Ghodbunder Road Emerges Most Active Realty Market in MMR in 2015
Mumbai real estate market showed few signs of revival this year with various new areas coming up on the radar – few as affordable areas, some witnessing increased apartment supply, few areas seeing good price appreciation while few areas emerging as rental destinations. Among all the areas witnessing good real estate activity, Ghodbunder road appeared to be one of the most active real estate markets according to CommonFloor’s yearly report “MMR Real Estate in 2015.”
Ghodbunder road ranks high on various parameters
Ghodbunder road is a 20 km stretch connecting the Eastern Express Highway (EEH) and the Western Express Highway (WEH) in Mumbai, and is part of Thane. Some of the key areas along this stretch include Kasarvadavli, Ovala, Bhayanderpada and Mira Bhayander.
The stretch made a significant appearance on the Mumbai real estate map about 4-5 years ago due to its affordability and excellent connectivity it provides between Mumbai, Thane and Navi Mumbai. Since then, the stretch has become a hotspot for real estate activity in the MMR. While property prices in the area have grown over time, the area still appears relatively more affordable than several Mumbai suburbs. These factors have contributed to the continued real estate activity along the stretch.
Ghodbunder road ranked high on several parameters this year. Following are a few of them.
New supply: Ghodbunder road witnessed new launches of approximately 7,900 apartments, the highest in MMR this year across various project sizes, from small (<100 units) to large (1,000-1,500 units).
Affordability: Several areas along the stretch have witnessed growing property prices over the years. Yet, the stretch appeared to be relatively affordable compared to several other areas of Mumbai. The average property prices along the stretch were in the range of Rs 8,700-9,100 per sq. ft.
Multiple options in other segments too: Despite being considered relatively affordable, the stretch offered several units in a wide range of segments, from affordable to luxury. It also offered units varying from 1BHK to 4BHK units.
Rentals: Ghodbunder road was one of the areas in Thane that witnessed good availability of rental accommodation, apart from Thane west. It also appeared in the top areas with availability of resale units in MMR.
All these factors have made Ghodbunder road a stretch to watch out for in the coming few years.
