Ghatkopar, Mulund, Bhandup and Vikhroli set to become prominent residential hubs
Mumbai middle-class home buyers are set to experience a galore of reasonable residential properties as Ghatkopar–Vikhroli–Bhandup-Mulund stretch offers homes at affordable rates. These localities are situated along the central line in Mumbai and have evolved as one of the hot destinations for home buyers in search of areas adjacent to city center.
Reasons for growth in real estate in the stretch
Connectivity is one of the vital reasons for the growth of real estate in the stretch. Since the stretch is well-connected and offers easy access to prime locations in Mumbai, it has attracted a number of key developers of the city. Easy access to all the upcoming business corridors of the Eastern Express highway has also contributed to the growth in residential real estate along the region.
The stretch is mainly targeted for the mid-segment end users because of the wide-array of reasonable homes it offer. To add to it, widened LBS marg also plays a key role in growth of real estate sector along the Ghatkopar, Mulund, Bhandup and Vikhroli stretch. The LBS marg serves as one of the major road links for the Eastern suburbs. Any kind of realty developments along the LBS marg is likely to influence the real estate growth in Mulund, Ghatkopar and Vikhroli.
Growth in residential property along the stretch is complemented by a number of factors such as medical care, retail growth, educational institutes and other crucial social infrastructures. In the last few quarters, a number of construction projects, malls and hotels have been developed that has fueled the demand for residential properties in the region. Easy accessibility to the railway stations along the central line makes the stretch ideal for home buyers.
Ideal for Mid-segment buyers
According to market reports, the localities have a capital value ranging between Rs 12000 to Rs 15000 per sq ft for residential apartments. This is low compared to adjacent premium localities like Powai, where the residential value is marked at Rs 18000 per sq ft. Hence, for mid-income segments, buying a home near the Ghatkopar, Mulund, Bhandup and Vikhroli stretch is always a better option for buyers. At Rs 8000-Rs 12000 per sq ft, Mulund, which is at par with Powai in terms of infrastructure, offer some affordable options to home buyers. Bhandup on the other hand, offer properties at lower rates than Mulund.
Some of the key developers of the city such as Nirmal Builders, HDIL, Nirman Group etc. have made their presence felt in Mulund. Other developers who have their projects in Ghatkopar, Bhandup and Vikhroli include Kalpataru Ltd, Sankalp builders and Godrej properties. All such projects offer apartments within the range of 35 lakhs-1 crore.
Demand for small housing units
Demand for residential apartments in these localities mainly exists for small housing units. During the quarter March-May 2013, there was a demand for 2-BHK in Ghatkopar, while Bhandup witnessed a steady demand for 1 BHK. To add to it, there was a demand for 1 and 2 BHK units in Vikhroli and Mulund. Market reports confirm that the supply for small housing units was mainly restricted to 2 BHK units.
The Ghatkopar-Vikhroli-Bhandup-Mulund stretch is growing at a fast pace. Investing in properties along the stretch is a lucrative future investment, since the infrastructure growth and demand witnessed in the region will soon be met by the middle-income home buyers.
