Property tax bills in name of flat owners now not society
If the success of a real estate market is assessed by various pockets of affluence then Mumbai truly stands at the top of the property pyramid of India. The financial capital of India can well be defined as a city that has in its DNA all the attributes of a Grade A city. In other words, there are many micro markets catering to various socio-economic groups within the Mumbai market and collectively, this makes Mumbai an attractive investment destination that follows the global growth pattern by default.
The encouraging aspect of this growth of the city is that in this evolving pattern, various budget segments have surfaced within Mumbai’s real estate and it is no more about just the commercial developments; rather, the growth trajectory does have a co-relation with the residential projects too, in the vicinity. For long, the commuting distance has been the dampener for the property market of Mumbai, but now various micro markets have come up so well that it seems there are various cities within the city of Mumbai.Collectively , this makes the Mumbai’s property market very dynamic.
Walk-to-work has till recently been seen as a luxury that only the CEOs and other top management of multinational companies could avail, that too, in the companies could avail, satellite towns or the pe riphery locations but the recent real estate developments have made it possible for the average working class in the city. For example, the emergence of the Bandra-Kurla Complex (BKC) has made the feasibility of living close to work place a reality .
Analysts tracking the property market in this part of the world maintain that various segments in Mumbai’s real estate market are beneficial, not only for the overall property market but also for actual buyers and end-users. To add icing on the cake, Mumbai has also been successful in creating fast developing sub-cities like Navi Mumbai which, due to improved connectivity and infrastructure, has become a sought-after destination for residential as well as commercial activity. It is today preferred as a right market since it has come up as an emerging realty hub with huge appreciation potential.
Similarly , some of the emerging locations like Thane today , provide supply of more quality spaces with competitive rentals, inviting corporate interest in the region. Right from Navi Mumbai to Thane, there are many affordable options within the Mumbai property market. Vvikas Aroraa, director-marketing and sales, Runwal Group agrees that most of the homebuyers choose residences within 2 kms radius. This is largely due to the constraints of children’s school, existing social circle and community preferences. The creation of micro-markets within Mumbai is a reflection of the history and culture of the city, the way it has developed.
“The modern community development has been due to shift in office spaces from Nariman Point to Worli, Parel and BKC, and along with that we are now seeing these localities move from commercial to preferred residential spaces. As we see the traffic getting congested and more connectivity options, locations like Chembur, Saki Naka will see more development. So, Mumbai is moving from a community to a cosmopolitan flavour in micro markets’ development,“ says Aroraa.
Gopal Sharma, general manager-marketing with Gundecha Builders, also agrees that the way certain micro markets like BKC, Andheri, Goregaon-Malad, Powai among others have emerged, the traditional CBDs like Nariman Point and Parel are today , facing tough competition.“The homebuyers today want to travel as less as possible. Just look at Mira Bhayander Road and it seems the ever-improving infrastructure is going to change the urban landscape of Mumbai. The metro connectivity is a game changer with the potential to redefine Mumbai’s property market. The social infrastructure is coming up quite well in the newer pockets. In a city where entertainment options are limited, some of the malls have contributed in establishing new micro markets across Mumbai,“ concludes Sharma
Impact of many micro-markets
Many business destinations.
Lower cost of business spaces
Affordable residential options.
Prominent micro markets-BKC, Andheri, Thane, Navi Mumbai.
Redefining market-Infrastructure, metro and connectivity