End-users to Drive Mumbai Realty Market in 2014

Real estate experts and consultants have stated that, in 2014, Mumbai realty market will be driven by end-users unlike earlier when it was largely driven by the investors. One factor which supports this theory is the number of projects nearing completion this year in the city and the demand from end-users for ready-to-move-in affordable housing at various localities.

An end-user driven market is different from an investors market. A locality that supports end-users must already have good connectivity, civic infrastructure such as roads, flyovers, power supply, water supply and security as well as good social infrastructure such as schools, colleges, hospitals, malls, banks and business centres. It must also have a good supply of ready-to-occupy projects. On the other hand, a long-term investor driven locality still has sufficient time to develop and mature.

Few prominent localities in Mumbai that have recently become end-user markets and provide ready-to-occupy residential projects at relatively cheaper prices compared to the expensive western suburbs and south Mumbai include Dahisar, Bhandup and Mulund.

Dahisar

In recent times, Dahisar has seen good growth in civic infrastructure and connectivity. There are better pedestrian sidewalks as well as wider and smoother roads. Flyovers have been built to decongest traffic. The locality also has good social amenities including a Dahisar Sports Foundation. There are good public transportation services such as buses that provide connectivity within the locality as well as to different areas in Mumbai.

The suburb is well connected by the Western Express Highway (WEH) as well as several flyovers across WEH. WEH is an important national highway that connects it to all the western suburbs. Hence, one can access important CBDs such as BKC and SEEPZ through this highway. The Dahisar railway station lies on the western line of Mumbai’s suburban railway network.

There are several ready-to-occupy apartments available in Dahisar from builders such as Competent Consultants and Corporate Solutions. Typical configurations available here are 1 and 2-BHK apartments. One can buy a 1-BHK apartment for Rs. 40-75 lakhs while a 2-BHK apartment costs Rs. 90 lakhs to 1.2 crores. The average property price is between Rs. 11,350-12,050 per sq.ft.

Bhandup

The eastern suburbs of Mumbai are usually cheaper than the western suburbs. Bhandup is one such locality which offers apartments for prices as low as Rs. 80-90 lakhs compared to many western suburbs. Once an industrial area, the locality has increasingly become a residential area in recent times. Bhandup has a good social infrastructure including malls, sports clubs and a garden on LBS Marg. The area is still an industrial area and is close to the Powai SEZ as well as Andheri SEEPZ.

The area has good connectivity via the Eastern Express Highway (EEH) and Lal Bahadur Shastri (LBS) Marg. The Bhandup railway station lies on the central line of the Mumbai suburban railway network.

Bhandup offers several ready-to-occupy houses in the 1, 2 and 3-BHK apartment configuration by builders such as Beauty Group and Damji Shamji Shah Group. One can buy a 1-BHK apartment for a price of Rs. 60-85 lakhs and a 2-BHK apartment for a price of Rs. 80 lakhs to 1.5 crore. The average property price in the suburb varies between Rs. 11,300-13,050 per sq.ft.

Mulund

Mulund is another eastern suburb and an adjacent locality to Bhandup. While it is a bit further away from the CBDs in the western and central suburbs, the locality still has good connectivity and infrastructure. The suburb has good connectivity via the EEH and the central line of the Mumbai suburban railway. It is also connected to Navi Mumbai via the Mulund-Airoli Link Road, commonly known as Airoli bridge. There are adequate trains and BEST buses to the locality.

Mulund has a good social infrastructure and is known for its trendy lifestyle. It is the earliest planned suburb of Mumbai. There are several industrial, engineering and pharmaceutical companies as well as residential areas in the suburb. With time, there has been more commercial development in the area. Yet, the suburb remains one of the greenest and safest places in Mumbai.

The suburb offers a variety of ready-to-occupy apartments in the 1, 2 and 3-BHK configurations. Some of the well-known builders such as Nirmal Lifestyle Group and Ravi Development are active here. A 1-BHK apartment can bought for a price of Rs. 70-90 lakhs and a 2-BHK apartment can be bought for Rs. 1.1-1.25 crore. A 3-BHK apartment can be bought for Rs. 1.5-2.2 crore. The average property price is in the range of Rs. 13,300-14,050 per sq.ft.