Suburbs Along Mumbai’s Eastern Express Highway Emerge Better Choice For Investment
When it comes to long term investing prospects in a city, major highways are the best bet as they provide good connectivity to various localities within the city and areas in other cities. Due to this connectivity, the infrastructure of a particular area grows and with growth in infrastructure, the growth in demand for that area grows. Consequentially, prices in the locality too appreciate.
Mumbai has two such major highways that connect various localities with each other as well as other cities viz., the Western Express Highway and the Eastern Express Highway.
Western Express Highway (WEH)
The Western Express Highway is a major 8-10 lane arterial road in Mumbai. It is a 25.33 km highway and forms a part of National Highway 8 (NH-8) connecting Mumbai and Delhi. The road connects the western suburbs from Bandra to Dahisar. The road has played a very important part in reducing the congestion on SV Road. There are various flyovers built to this highway in various areas.
The WEH connects the suburbs of Bandra, Khar, Juhu, Vile Parle, Andheri, Goregaon, Malad, Kandivali, Borivali, Dahisar and Mira Bhayander.
Eastern Express Highway (EEH)
The Eastern Express Highway is another major highway in Mumbai. It is a 23.55 km 6-lane highway connecting Chhatrapati Shivaji Terminus to Mulund in Mumbai. The highway is part of the National Highway 3 (NH 3) which connects Mumbai and Agra. It cuts off from the Sion Panvel Highway at Chembur to Mumbai’s outer limits. The express highway has heavy traffic during rush hours.
The EEH connects the eastern suburbs of Dadar, Chembur, Ghatkopar, Vikhroli, Bhandup and Mulund.
Capital value in western suburbs
The western suburbs have excellent proximity, accessibility and connectivity to commercial destinations. Most of the business districts and SEZs such as Bandra Kurla Complex and Andheri SEEPZ are either situated within the western suburbs or close to these areas. Apart from the WEH, these suburbs have other important arterial roads and bridges that connect them to these business districts such as Link Road, SV Road and the Bandra-Worli Sea Link. These suburbs are also highly developed and offer several social amenities to people.
All these factors put the western suburbs beyond the affordable band. Typical property values in these suburbs range between Rs. 20,000 – 45,000 per sq.ft. For example, property value in Andheri West is between Rs. 20,100 – 25,050 per sq.ft. It is between Rs. 39,600 – 42,400 per sq.ft in Bandra West. Though these values are lesser than those of South Mumbai (approx Rs. 55,000 – 70,000 per sq.ft), they are still high from a common man’s perspective.
Capital value in eastern suburbs
Though the eastern suburbs are close to expensive areas such as Powai and Andheri, the property values in these suburbs are lower compared to those of the western suburbs. For example, property values in Chembur are between Rs. 16,100 – 16,400 per sq.ft and between Rs. 13,050 – 13,700 per sq.ft in Mulund. This is primarily due to lesser physical infrastructure development compared to western suburbs. However, with the EEH, the infrastructure in these suburbs is developing at a fast pace.
Growth prospects in eastern and western suburbs
Due to high property prices, the western suburbs have seen little price appreciation in the last two years. For example, capital value in Bandra West went up from an average of Rs. 32,650 to Rs. 41,000 per sq.ft. Property prices in Malad West went up from Rs. 11,500 to Rs. 15,000 per sq.ft and property values in Goregaon went up from Rs. 11,450 to Rs. 15,000 per sq.ft. The average growth in property values in these suburbs in the last two years is between 25.5 – 31%.
The average capital value in Mulund east saw an appreciation from Rs. 9,600 to Rs. 13,500 per sq.ft in two years. Similarly, Bhandup east saw an increase from Rs. 8,200 per sq.ft in 2011 to Rs. 11,350 per sq.ft in 2013. Capital values in areas that lie along EEH such as Mulund east, Vikhroli, Kanjurmarg east and Bhandup east appreciated by about 50-65% since 2011.
The suburbs lying along the EEH continue to see appreciation in property values. Hence, if one wants to invest in a property in Mumbai, eastern suburbs prove to be a better choice.
ghatkopar property rates
