Kanjurmarg To Beat Mulund and Ghatkopar in Popularity
In an expensive city like Mumbai, there are few suburbs which are known for affordable housing. Kanjurmarg is one such eastern-central suburb in Mumbai. Though it is in proximity to Ghatkopar and Mulund, it beats both these suburbs in terms of affordable housing projects. Now, it is becoming a hot real estate destination. There are several reasons why it is becoming popular among prospective buyers.
Location and connectivity
Kanjurmarg is in close proximity to suburbs such as Powai, Vikhroli, Mulund and Ghatkopar. Kanjurmarg is just about 4-5 km from both Powai and Vikhroli which are prime areas.
The area is the starting point of Jogeshwari Vikhroli Link Road (JVLR) which is an important arterial road in Mumbai connecting the eastern and western suburbs. This road also connects the Eastern and Western Express Highways. The area is also just a kilometer away from Lal Bahadur Shastri Marg that connects the eastern suburbs to Thane. The Kanjurmarg railway station is the main access point for several locations in Powai and other suburbs. The Mumbai International Airport is about 10 kms away and can be accessed via the Andheri Kurla Road.
It also has good connectivity to IIT Bombay, Andheri SEEPZ, Vikhroli IT parks and the SEZ at Powai.
Social Amenities
Kanjurmarg has a good social infrastructure. It has several schools and colleges such as Kendriya Vidyalaya and IIT Bombay. There are several hospitals such as Sanjeevani and Ankur Hospital. There are malls, multiplexes and restaurants for entertainment. Some of them include Nirmal Lifestyle and D Mart. There are NGOs in the vicinity. There are business and IT parks such as Lodha iThink Campus, DS Business Galleria and Crompton Greaves.
Real estate and affordability
The area has several residential real estate projects going on with several amenities such as club house, gym, swimming pool, squash court, sauna and other facilities. Some of the projects include Gundecha Heights and Altura, N.G. Royal Park, Suncity and Naval Dockyard civilian housing colony.
The suburb has a good demand and supply of 2-BHK apartments, while it does see a demand for 1 and 3-BHK apartments. The area of a 1-BHK apartment is typically between 550-600 sq.ft while the area of a 2-BHK apartment is between 800-1,050 sq.ft. The area of a 3-BHK apartment is between 1,250-1,500 sq.ft.
Price and trends
While Kanjurmarg may not be “affordable” in the true sense, apartments are cheaper in the suburb compared to its neighbouring Powai, Mulund and Ghatkopar. For example, a 2-BHK apartment in Powai would cost between Rs. 1.4-1.5 crore. It is between Rs. 1.3-1.75 crore in Ghatkopar, between Rs. 1.3-1.8 crore in Mulund and Rs. 1-1.2 crore in Kanjurmarg. The rental value of a 2-BHK apartment is between Rs. 25,000-35,000 per month in Kanjurmarg.
Capital value in the area has gone up from an average of Rs. 10,900 to Rs. 12,900 per sq.ft in Kanjurmarg East in the previous year while remained almost constant at Rs. 14,200 per sq.ft in Kanjurmarg West.
