Residential Property Market in Mumbai

Residential Property Market in Mumbai – October 2018

Analysis of Resale and Lease Market in Mumbai

Property Market in Mumbai is the most talked/discussed about Topic/subject in any parties, family gatherings or even when a few friends meet after a long time. Past few years starting from the year 2015 onwards have been a little slow for the real estate sector as the entire Central Government, State Government and Bombay Municipal Corporation were going through a Transformation. Starting from RERA, GST, New DP Rules, and Property Valuations all is linked to the Real Estate Business. Now couple, the same with infrastructure impact, which Mumbai as a city is going to see a lot, which will also lead into calibration of prices till the year 2022.

Mumbai City being the financial capital of India enjoys a huge limelight and this translates into setting up businesses by start up companies, conventional businesses and of course the existing and established businesses which are nearly here since India’s independence.

To build a great city, you need infrastructure and Thankfully so, Mumbai is decently ahead of other cities in India in Public commuting with its extensive local trains, buses, Metro and the new age taxis being Uber, Ola etc. Mumbai by the years 2022 will have Metro across the length and breadth of the city.

Beginning from South Mumbai and ending up in Virar, Panvel and Kalyan, the Mumbai property market offers properties in all sizes, prices and thus Mumbai Real Estate thrives.

Cuffe Parade, Colaba

The Southern part of the Mumbai is most favoured by Bankers, Industrial Families, Top Law Firms and large corporate houses. Cuffe Parade, Colaba, Fort, Churchgate, Ballard Estate, Marine Lines, Marine Drive fall in the absolute southern tip, with the Navy Nagar taking the crown in respect of the most greenest location of this zone. The most popular buildings in this location are Maker Tower A, Jolly Maker Towers, DSK Durgamata. Taj Vivante is right their on the beginning of the Cuffe Parade which makes it a great entertainment place for the Corporate Head Honchos.

Grant Road, Tardeo, Charni Road

Moving towards the old world city of Grant Road, Tardeo, Charni Road, Bhuleshawar, VT, Mohammad Ali Road encompasses and yet feels like the Mumbai which was 50 Years ago, with stone finished old buildings with traditional businesses, ranging from Textiles, Electric to consumer goods etc.

Parel, Lower Parel, Mahalaxmi

Central Mumbai beginning from Parel, Lower Parel, Mahalaxmi is where the New Age new developments have given the location an absolute new skyline. As per an estimate in these few locations there are more than 5000 apartments are coming up which range between prices of INR 5 Crores to INR 15 Crores.

Worli, Prabhadevi and Matunga

Worli, Prabhadevi and Matunga belt again has a lot of New Constructions with Top Developers Like Oberoi, Lodha, Omkar, Kalpataru, K Raheja Corporation, Wadhwa Group, HBS Realtors eyeing on that typical client with budget over 15 Cr going up to 40 Cr for the pent houses and the sprawling 3000 sq.ft plus apartments.

Wadala - Sewri

Wadala - Sewri belt on the other hand is shaping up into a New Residential Hub with the Mono Rail connectivity to Chembur and Lower Parel coming up. This belt has the Ajmera Group, Dosti Realty and the Lodha Group developing the New Cuffe Parade at Wadala with Kelly Hoppens and Philippe Starck Designer Apartments.

Chembur - Ghatkopar

Chembur - Ghatkopar belt due to its new connectivity to South Mumbai via the New Free way has given a new lease of life to the location, one can reach at The Taj Mahal Palace Hotel at Colaba in 20 Min flat from Colaba and be sitting at the Star Bucks and having a Hot Cappuccino.

Powai – Vikhroli – Kanjur Marg

Powai on the other hand remains a hot location for Expatriates, IT start ups as Hiranandani unmatched infrastructure of A Grade Commercial and Residential properties attracts top level corporate crowd. Kanjur Marg and Vikhroli also have some big names like the Godrej Group developing The Trees and Runwal Group – Runwal Forest and Bliss.

Bandra West to Andheri West

The Western Line starting from Bandra West to Andheri West is still considered one of the prime residential hot spots with Senior Executives from MNC’s buying and leasing homes. Similarly, the Bandra East to Andheri East belt is also buzzing with activity considering the 3 CBD’s of BKC, Kalina and Andheri East are right there with top notch infrastructure, 5 Star Hotels, Metro, Airport Santacruz Upper Link Road and Top Residential complexes.

Andheri, Goregaon, Borivali

Andheri West/East to Borivali West/East has become another city in the making with nearly all facilities one requires for Residence or office space. These are the maximum growth centres of the city with the highest density of population dotted with Top Malls like Infinity II, Inorbit, Hypercity etc. Goregaon East is one of the fastest growing lease market in Mumbai. Oberoi Exquisite and Oberoi Woods are the finest complexes with 2.5 and 3 BHK apartments over looking the Aarey Milk Colony. Oberoi Esquire is coming up for possession by April 2018 and it will once again be one of the finest gated communities to live in.

Thane

Thane on the other side of the Eastern Express Highway is emerging to be one of the largest residential cities with impetus on high quality living and amenities, in years to come Thane will offer and boast of the maximum number of Swimming Pools and Amenities in any residential project.

Navi Mumbai

Navi Mumbai will continue to gain traction in both Commercial and Residential sectors. Although due to abundant supply of Land and ready to move in inventory, the prices in most nodes are likely to be stable.

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