The Mumbai Metropolitan Region (MMR) has witnessed considerable development over the past decade. It has several areas, which have witnessed a sea-change and have become extremely desirable locations to live in. Called the ‘city of dreams’, Mumbai attracts people from across the country, owing to its infrastructure and career options. However, these factors have also contributed to increasing the population of the city and an upsurge in real estate prices. Many areas in Mumbai have reached a saturation level. This has led to the emergence of new micro-markets.
Ghodbunder Road-Thane and Mira Road
A prime example of a new micro-market that has emerged over the past decade, is Ghodbunder Road, in Thane, which has transformed from being a mere commercial road to a full-fledged suburb. While Ghodbunder Road was less than perfect for inhabitation 10 years back, now, it has good connectivity and is saturated with residential and business complexes.
Similarly, Mira Road, situated in the northern part of the city, has emerged as a budget housing destination in the last decade. This area has observed good infrastructure development and has an excellent network of railways and roadways. Hence, a lot of developers have launched projects in its vicinity. These localities have proven their worth, as good investment destinations for long-term investors, especially for those focused on the affordable housing segment.
Peripheral areas of the city are also gaining prominence, due to the development of physical and social infrastructure in these regions. Moreover, existing and upcoming commercial complexes, have generated job opportunities that play a crucial role in the development of a location.
Kalyan-Dombivali is considered as the seventh-largest city in Maharashtra. The city has observed growth in its population over the past few decades, which is mainly due to relatively low real estate prices and good rail connectivity to the major employment centers in the MMR. Presently, around 55% of the working population travels to other cities of the MMR, for employment. Well-connected through road and rail, Kalyan-Dombivali will further benefit from upcoming infrastructure developments such as the Airoli-Kalyan elevated corridor via Parsik Hill, as well as the proposed Taloja-Kalyan metro rail. The 126-km Virar-Alibaug Multi-modal Corridor, will lay a crucial role in the development of this region, along with Taloja. Other developments like the Navi Mumbai International Airport, JNPT, Mumbai Trans-Harbour Link and dedicated freight corridors, will transform these locations in the days to come.
One of Mumbai’s most attractive suburbs, Thane is now witnessing the emergence of a new, fast-growing neighbourhood – Upper Thane. Located at a 15-minute drive from the centre of Thane (Viviana Mall, Jupiter Hospital and Majiwada Junction), Upper Thane offers good connectivity. Access from the six-lane Mumbai-Nashik Highway, the upcoming Thane-Kalyan metro line, the Dombivali bridge and the Thane-Vasai Inland Waterway, will ensure seamless connectivity to the important commercial hubs of Thane, Airoli and Ghansoli, which house prominent corporates including TCS, Deloitte, Voltas, Blue Star, as well as the Mindspace IT Park and Reliable Tech Park.
Situated off NH-4, Taloja, a node in Navi Mumbai, is witnessing rapid residential and commercial infrastructure development. The MIDC corridor and MMRDA are largely contributing to the locality’s growth. The location is also a part of the upcoming Navi Mumbai Phase 1 metro line – Belapur-Kharghar-Taloja-Pendhar. Taloja enjoys good connectivity due to its proximity to the Mumbai-Goa highway, NH-4 and the Mumbai-Pune Expressway. The location is at a 10 minutes’ drive from the proposed Navi Mumbai airport. The Taloja Panchanand railway station connects the Harbour, Central and Western railway lines. CIDCO’s mass housing development scheme for Taloja, which is at the implementation stage, is expected to change the dynamics of the area and establish Taloja as the largest well-planned township in the country. With more people looking for residences closer to working areas, this location will soon attract other real estate players, as well.
(The writer is chief sales officer, Lodha Group)