Increased connectivity, social infrastructure, to drive the housing market in Mumbai’s central suburbs; 17% rise in residential launches in H2 2019 (Y-o-Y)
The changing landscape of the Mumbai Metropolitan Region has ensured the rise of prime residential hotspots and one such area that has undergone metamorphosis in terms of infrastructure development over the years and emerged as a great investment avenue is Central Suburbs of the city. As per the Knight Frank India Real Estate report, central suburbs witnessed launches of 5,172 residential units in H2 2019, witnessing a 17% increase, year-on-year. This is reflective of the growing confidence of developers and investors in one of the fastest growing suburbs in Mumbai.
Within central suburbs, Mulund has developed as an ideal destination for those who want to be a part of the city’s hustle-bustle, but still want to enjoy a serene living environment. In H2 2019, home prices in Mulund were set in the range of Rs 10,700-14,000 per square feet, basis the Knight Frank report.
Adding favorably to its location advantage, residential projects in Mulund offer amenities such as clubhouses, jogging tracks, multipurpose courts, and banquet halls, which is yet another reason the locality attracts attention from the tenant community. As compared to the other premium destinations in Mumbai such as Ghatkopar or Andheri, the residential market of Mulund remains quite reasonable. Kalpataru will soon launch a premium residential project on the arterial LBS road in Mulund. Developers like Marathon Group, Wadhwa Group and Piramal Realty have also recently launched projects in the area.
When it comes to real estate investments, Mulund offers an excellent mix of ease of connectivity and premium living. Consequently, the location, at present, has been viewed as a preferred choice for several first-time homebuyers as well as those looking to invest in a second property. Mulund is currently connected to major office destinations through the suburban railways on the Central line. Going ahead, the proposed Goregaon-Mulund Link Road (GMLR) is poised to enhance the connectivity of the region to the western suburbs significantly. Additionally, the proposed Metro Line 4 from Wadala-Kasarvadavali will enhance the appeal of the locality in the coming years.
The micro-market is well-connected to the rest of the city via the suburban rail network and roads. Thanks to the Eastern Express Highway, the micro-market is effortlessly connected to the suburban areas such as Thane, Bhandup, Nahur, Vikhroli, Kanjurmarg, and Ghatkopar. The progress of Ghodbunder Road which seamlessly links the Eastern and the Western suburbs such as Dahisar, Borivali, and Bhayander has further helped in making the area attractive. Additionally, the metro which runs from Ghatkopar and Versova has enhanced the connectivity to Bandra, Andheri, and Malad.
“The Mulund micro-market has seen some growth in home sales and new launches in the past few years. The upcoming infrastructure in Mulund will add value to the property market in terms of price and connectivity. The Central Suburb, which comprises areas like Sion, Chembur, Wadala, Kurla, Ghatkopar, Vikhroli, Bhandup and Mulund, witnessed around 5,172 new residential launches in H2 2019, while home sales during the same period stood at 2,675 units. Mulund is the heart of Central Suburban Mumbai, surrounded by greenery and more affordable compared to other areas”, said Mr. Girish Shah, Executive Director-Residential Sales, Knight Frank India.
What works for Mulund is the existing strong social infrastructure which includes healthcare facilities, education (both secondary and higher), retail, sports and entertainment options. Thus, unlike an upcoming location, residents of new developments in this area can enjoy all the benefits within their flourishing neighbourhood.