Western & Central Suburbs accounted for 75% of property registrations in Nov 2023
Mumbai (Maharashtra) [India], January 1: Mumbai is rapidly upgrading given the ongoing infrastructure development projects underway. This has given a boost to connectivity across Mumbai resulting in rising demand for property that fall in close proximity to such infra projects.
For instance, the Mumbai Metro Line network is one such public transport system that has improved East – West and the connectivity within the western suburbs as well; thereby seeing a huge demand for housing in these areas that lie in its route. Presently, there are three Mumbai Metro Lines that are operational. These include Mumbai Metro Line 1, Line 7 and Line 2A which has brought immense relief to commuters making it more convenient to travel and reach their destination without much of a hassle. In addition to the Metro, the Western Express Highway also offers seamless connectivity for commuters.
Speaking on the advantages of the Mumbai Metro and highway connectivity that the western suburbs offers to home buyers Mr. Umesh Jandial, Chief Business Officer, Omkar Realtors & Developers said, “The Western suburbs have emerged as a top choice for modern homebuyers, thanks to their strategic location and an abundance of conveniences and comforts. This area has been identified as a robust micro-market, maintaining strong rental yields and return on investment (ROI). One of the key selling points of the Western suburbs is its exceptional connectivity. Situated near the Western Express Highway and various Metro lines, the area ensures easy access to different parts of the city. The upcoming Coastal Road and the close proximity to the airport further enhance the appeal of this location. This improvement in infrastructure has spurred a noticeable increase in both demand and property prices, particularly in the Malad-Goregaon region. With these developments, the Western suburbs are not just a residential choice but have emerged as a lifestyle preference for many.”
Mr. Himanshu Jain, VP – Sales, Marketing and CRM, Satellite Developers Private Limited (SDPL) said, “The western suburb of the city is rapidly transforming into a hub of property transactions. Attracting a diverse range of buyers, including end-users and investors, this area is being hailed as a suburb brimming with opportunities. The suburb’s appeal lies in its comprehensive connectivity, robust social infrastructure, and the promise of an urban lifestyle. These factors are not just enticing end-users, but are also drawing the attention of developers, who see immense potential in the region.”
According to a recent Knight Frank research, Central and Western suburbs in the city accounted for over 75 per cent of total property registrations in November 2023, as these locations are a hotbed for new launches offering a wide range of modern amenities and good connectivity. Notably, 86 per cent of Western suburb buyers and 85 per cent of Central suburb purchasers prefer their respective micro markets due to familiarity with the location and availability of products aligning with pricing and feature preferences, said Knight Frank India.
Considering the affordability, infrastructure and connectivity factor, the central suburbs too offer good returns on investment and are likely to see rapid growth in real estate development in the future.
Commenting on the transformation of the central suburbs region, Mr. Aakash Patel, Director, Atul Projects India Private Limited said “Once an industrial stronghold, the area stretching from Kanjurmarg to Mulund in Mumbai has undergone a remarkable transformation, emerging as one of the most sought-after residential locations in the city. The proximity of this region to major employment zones like Powai, Vikhroli, Airoli, and Thane has played a pivotal role in its metamorphosis. The introduction of Metro 4 is further catalyzing a significant change in the area’s residential, commercial, and infrastructural landscape, attracting both homeowners and investors. The suburb is acclaimed for its exceptional connectivity and constantly evolving infrastructure. Today, it boasts of seamless access to every corner of the city, significantly reducing travel times. This is largely attributed to the upcoming infrastructure developments in Mumbai, including the Metro and the Goregaon-Mulund Link Road (GMLR). These projects are set to further streamline and enhance connectivity across the city.”
As construction and development continue to surge, experts predict that the western and central suburbs are on the cusp of becoming a premier residential destination. This growth is not only reshaping these suburbs but also contributing significantly to Mumbai’s overall real estate market, signaling a promising future for both residents and investors alike.
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