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Wadala has undergone a significant transformation over the last decade, from largely being an industrial zone to an upcoming residential market. Its proximity to Bandra-Kurla Complex (BKC) spurred large-scale land development, thereby, fuelling the real estate market. Wadala is also an example of multiple infrastructure initiatives driving an area’s real estate market.
Nestled between south Mumbai and the suburbs, Wadala enjoys strong connectivity (by road and rail) to most parts of Mumbai. Wadala Road is an important station on the harbour line of Mumbai’s suburban railway network and connects Wadala to Andheri on the western line (via King’s Circle), and Panvel (via Guru Tegh Bahadur Nagar).
Infrastructure projects, such as the Chembur-Wadala monorail and the Eastern Freeway, along with the Kurla-Santacruz Flyover and Anik-Panjarpol Link Road, have also led to an increase in residential demand and pushed up property values over the last few years.
Wadala is expected to witness heightened activity in the coming years, driven by planned infrastructure developments and large residential projects.
“The second phase of the monorail (connecting Wadala to Mahalaxmi), the planned elevated corridor connecting BKC to the eastern express highway (near Chunabhatti) and the proposed metro line 4 connecting Wadala-Ghatkopar-Thane-Kasarwadavli, are expected to improve connectivity significantly,” points out Shveta Jain, managing director – residential, Cushman & Wakefield.
“The Mumbai Metropolitan Region Development Authority (MMRDA) also has plans, to develop this region as a commercial zone (by shifting the truck terminal) in the long run, with marquee developments on the lines of BKC. These proposed developments augur well for the real estate market in this region,” says Jain.
Entertainment, education and more
According to industry experts, Wadala is also likely to become a major commercial area. Right now, it is witnessing a spill-over demand, from buyers who cannot afford areas like Lower Parel, Bandra or Juhu.
Wadala already has good social infrastructure to cater to home seekers and the commercial developments in the area, will further fuel demand. Important educational institutes in the vicinity, include Veermata Jijabai Technological Institute, Khalsa College, Mumbai University’s Institute of Chemical Technology, Dr Ambedkar College of Commerce & Economics, Dr Ambedkar College of Law and SNDT Women’s University. There are several renowned hospitals like BPT Hospital and Aditya Jyoti Eye Hospital, as well as small clinics. IMAX – Mumbai’s largest dome theatre, Star Mall, Inox and Manish Mall, are all in close proximity. Moreover, residential developments in Wadala, boast of plush amenities like swimming pools, parks and gyms.
Changing landscape and market perception
All this has led to lucrative returns, for the investors and developers in this region.
“A decade ago, property prices at Wadala were as low as Rs 2,800 per sq ft and it rose to Rs 14,000 a few years ago,” says Ramesh Nair, COO – business and international director, JLL India.
After the announcement of infrastructure projects, the area saw an increase in interest from developers like Ajmera, Lodha Group and Dosti Group, who rolled out projects in the premium segment.
As families from south Mumbai started relocating to Wadala, the property prices shot up again.
“Today, property prices here are in the range of Rs 19,000-21,000 per sq ft, which amounts to an increase of 133%, over the last half decade,” explains Nair.
Of the 1,871 residential units launched in Wadala since 2007, 1,387 units were launched in 2011 alone, shares Dhaval Ajmera, director of Ajmera Realty. “Being strategically located, Wadala has benefited from its connectivity to employment hubs across the Mumbai Metropolitan Region. The authorities’ intention to develop Wadala on the lines of BKC, has further increased the appeal of this destination, while the Monorail and road connectivity have fuelled the development of the region as a commercial and residential hub,” Ajmera sums up.
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