Real Estate Trends in Malad
Malad is a western suburb located in the northern part of Mumbai. The Mumbai suburban railway divides the area into Malad East and Malad West. Malad has a diverse culture, as it has a mixture of people from all over India. Malad lies on the coast of Arabian Sea. It has Goregaon to its south, Kandivali to its north and the mangrove forests to its east.
Access and connectivity
Malad has very good connectivity to other parts of Mumbai via S.V Road (Swami Vivekananda Road), Link Road and NH-8. The Marve Road is an important road in Malad (West). It starts from S.V. Road, intersects with Link Road and ends at Madh Island Lands End. There are ferries one can take to reach Versova, Manori and Gorai from Malad. There are bus depots in both eastern and western zones of Malad. The railway station lies on the Western Line of the Mumbai suburban railway network.
There is currently no metro station in Malad. The Mumbai International Airport is about 20 km away and can be reached in about 40 minutes if one takes the Western Express Highway. Apart from becoming an IT/BPO hub in itself, Malad is about 16 km from Bandra Kurla Complex CBD and can be reached in about 25 minutes via the Western Express Highway. The Powai Kensington SEZ can be reached in about 25 minutes via JVLR.
Amenities
Malad has excellent social amenities due to its proximity to upscale neighbourhood such as Goregaon and Kandivali. The excellent social infrastructure is also as a result the area becoming an upcoming IT hub. The area has several educational institutions. Some of the oldest ones are Fatimadevi English School (Malad east) and Prahladrai Dalmia Lions College of Commerce and Economics. There is also a Billabong High International School here. There are at least seven malls in Malad. There are also several banks and religious places of worship in the area.
Malad has many important landmarks as well as important places. It is home to Bombay Talkies, the first movie company in India. Liberty Garden is one of the oldest parks in the area. It also has the Marve beach.
Real Estate
Both zones of Malad have old as well as new localities. There are several housing colonies in both parts of Malad. There is a concentration of certain communities in specific old localities while there is an influx of people from all over the country into new localities. Some housing colonies inculde BMC Colony, MHADA Colony, Chincholi Bunder Road, Raheja Township, Mind Space Complex and Mahindra Nagar.
Malad sees a high demand for multistorey apartments than residential properties. Malad west has a higher demand for residential properties than its eastern counterpart. The covered area of a 1 BHK apartment ranges from 300 – 700 sq-ft while the area of a 2 BHK apartment is in the range of 750 – 1,200 sq-ft while for a 3 BHK apartment the area is between 1,250 – 1,750 sq-ft. The covered area for a 4/5 BHK apartment is between 1,660 – 2,500 sq-ft.
Property Trends
The rent for a 1 BHK flat is between Rs. 6,500 – 30,000 while the rent for a 2 BHK flat ranges from Rs. 18,000 – 65,000. Rent for a 3 BHK flat is between Rs. 30,000 – 80,000 while the rent for a 4/5 BHK flat is between Rs. 75,000 – 1.3 lakh. The rent for a 1 BHK independent house is from Rs. 13,000 – 20,000, while it is between Rs. 23,000 – 60,000 for 2/3 BHK house.
Both the eastern and western parts of Malad have seen a steady increase in property prices in the last quarter with respect to apartments as well as independent houses. While the average price per sq-ft for a multistorey apartment in Malad (west) went up from Rs. 14,100 – 14,675 per sq-ft in the last quarter, it went up from Rs. 12,800 – 13,200 per sq-ft in Malad (east). Capital value for independent houses went up from Rs. 13,975 – 14,450 per sq-ft in Malad (west) while it went up from Rs. 11,700 – 12,650 pr sq-ft in Malad (east).
