Mumbai’s residential real estate market has undergone a massive change over the years. Gone are the days of spending an entire lifetime cooped up in small apartments, in conventionally perceived proper city locations. The pandemic has made home buyers realign and reassess their priorities, leading to a radical shift in demand patterns. More buyers now desire bigger homes for their families and are willing to pick more peaceful locations with daily necessities within walking distance and ample growth potential. Mira Road is one of the biggest beneficiaries of this shift in consumer perception.
The area that was always famous for its salt pans and mangroves, has now transformed into one of Mumbai’s biggest residential and commercial hubs. A peaceful locality with wide, tree-lined roads and excellent civic and social infrastructure, Mira Road is drawing home buyers looking for bigger, more spacious homes at price points that are at least 30%-35% lower than neighbouring areas like Kandivali and Borivali.
Unparalleled connectivity, plus exponential growth prospects
Investing in Mira Road promises a wealth of benefits for anyone looking to buy a home here. With an existing excellent road and rail network, Mira Road also has numerous exciting infrastructural developments in the pipeline. The proposed Andheri-Dahisar-Mira-Bhayandar Metro Line (9, 7 and 2A) will reduce 30 kilometers of traveling outlay between the Mumbai suburbs and Mira-Bhayandar. Line 9 will connect Mira Bhayandar east to Dahisar east, Line 7 will connect Dahisar east to Andheri east while Line 2A will link Dahisar to DN Nagar in Andheri west. An added extension of Line 2B will connect Mankhurd and DN Nagar. These metro rail lines will ensure seamless commuting from Mumbai’s northern corridor to both, the eastern and western suburbs.
Along with the expansion of Metro projects, the upcoming Coastal Road between Kandivali and Nariman Point will also provide a great connectivity boost in this northern corridor of Mumbai city. Other favorable infrastructural developments on the anvil include three upcoming flyovers on Mira Bhayander Road, a Borivali-Thane Tunnel Road that will reduce travel time between both the suburbs to a mere 15 minutes and a four-lane Gorai-Bhayander Road for smoother commuting. Property prices are also expected to skyrocket in the Mira Road-Bhayandar stretch, owing to these connectivity improvements. Mira Road also boasts of a well-established network of roads and railway stations. The Western Express Highway is nearby and so are Kashimira Junction and Dahisar Check Naka. The octroi that existed at Dahisar Check Naka until some time back has been removed, leading to reduced vehicular congestion. The Link Road in Dahisar and Ghodbunder Road are both easily accessible. The area also has a railway station – Mira Road railway station. The entire Mira Road belt is being developed into a smart city with superior connectivity to Navi Mumbai, Thane, south and central Mumbai.
There are numerous commercial hubs and establishments in the vicinity. Major companies like Tata Consultancy Services (Borivali east), Accenture (Malad east), JP Morgan Chase (Malad west), and Deloitte (Goregaon west) are all within a driving distance of 30 minutes. Secondary business districts like Mindspace in Malad west and MIDC in Andheri east are also easily accessible from here.
Industry experts are anticipating a mega boost in Mira Road property prices and a transformation on the lines of Powai. This posh area of today was only a hilly zone three decades back. Today, with the development of a central flagship residential township, it has witnessed rapid growth. Mira Road also has a legacy township, Srishti, built back in 1985, playing the role of a catalyst for the development of Mira Road. An Ernst & Young analysis and a few other studies have indicated that gated communities will witness soaring demand in the aftermath of COVID-19, owing to their self-sustainable attributes, space and amenities. Buyers investing in a gated integrated township in Mira Road, will witness easier saleability of their units in the future, along with better returns on investments via price appreciation and rental income alike.
The price appreciation graph has always been on the upswing in Mira Road, with reports indicating 20%-25% growth since 2014 while some pegged this at 50% in the last five years alone. With mega connectivity improvements and infrastructural development in the pipeline, prices are expected to appreciate even further. Saturation in real estate prices and demand in neighbouring localities will also boost price growth in Mira Road. Comparative affordability has led to higher demand and this will increase even further, as per forecasts.
Check out properties for sale in Mira Road
Another plus point – ready social infrastructure
Excellent connectivity and future appreciation potential are not the only aspects that make Mira Road an attractive real estate prospect. It also provides access to a ready social infrastructure that makes it an attractive destination for someone looking to settle down for life. A self-sufficient locality, it is home to leading hospitals like Bhaktivedanta Hospital & Research Institute and Wockhardt Hospital. For families with children, Mira Road is perfect, with multiple leading educational institutions like NL Dalmia School, NL Dalmia Management College, Royal College, GCC International School, Don Bosco High School, Singapore International School, RBK Global School and Podar International School.
Apart from this, the presence of Thakur Mall, DMart, Star Bazaar, Maxus Mall and Brand Factory, gives residents access to the best shopping destinations without any hassle. Even leading banks like ICICI, PNB, HDFC, Vijaya and Syndicate Bank, have their branches and ATMs here. The presence of the ISKCON Temple is another attraction in the neighborhood. Families have numerous leisure and weekend spots to choose from, including Vardhman Fantasy Park, GCC Hotel & Club, as well as nature’s treasure troves like the beaches of Gorai, Uttan and the pristine Sanjay Gandhi National Park.
The flagship project that changed the equation
Mira Road is already home to a few marquee projects, most notable amongst them, Srishti – a landmark development created in the early 1980s, beside the beautiful and picturesque mangroves. It is a project developed by Kalpataru Ltd, Dynamix Group and NL Dalmia Group, all pioneers in their respective fields. It has metamorphosed into a bustling and thriving residential community of thousands of happy families and has become the poshest location to reside in Mira Road. Today, Srishti is representative of the skyrocketing progress of Mira Road as a real estate location. A new phase, Launch Code Blockbuster Living, is coming up here and promises to redefine lifestyles and Mira Road, just like Srishti did in 1985.
Considering all the vital parameters it can be confidently said that Mira Road is certainly one of the most promising real estate destinations in Mumbai. It offers fantastic future growth prospects, a slew of major infrastructural developments, wonderful new projects, easy connectivity and social infrastructure. Add comparative affordability into the mix and what you get is a win-win combination.
Housing News Desk is the news desk of leading online real estate portal, Housing.com. Housing News Desk focuses on a variety of topics such as real estate laws, taxes, current news, property trends, home loans, rentals, décor, green homes, home improvement, etc. The main objective of the news desk, is to cover the real estate sector from the perspective of providing information that is useful to the end-user.
Facebook: https://www.facebook.com/housing.com/
Twitter: https://twitter.com/Housing
Email: [email protected]
Related Posts
Infra projects that will transform Mumbai’s skyline.
Mira Road-Bhayander: Affordability is its USP.
Average price of new residential units declines 14% in 2016: Cushman & Wakefield.
52 per cent of MahaRERA-registered residential stock unsold in Mumbai: Cushman & Wakefield and Propstack report.
BMC to focus on the completion of underground Goregaon-Mulund Link Road.
The central jewel in the crown of Chembur: Viceroy from LD.
