Mira Road Scores High on Rental Properties
With increasing property values and rental prices in the Mumbai suburbs and the improving connectivity of the peripheral areas to the suburbs, more and more people are choosing the outer suburbs as well as peripheral areas for accommodation. Of the several areas that have become attractive for rental housing, Mira Road has scored high as a preferred rental destination.
Based on CommonFloor data, there are certain factors that make the area a preferred locality for rental housing.
Connectivity and accessibility
The locality is a far western suburb, just beyond Borivali and Dahisar. Yet, Mira Road is very well connected to different suburbs of Mumbai. The Western Express Highway (WEH), which is a part of NH-8, passes through the area and connects it to areas such as Bandra Kurla Complex and Lower Parel. One can then take the Bandra-Worli sea link to go to South Mumbai. Ghodbunder Road is another important highway that connects it to Thane and to Navi Mumbai.
Apart from these important roads, the locality is well connected through the western line of the Mumbai suburban railway. There is a proposal to connect the area also via the Mumbai metro as well as the Mumbai monorail, while another proposal includes a four-lane road between Gorai and Bhayandar. The Mahim-Mira Road Bus Corridor is part of the Mumbai’s Bus Rapid Transit System.
Social and civic infrastructure
Mira Road has a good civic and social infrastructure. The existing roads are undergoing widening, while the local authority has built a skywalk near the railway station. The locality’s drainage system is currently going through a positive change. There is a plan for setting up a new sewage treatment plant in the area as well as increasing water supply and upgrading the storm-water drain systems. There are also plans of slum rehabilitation in the area.
There is sufficient infrastructure in the area to cater to the needs of residents. There are several educational institutions as well as hospitals. There are also several banks, ATMs, commercial centres, parks, restaurants, business centres and a few malls. Cinemax is a popular multiplex in the area.
Real estate
While the locality is fairly distant from the suburbs, it is also easily accessible. The area also scores well on the affordability factor both for purchase as well as rent. Most of the available properties for rent here are 1BHK apartments, followed by 2 and 3BHK apartments.
According to CommonFloor data, the approximate monthly rent of a 1BHK unit is in the range of Rs. 5,000-14,000 and that of a 2BHK unit is in the range of Rs 10,000-20,000. The approximate monthly rental of a 3BHK unit is about Rs 15,000-25,000. The rental prices have started moving upwards. In July 2012 the rental rate per sq. ft. was Rs 12 per sq. ft. which has risen to about Rs 20 per sq. ft. during Q2 2014, an increase of 67 per cent in two years.
All these factors have made Mira Road an attractive area for rental properties in Mumbai.
