Suburbs- the most sought after place among Home buyers

22-Oct-2018    |    Source:    Mumbai Mirror


Once considered downmarket, several suburban areas of Mumbai have developed tremendously and shown impressive real estate growth this decade. The realty dynamics of this belt has changed for the better, making it a sought-after place for developers and buyers today. The two major factors that are accountable for this growth are land availability and infrastructure development.
A report revealed that in 2003, the average property price in the eastern suburbs was less than Rs 2,000 per sq ft, while the western suburbs fetched Rs 3,000 per sq ft. The cheaper availability of land and property prices led the flock of developers and buyers to move towards the east, which was followed by a spurt in infrastructure development in the areas of Kanjurmarg, Bhandup and Mulund. “The future of the realty market in the central suburbs looks promising. The growth scale that the region has witnessed in the last decade is in itself a strong evidence to ascertain that the situation is only going to get better with time. The once downmarket region is today’s one of the most favoured; this is also evident from the fact that the prices have almost tripled and quadrupled in the last three years. The upcoming and proposed plans only add to the many value propositions of the region and make this truly the next big thing,” said Vijay B. Pawar, founder and director of a leading construction firm.
The construction of Eastern Express highway has definitely led to a spurt in real estate demand as due to the easy connectivity many homebuyers today wish to buy property in this suburb. Due to improved connectivity, an individual from central suburbs today can easily commute to the areas of South Mumbai, western suburbs, Navi Mumbai and Thane. Not just the residential buyers, even private firms which want to move from BKC and Nariman Point for lower rentals, see central suburbs as an ideal location to set up their office, considering the connectivity and lower property price compared to the rest of Mumbai areas.
The increasing demand among buyers has led to the growth of residential and commercial constructions in the areas and has also doubled the property value in the last few years. It is said that the housing supply in this area at present accounts for more than 18 per cent of Mumbai's total housing stock.

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Eastern Suburbs:

Arkade Earth (Kanjurmarg)

Sheth Montana (Mulund)

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Manjari Arcade (Chembur)

Alta Vista (Chembur)

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