Western Suburbs Of Mumbai: Real Estate Boom and Investment Hotspots

 In Uncategorized

“Among the Indian cities, there’s none like Mumbai.”

 

Everyone who has ever been to the city of dreams is a testament to this statement. This year too, Mumbai has been a part of the real estate boom in India. It has consistently won the crown among the top 7 cities in the country in terms of real estate sales and registrations. The latest record was registered in October when property registrations crossed 1,00,000 for the first time in 10 years. 

 

While such major milestones aren’t new to Mumbai, their scale is ever-increasing. And the emergence of western suburbs as a most sought-after real estate destination — owing to their comparative low pricing, booming infrastructure, availability of larger spaces and preferential shift. Especially now, since the preferred lifestyle belt that previously spanned between Andheri-Borivali has extended to Vasai-Virar. Locations like Mira-Bhayandar, Vasai and Virar, which were once deemed as peripheries, are emerging as lifestyle hubs. 

 

The Housing Centre is Shifting

In the old days, South Bombay was unanimously crowned as the realty hotspot of Mumbai. But with the emergence of hubs like Bandra, Andheri, Goregaon, Borivali, etc., the attention shifted to the western suburbs. The housing centre is again seeing a major shift as the new generation is on the lookout for larger homes. This trend was triggered by the pandemic and is still going strong. The upper side of western suburbs is low on the affordability index; thus, buyers prefer affordable segments like Vasai-Virar. As this preference circle moves, we are likely to see a further boom in this real estate market.

 

Mega Infrastructure Projects

Already, the western railway serves as a lifeline for residents on the western belt. Our government has allocated a massive budget for boosting infrastructure developments throughout Mumbai. A major chunk of this spending is distributed towards future projects that’ll connect the periphery locations to the rest of Mumbai seamlessly. These projects include the proposed Metro Line 13, that’ll connect Virar to Mira Road and further; Versova-Virar Sea Link, that’ll cut the travel time from Virar to Nariman Point to 2 hours. 

 

Emerging Investment Hotspots

Malad

Professionals who are working between Andheri-Borivali highly prefer Malad as a residential destination because of the ease of connectivity that it offers. Commercial spaces like Mindspace also fall in the vicinity. It is an integral part of the western railway and thus offers easy access to the rest of Mumbai. Apart from connectivity, you get access to a rich social life that encompasses malls like Infiniti mall, Inorbit mall, etc., exclusive fine dining restaurants and well-maintained parks. 

 

Mira-Bhayandar

After the pandemic, the demand side for real estate received a great impetus in the Mira-Bhayandar region. The location has seen significant property appreciation in the past few years and will further continue this trend because of the upcoming infrastructure projects. In the last year alone, it registered an appreciation of 13 per cent in value. Still, the market here comes in the affordable segment. And as Grade A developers are raising the curtains on more and more luxury projects, the housing traction is quite high these days in this part of Mumbai suburbans.

 

Vasai-Virar

Vasai-Virar is emerging as one of the hottest real estate destinations because of its self-sustaining ecosystem. It is naturally gifted with nature’s bounties and offers large open spaces that are ideal for townships. Also, the twin city has a commercial infrastructure that combines industries and organised retail. In the last 10 years, Virar registered a growth of 121% and is set to grow at least 150% in the coming 10 years, thus making it a goldmine for real estate investment.

Recent Posts

Leave a Comment

Contact Us

We're not around right now. But you can send us an email and we'll get back to you, asap.

real estate in diwali