Mumbai’s real estate market’s hidden treasures

In the future, some real estate markets in the Mumbai Metropolitan Region have the potential to provide substantial returns on investment. We’ll look at how to locate these sites.

Mumbai, which is sometimes criticised for being oversaturated, also has several undervalued and lesser-known real estate micro-markets that, as a result of the city’s infrastructural expansions, might become property hotspots. The majority of these ‘hidden jewels’ are in Thane and the surrounding areas, as well as Navi Mumbai.

How do you know when a new location is going to come up?

• “The idea here is to figure out where you’ll be in the future. Of course, the difficulty of being the first to market exists, but if you do it right, you may strike gold. Pranay Vakil, chairman of Praron Consultancy, says, “It’s time to look beyond the conventional criterion of ‘location, location, location,’ and investigate future places.” Powai, for example, was formerly a desolate region that has since blossomed into a major commercial and residential hub. Thane, meanwhile, has emerged as one of the most cost-effective and attractive sectors.

Dahisar and Borivali, according to Parth Mehta, managing director of Paradigm Realty, are now undervalued. When the metro rail system is completed, as well as the six-lane Borivali-Thane tunnel, these areas will have better connection. According to him, once the infrastructure in these areas improves, costs would rise significantly. “Strategic Business Districts are projected to emerge outside of Mumbai, where concentrated lines of business and industries would operate.” “We are going to see a lot of new, high-potential markets emerge as a result of the strategy for 100 Smart Cities,” adds Mehta.

Due to the obvious forthcoming metro line in the area, Harjith D Bubber, MD and CEO of Rivali park, CCI projects, feels that some portions of Kandivali east and Borivali have high potential for appreciation and would see demand.

• He predicts that areas with good connection, such as Vasai and Virar, would become popular. “The marketplaces of Thane, Khargar, Panvel, Vasai, Virar, and Nalasopara have outpaced Mumbai’s traditional markets.” As a result, many tier-1 developers are focusing on these areas,” says Bubber.

There are other hidden gems, such as Kalwa and places outside Thane, and infrastructural development will be the key to these locations’ appreciating potential, he argues.

Infrastructure encourages the growth of micro-markets.

• Kolshet in Thane has been proposed as a transport hub, making it a future residential hub. Property prices in the region have already increased by 6% in the last year. Ulwe in Navi Mumbai, meanwhile, received a Rs 13 million infrastructural boost in December 2016. CIDCO also intends to develop Kharghar in the same way that the Bandra-Kurla Complex was developed (BKC). Kalina is likewise reaping the benefits of its closeness to BKC, rebranding itself as an ultra-luxury residential location rather than a core business centre (CBD). The region’s attractiveness for the future is due to the spillover demand from the upper middle-class group.

Bhiwandi-Nijampur, Thane, Mira Bhayander, Vasai-Virar, and Kalyan-Dombivli all appear to have a bright future ahead of them. Ghatkopar (east) already has outpaced the Mumbai market, thanks to huge infrastructural development.

• Furthermore, ambitious developments like the Mumbai Trans-Harbour Link and the Wadala-Ghatkopar-Mulund-Thane-Kasarvadavli Metro-4 route would assist the housing market greatly. Property prices in Jogeshwari (west) have already begun to rise, and the projected metro line connecting Lokhandwala, Jogeshwari, Vikhroli, and Kanjurmarg would have an influence on areas such as Powai.

Owing to its high proximity to Thane, Navi Mumbai’s MIDC sector, Santacruz Electronics Export Processing Zone (SEEPZ), and the Ghansoli-Palm Beach Road, Ghansoli appears to be quite appealing in Navi Mumbai. Taloja, Roadpali, and Kalamboli may well not be hot attractions right now, but they have a lot of potential for further development. The fact that property values have yet to increase makes these regions an even more appealing option.

What Mumbai’s up-and-coming neighbourhoods have to offer.

• Mumbai is possibly the world’s only peninsular metropolis where horizontal expansion is still viable.
• The majority of the lesser-known yet high-potential places are in Navi Mumbai, Thane, and the surrounding areas.
• Several unremarkable places in the city are being transformed into high-growth corridors as a result of city infrastructure development.
• The initial movers in most undervalued but high-potential markets have already been rewarded.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.