Infrastructure Development driving real estate market in Mumbai’s central locations

by Priya J

Post pandemic the buying behavior of majority home buyers in Mumbai has changed. People have become more budget centric and are preferring locations with proximity to their workplaces. Therefore, locations such as Kurla, Sion, and Wadala are amongst the best investment bets in the Central Suburbs of Mumbai due to several reasons which include excellent connectivity and high levels of commercial activity. The major buying aptitude is because of the seamless connectivity and good overall amenities these locations provide.

Commenting on the location, Mr. Jitrendra Shah, CEO, Rockford Group, “Kurla and other central locations have emerged as the prominent real estate residential markets in the city within a span of a few years. With its proximity to BKC, the location has become the most preferred option for investors and middle-aged income class groups. The large-scale industrial activity has given way to residential and commercial developments in this region and is considered a well-developed residential-cum-commercial micro-market in Mumbai, with seamless connectivity to different parts of the city via roads, railways, etc. There is an array of affordable range of properties for the buyers especially, the working professional as they prefer such convenient central locations to reduce the times of travel to work.”

There are traffic jams, but not as they used to be as the roads have been widened making it a great location for anyone looking to find a reasonable 2 BHK or 3 BHK flat on rent/lease and going forward, once the Metro passes through here, this location will be one of the most competitively priced locations in Eastern Suburbs with good proximity to BKC and Andheri East making it a great space for commercial offices and shops looking to rent. The Eastern Freeway, Santacruz-Chembur Link Road and Metro rail network gave a booster to this locality in the form of connectivity with South Mumbai and Western suburbs. The area has good road connectivity with other important addresses such as Thane, Andheri East, BKC and Navi Mumbai.

Commenting on the development and rental income, a spokesperson from Omkar Realtors & Developers said, “The central suburban area is well known for its seamless connectivity and planned infrastructure. The area near to BKC has transformed immensely over the years and is strong in its ongoing developmental infrastructure. Today, it is connected to every city corner, helping curb the travel time and ease of accessibility. The location is well equipped for residential purposes as it is surrounded by the best restaurants, schools, pharmacies, super markets, malls and commercial spaces. Due to its proximity to BKC, it has become one of the most preferred locations for residential real estate investment. It can also provide good rental income where investors can expect healthy returns on their investments.”

The location provides its residents with all kinds of social amenities to live a happy and peaceful life. They include various schools and hospitals. Apart from these it also provides the luxury of enjoying recreational amenities and proximity to various shopping streets like Gandhi Market, Sion Koliwada along with one of the biggest malls Phoenix Market City.

As per a report by Liasas Foras, YoY Sales in Q1 21-22 increased maximum in Central Suburb by 227% where 1759 units were sold as compared to 538 units sold in Q1 20-21. The area has grown into a very convenient neighbourhood, considering the easy living conditions and many job opportunities that it provides its residents with. Presence of commercial hubs in and around the locality, make it a preferred working as well as a residential destination of Mumbai.