Mumbai – A City That Has Lot to Offer to its Residents
Mumbai, is the commercial and entertainment capital of the country and is always been a top most choice for residential properties in India. With a population of more than 20 million people, this city has to make place for each and every one, yet the demand for housing never seem to recede.
As it is a home to many IT and ITES companies that have led to flourishing demand for properties in Mumbai. Even though prices are sky rocketing, the city still is continuously on demand as it provides home for each class of society to invest in Mumbai real estate. Currently, the focus is on affordable housing in peripheral areas like Belapur, Sanpada, and Airoli which are enhanced by the infrastructure development. Let’s look at some of the best localities in Mumbai where you can invest:
Thane: Thane is known as the city of lake and is the major urban accumulations of the MMR (Mumbai Metropolitan Region). It is well connected to all parts of the Maharashtra via rail and road. Previously, known as the affordable haven for man, today, it is moving towards luxury segment, leaving its affordable tag.The swift infrastructure development along with entrance of many IT and ITES, logistics and retail companies in the area have been the main driving force for flats in Thane.
Thane is surrounded by three main highways, namely, NH -4, NH -3 and Eastern Express Highway. It enjoys excellent connectivity to Navi Mumbai and to Eastern and Western Suburbs of Mumbai through Ghodbunder Road, Eastern Freeway and JVLR, NH – 8, Mumbai – Nasik Highway and the Thane – Belapur Road. There are plans to include Metro Rail that would run between Ghodbunder Road and Thane with at least 10 halts. With the induction of Metro, the travel time between thane and Wadala is expected to reduce by half.
Being close to central business districts area like Bandra Kurla Complex and Powai, this area made itself a smart investment destination for residential and commercial development. The sub-localities like virar, Bhiwadi, Kalyan, Vasai are also in demand.
Khargar: Developed by the City and Industrial Development Corporation of Maharashtra Ltd (CIDCO), has now come a long way with many housing projects in Mumbai. An added advantage for this locality is the closeness to Navi Mumbai International Airport, which is creating lot of commercial opportunities and developments. Besides that, many infrastructure development are taking place, like skywalk, and proposed golf course.
New Panvel:New Panvel has developed to a lot extent in the last couple of years. The proposed infrastructure development and availability of residential properties in Panvel that fits each pocket and lifestyle. The excellent connectivity to other parts of Mumbai has added to the benefit of Panvel and resulted in increased demand for residential property.
Mira Road: The fastest growing suburb, Mira Road is a preferred destinations for affordable housing projects in Mumbai, as one can find property for Rs. 40 to 50 lakh. Thane and Navi Mumbai can be very easily accessed from Mira Road via Western Express Highway, Ghodbunder Road and the Western Line of Mumbai’s Suburban railway.
Ulwe: A preferred location for investors as well as end-users. The reason for this demand is the two Special Economic Zones (SEZ) – Waterfront and Airport SEZ. Both these SEZ are expected to impact the residential real estate to a large extent. Many mid-income families are encouraged to opt for a property in Ulwe owing to its infrastructure development and excellent connectivity.
Navi Mumbai: Navi Mumbai is always in the good books of home buyers. When all the localities are witnessing hike in property rates, one can still find reasonable property in a limited budget. The sub-localities, like, Belapur, Nerula, Taloja are much in demand due to the affordability and connectivity factor.
Chembur East: Strategically located on the harbour line, it has witnessed a lot of improvements in the infrastructure and residential spaces. As per a report, it is regarded as the third residential destination in Mumbai for the next three years. The now operational Eastern Freeway has bridged the gap between South Mumbai and Chembur and the proposed elevated road between Chembur and BKC is expected to reduce the travel time up to 1 hour. The connectivity is the main reason for the residential demand.
Goregaon: Some time back, thislocality was an affordable haven for middle-income group, but with the connectivity to Western and Eastern Expressway and propinquity to posh localities like Powar and Andheri has increase the demand from high end users also. If one is looking for rental accommodation, then this should be on top of the locality list.
Andheri: Shopping malls, restaurants, lavish lifestyle describes Andheri. The presence of SEEPZ and MIDC has been the major reason behind the localites popularity. Andheri East has more demand from the middle and upper class homebuyers when compared to Andheri West.
Mumbai is surely a great place to reside, with ever improving infrastructure. It guarantees you the best housing projects in India. Investing in Mumbai can never be a wrong decision, as it offers you all the amenities and excitement of life under one roof.
Source : IndianHousingProjects.Com, 22 Jul 2015