1) What is driving Mira Road’s realty sector?
Located in the western region of Mumbai, the area’s seamless connectivity and modest housing units are two factors that are aiding the vicinity’s realty sector. In the recent past the housing influx has hit an all-time high that has resulted in various reputed real estate developers entering the market. As of today – the neighbourhood has over 30 new residential capital ventures that are either offering ready to move in homes, or are likely to offer apartments by 2018. Its proximity to the Western Express Highway, neighbourhoods in Navi Mumbai, Thane, Ghodhbunder Road and the western line of the suburban railway too has played a pivotal role in transforming the locality into a residential catchment area. While 1 BHK homes are priced anywhere between INR 30 and INR 45 lakhs, 2 and 3 BHK apartments for sale cost an average of INR 6,800 per square feet.
2) What factors are pushing the demand for properties in Worli?
Being a locality that is home to many Bollywood actors, the area is one of the most posh areas of Mumbai. And with the who’s who of Mumbai living here- the growing commercial belt and the demand social infrastructure are driving the realty demand here. The state of the art IT office spaces in and around the vicinity has attracted many property developers here to build modern residential projects that meet the needs and demands of the working cosmopolitan crowd. Projects like the widening of the Dr Annie Besant Marg and the upcoming Monorail too have attracted many to invest here. The going rates for 2 and 3 BHK apartments in Worli are expected to cost anywhere between INR 35,000 and INR 42,000 per square feet.
3) Where can one find a property within INR 20 lakhs in and around Mumbai?
While localities within the city limits might burn a hole in your pocket- many suburbs and peripheries are now blinking on the realty radar thanks to their rapid development. One locality that has caught the attention of many is Shahpur. Located very close to the Delhi Mumbai Industrial Corridor and the National Highway 3, the area offers many 1 BHK apartments that are priced between INR 13 lakhs and INR 20 lakhs. Usually skilled and unskilled workers from the neighbouring corridor drive the realty demand here.
4) Why are localities like Titawala inviting many investors?
Neighbourhoods such as Titawala are cited to be some of the fastest growing localities that are bustling with various construction activities. Factors such the Development of physical infrastructure and the availability of land in large tracts are making the locality a haven for many local investors and second time home buyers. Both national and local builders are now purchasing land in large parcels here. While most of the projects are in the under construction stage, homes here are likely to cost an average of INR 2,500 per square feet, thereby luring many investors to purchase inventories here.
5) Who is investing in properties in Vile Parle East and West?
Its strategic location and proximity to the Eastern Freeway and the International Airport has invited a lot of realty investment here. While the locality is home to many working professionals thanks to its proximity to CBDs such as Linking Road and Carter Road, the area is also dominated by many business families who are either Gujaratis, Parsis and Sindhis. Capital values of homes are estimated to hover anywhere between INR 1 and 5 crore, depending on the specifications and facilities offered by the builders.
Once an end user driven market, many investors are beginning to purchase inventories here due to its high rental yields. 2 and 3 BHK apartments here are capable of generating rental yields anywhere between INR 22,000 and INR 1 lakhs depending on how the homes are furnished.
6) Which part of Navi Mumbai is a bustling realty hotspot?
In the recent past Khargar has transformed into becoming a robust realty market. In a span of few years, the rental prices have escalated over 30% and investors are now cashing in on the trend and purchasing various inventories with the aim to let them out on rent and earn a handsome annual income. Homes that spread over a carpet area of 900 and 1,350 square feet are estimated to generate rental returns anywhere between INR 9 and INR 25 per square feet per month.
7) How will the Metro change the realty scene of Mumbai?
The upcoming metro rail project which is set to cover most of the city- the absorption rate of homes is set to go up. Localities like Saki Naka, Marol Naka, Azad Nagar, DN Nagar, Subhash and Airport Road have already started to show positive signs of realty developments thanks to the metro. Neighbourhoods along the Versova-Andheri-Ghatkopar stretch have helped various white collared professionals from Versova and entrepreneurs from Ghatkopar which is thereby making these vicinities ideal rental markets. Apart from just pushing property prices up, the metro has also have a positive effect on the ROI of many properties in Mumbai. Capital values of homes near metro stations have appreciated a lot – making the realty sector very favourable for end users and investors.
8 ) Why is Thane becoming a realty catchment area?
With most of the localities reaching their saturation point, various suburbs and peripheries are fast developing into residential hotspot regions. And Thane is one region that has shown positive signs that has enticed both property developers and potential home buyers. Apart from this, the presence of large open spaces, wide roads and rapidly developing physical infrastructure has played a pivotal role in developing the region’s realty sector. A property in Thane today is a hit amongst many MIGs and builders are cashing on the demand and are offering many affordable housing units that range anywhere between INR 3,000 and INR 3,200 per square feet. Some of the active neighbourhoods include Kapurwadi, Badlapur, Hiranandani Meadows, Kalyan and Ghodbunder.
9) Where can one rent an apartment in South Mumbai for under INR 20,000?
Neighbourhoods like BA Marg, Elphinstone, Kamgar Stadium and SidhiSadan are ideal destinations that offer homes for a tight rental budget. Bachelors, families and working professionals from neighbouring office parks are renting out spaces here. The robust rental market has attracted many investors who are now furnishing apartments only to earn a few extra bucks. Rental yield for 1 BHK apartments here are estimated to be fall between INR 15,500 and INR 17,000 per month.
10) What do properties in Badlapur have in store for the buyers?
Although the movie has had a positive impact on the realty sector, it’s the infrastructural developments that have actually brought Badlapur on to the realty map. The MMRDA has approved the creation of a volley of projects here. Real developers are cashing in on the housing demand by offering various affordable and mid-segmented homes. Connectivity via the Panvel-Bhimashankar-Chakan Highway and the Neral-Badlapur Highway have roped in a lot of investment. Recent reports document that the vicinity is all set to have 150 residential projects that will offer 1, 2 and 3 BHK apartments anywhere between the price band of INR 20 lakhs and INR 60 lakhs.
Nidhi C Thacker for IndiaProperty.com
Image: ”Mumbai Downtown” by Jasvipul Chawla – originally posted to Flickr as Cuffe Parade. Licensed under CC BY-SA 2.0 via Wikimedia Commons – http://commons.wikimedia.org/wiki/File:Mumbai_Downtown.jpg#/media/File:Mumbai_Downtown.jpg