North Mumbai has seen rapid development in recent years. Infrastructure has played a crucial role, in driving the growth of the real estate sector. The required push from the state government, towards infrastructure development, has resulted in making north Mumbai a hotspot for real estate activities. Enhanced connectivity to different parts of Mumbai, is one of the prime reasons that has led to increased housing demand in locations such as Kandivali, Kurla, Tilak Nagar, Virar and Dahisar in north Mumbai. According to JLL, north Mumbai has about 15 million sq ft of Grade A office space and more companies are choosing to move to this area, which will further strengthen demand in this region. Moreover, planned infrastructure developments, like the Coastal Road connecting Kandivali to Nariman Point, will also boost connectivity to Mumbai, to a great extent and ease traffic, especially on the Western Express Highway.
Improving connectivity and its impact on real estate in north Mumbai
Furthermore, infra projects to improve the connectivity between the eastern and western suburbs, such as the Mumbai Trans-Harbour Link, elevated roads, Dahisar to DN Nagar and Dahisar east to Andheri metro, Mulund-Goregaon Link Road and Colaba-Seepz connectivity, will strengthen the demand for housing in north Mumbai, owing to its location and land price.
It is a proven fact that improvement in transportation infrastructure, has a positive impact on real estate. There is immense optimism in Mumbai’s northern micro-markets that the development of the metro rail, will bring about a transformation and boost the real estate sector. Real estate developers are showing greater interest in projects near the metro routes. Owing to the space crunch in south Mumbai and unavailability of smaller ticket size apartments with sufficient space, home buyers now prefer homes towards north Mumbai.
This region is witnessing an emergence of affordable homes. We may also witness greater interest towards the peripheral micro-markets of the city, from home buyers in the near future.
Regions that are likely to emerge as hotspots for real estate
The proposed sea link between Versova and Virar, implementation of the Metro Line 2 and Mumbai Coastal Road, are making Kandivali an attractive destination for home buyers. It has undergone enormous transformation and development in the last two decades. Being well-connected to Mumbai and with commercial projects coming up, the area assures good returns in the long term. Additionally, Kurla has become a very suitable neighbourhood, for businesses. Considering the ease of living and growing job opportunities, there has been a growing demand for housing in the area. Also, Tilak Nagar and Chembur are witnessing immense growth in demand for housing, owing to improved connectivity to the business hubs through the Santacruz-Chembur Link Road (SCLR) and the Eastern Freeway. The demand is coming from working professionals, who are looking for residential investments.
(The author is managing director, Ruparel Realty)