Better connectivity, infrastructure to drive housing market in Mumbai’s central suburbs; residential launches witness 17% rise in H2 FY19

The changing landscape of the Mumbai region has ensured the rise of prime residential hotspots and one such area that has undergone metamorphosis in terms of infrastructure development over the years and emerged as a major investment centre is the central suburbs of the city. The central suburban areas witnessed launches of 5,172 residential units in H2 2019, witnessing a 17 percent increase, year-on-year, said a Knight Frank India Real Estate report. [caption id=“attachment_4067269” align=“alignleft” width=“380”] Representational image. Reuters[/caption] This is reflective of the growing confidence of developers and investors in one of the fastest growing suburbs in Mumbai. Within central suburbs, Mulund has developed as an ideal destination for those who want to be a part of the city’s hustle-bustle, but still want to enjoy a serene living environment. In H2 2019, home prices in Mulund were set in the range of Rs 10,700-14,000 per square feet, basis the Knight Frank report. Adding favorably to its location advantage, residential projects in Mulund offer amenities such as clubhouses, jogging tracks, multipurpose courts, and banquet halls, which is yet another reason the locality attracts attention from the tenant community. As compared to the other premium destinations in Mumbai such as Ghatkopar or Andheri, the residential market of Mulund remains quite reasonable. Kalpataru will soon launch a premium residential project on the arterial LBS Road in Mulund. Developers like Marathon Group, Wadhwa Group and Piramal Realty have also recently launched their projects in the area. When it comes to real estate investments, Mulund offers an excellent mix of ease of connectivity and premium living. Consequently, the location, at present, has been viewed as a preferred choice for several first-time homebuyers as well as those looking to invest in a second property. Mulund is currently connected to major office destinations through the suburban railway on the central line. Going ahead, the proposed Goregaon-Mulund Link Road (GMLR) is poised to enhance the connectivity of the region to the western suburbs significantly. Additionally, the proposed metro line 4 from Wadala-Kasarvadavali will enhance the commercial value of the locality in the coming years. “The Mulund micro-market has seen some growth in home sales and new launches in the past few years. The upcoming infrastructure in Mulund will add value to the property market in terms of price and connectivity," said Girish Shah, Executive Director-Residential Sales, Knight Frank India. What works for Mulund is the existing strong social infrastructure which includes healthcare facilities, education, retail, sports and entertainment options.