Here's what's buzzing in Mumbai if you are looking out for real estate appreciation...
Despite announcements of several road and metro projects, Mumbai's property market plateaued under the weight of rising construction costs, demand-supply mismatch and snail-paced infrastructural growth. While keeping buyers at bay, the following factors impelled the realty graph of the financial capital to dip insignificantly from the Jul-Sep quarter to Oct-Dec 2015.
Key influencers
- Upcoming Navi Mumbai Airport Influence
- Demand and supply mismatch in the Mumbai Metropolitan Region
- Launch of CIDCO's smart city project in Navi Mumbai
- Launch of premium residential projects in Thane
Top performers in MMR (Capital values)
5. Powai
- Powai boasts of being one of the largest special economic zones in Maharashtra with a number of operational multi-national companies. Since the bordering residential localities have developed amenities and infrastructure, Powai provides for the housing demand of labour force employed here.
- Powai beholds improved connectivity with almost all the prime areas of Mumbai. Jogeshwari-Vikhroli Link Road, which connects the Western and Eastern Express Highway, also passes directly through Powai. The locality also has Vikhroli and Kanjurmarg railway station in close vicinity, which is located on the Mumbai Central line.
- For the investors, the average range of Rs 18,232 per square foot is what attracts them to Powai
4. Vikhroli East
- Vikhroli offers an easy access to every single city of Maharashtra through the roads, which runs through it. The Agra Road, which is also called the Eastern Express Highway, links it to Dadar, Thane, Vashi, and Chembur. It is well linked by the L.B.S. Marg in its west, which further links it to Jogeshwari, Bandra, and various other western suburbs.
- Vikhroli has been witnessing a rise in demand for the small sized homes. Manifestation of a number of retail outlets and offices in the locality has resulted in high demand for the 1 and 2 BHK apartments segment.
- For the investors, the average range of Rs 16,745 per square foot is what attracts them to Vikhroli East
3. Boisar
- Boisar has found its mark for being one of the selected affordable locations, which find high demand from buyers who find the houses in the Mumbai municipal limits outside their means.
- Boisar can be easily reached through the shuttle trains from Virar and the local trains are also available from Churchgate-Dahanu. By road, Boisar is accessible from National Highway 8, which is just 22 kilometres away from Chilhar Phata. There are a number of state transport buses from Boisar to Thane, Bhiwandi, Palghar, and Wada.
- For the investors, the average range of Rs 2,720 per square foot is what attracts them to Boisar
2. Kanjurmarg West
- Kanjurmarg is the base point for the Jogeshwari-Vikhroli Link Road (JVLR) that connects the Western and Eastern Express Highways. It is only around a kilometre away from the LBS Marg, which provides an easy accessibility to the other areas of Mumbai. The airport is only 10 km away through the Andheri-Kurla Road and the closest railway station is the JVLR station based only at the distance of 3 km via the same route.
- Its planned positioning on the central line has made it as one of the most singled out business districts.
- For the investors, the average range of Rs 12,112 per square foot is what attracts them to Kanjurmarg West
1. Vasai Road
- Vasai is extremely well linked with the major areas of Mumbai through the local trains. The locality has a railway station on the Western line and the Central Line's Vasai Road-Diva-Panvel route of the Mumbai Suburban Railway network on the other.
- On the back of the present infrastructure development and paces in the connectivity area, the ROI (return on investment) of this locality has seen a 50 per cent increase in the profit from the investment front.
- For the investors, the average range of Rs 4,760 per square foot is what attracts them to Vasai Road.
Photograph: Santanu Vasant/Wikimedia Commons
Tripti Rai, a keen observer who writes for 99acres and swears on fiction readings. Professionally working with a concentrated focus on real estate sector, she keeps her readers informed about latest developments in real time through her writing. When found not writing or reading, she is busy thinking about the next book or writing inspiration.
