Mira Road: An Emerging Investment Destination

Mira Road: An Emerging Investment Destination

Mira Road has emerged as one of the favourite destinations for property purchases and rentals in Mumbai in recent years. For those who are unable to buy or rent a house in the expensive suburbs of Mumbai such as Powai, Andheri or Bandra, and yet want to stay connected to the city, Mira Road is one of the best alternatives. Various factors are responsible for driving demand for property here, the key among them being its connectivity, affordability and fast growing infrastructure.

Connectivity and infrastructure

 Mira Road extends from the locality of Mira Bhayander in Mumbai up to Ghodbunder Road in Thane. It has the Western Express Highway (WEH) passing through it, which connects it to the western suburbs and important business hubs such as Bandra Kurla Complex (BKC), SEEPZ and Lower Parel. Ghodbunder Road connects it to Thane and Navi Mumbai. Other important roads here include the Mira-Bhayander Link Road and Station Road. The area has regular BEST buses providing public transport services. Besides roadways, the locality is also connected through the western line of the Mumbai suburban railway.

Mira Road already has a well-developed infrastructure and a few other infrastructure projects in pipeline. A new sewage treatment plant is already in place. The Mahim-Mira Road Bus Corridor, a part of ongoing Bus Rapid Transit System (BRTS), is also operational. The four-lane road connecting Gorai and Bhayandar is in the planning stage. An extension of the Mumbai metro from Dahisar proposed up to Mira Road is also proposed. Widening of few other roads, upgrading the storm-water drain systems and establishing new fire stations are few more projects in the pipeline.

Electricity is provided by Reliance Energy and Bombay Suburban Electric Supply (BSES), while telecom services are provided by MTNL. The area already has a decent number of educational institutions and healthcare services including hospitals and nursing homes. There are a few malls and cinema halls here that cater to the entertainment.

Snapshot of market trends

Available Unit Type: Most of the residential units launched over the last two years in the area are multi-storeyed apartments.

BHK Configuration: Mira Road offers a significant number of 1 and 2BHK units. These configurations each occupy nearly 50 per cent of the market. The remaining are 3BHK apartments.

Approximate budget: Most available properties are in the affordable budget (below Rs 60 lakh) and mid segment (Rs 60 lakh – 1.2 crore). There are just about 5 per cent of the properties in the luxury segment (Rs 1.2 – 2 crore). According to CommonFloor data, the affordable and mid-segment properties are almost in equal percentage.

Price: The weighted average price (WAP) of new projects in the area was about Rs 7,400 per sq. ft during Q1, 2015.

Future price trends: In comparison to the second quarter of 2014, property prices have gone up by almost 25 per cent. With improved market sentiments and availability of properties in the affordable range, demand is expected to grow leading to growth in property prices in Mira Road.

The following table gives some of the top builders and projects in the area.                     

Table: Top builders in the area

Hence, if you are planning to invest in an apartment at an affordable price coupled with good connectivity and infrastructure, Mira Road is a good choice in Mumbai.