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With many corporate and large business houses now looking towards emerging locations in Mumbai to set up their offices, such locations offer a great opportunity for buying homes, as well.
“Over the past decade, areas like Thane, Vashi, Kanjurmarg, Mulund, Panvel and Wadala to name a few, have emerged as strong micro-markets, offering commercial and residential avenues within the same area. The availability of employment opportunities, affordable housing, good infrastructure and connectivity, have played a major role in turning these areas into sought-after residential locations. Having their offices within the same micro-market, enables most buyers to live a more balanced life, as the proximity to one’s workplace enables them to save on travel time,” says Kunal Lala, vice-president, SILA.
Emerging locations in Mumbai that have witnessed healthy demand
Experts maintain that infrastructure, connectivity and price, are the important factors that make emerging locations attractive. For example, Wadala saw a spurt in residential demand due to its proximity to the Eastern Freeway, as well as to the commercial hub of Bandra Kurla Complex (BKC). Infrastructure projects like the Chembur-Wadala monorail have also boosted the demand for real estate in Wadala.
“Emerging markets like Navi Mumbai, Thane and Panvel, have excellent connectivity and are along the triangle of Pune, Nasik and Mumbai. These locations are well-planned and provide a ‘walk to work’ culture, which gives the residents more time to spend with family,” adds Aditya Kedia, managing director of Transcon Developers.
Emerging locations versus established locations
According to Dushyant Vijayvargiya, VP – sales, marketing and CRM, Spenta Corporation, one of the biggest advantages of buying a property in an emerging market, is the potential for appreciation in prices, over a period of time.
“As and when the overall market evolves and expands, it leads to the area becoming more attractive for future buyers, leading to high price appreciation. Another advantage of owning a property in such areas is the availability of better infrastructure. It is often seen that in the main city areas, the available public infrastructure is stretched far beyond capacity and cannot be developed further due to lack of space or historical planning issues,” elaborates Vijayvargiya.
Check out price trends in Mumbai
Benefits of buying a property in emerging locations:
- One can get the property at lesser price, as compared to the established locations of Mumbai.
- Emerging locations are likely to have well-planned infrastructure and good connectivity.
- Better prospects for returns on investment.
- Emerging locations offer township projects that have better living experience.
Who should consider a home in Mumbai’s emerging locations?
Emerging locations are usually planned while keeping the urban population in mind. So, the residents are offered safety and security, entertainment and recreation options, utilities and daily needs. “These regions are particularly attractive to the middle-income group of buyers, who have a specific budget and requirement in mind. Many first-time home buyers also prefer emerging locations, due to the affordability factor,” adds Lala. Nevertheless, it is ultimately the infrastructure and connectivity, which decides the success of an emerging location.
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