destinations now dominate Kanjurmarg skyline.
As the entire North corridor of Mumbai is proving to be a promising belt for Mumbai’s realtor's fraternity, their attention on Mira road is equally increasing due to the upcoming infrastructural developments like metro, coastal roads, and other social infrastructure. Various parameters responsible for the same are great connectivity to central and southern Mumbai, social and physical infrastructure, Open space, Price quotient and the residential development in and around the micro market.
Located on the western line of the Mumbai suburban railway, it has easy connectivity to Navi Mumbai, Thane, and Mumbai. The state government has also announced a number of projects to develop infrastructure across the MMR.
Ajay Nair, COO, JP Infra Mumbai says, “With new future developments such as Mumbai coastal road, Mumbai trans-harbour link, Mulund Goregaon Link Road, new Mumbai metro corridor - Cuffe Parade to SEEPZ and Dahisar to DN Nagar which is likely to be extended till Mira Road, Dahisar east to Andheri east will result in faster commuting to all these areas resulting in increased residential and high quality social infrastructure developments in all the new micro-markets in the North of Mumbai. All these factors have resulted in an increase in demand for residential space in the North”.
Hence, get your dream house with good amenities, improved connectivity and large open spaces.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.