Investing Smart in Mumbai’s Western Stretch
Mumbai is known for its fast paced growth. As such, it has been seeing a massive growth in residential as well as commercial projects in the last few years. The western stretch especially has seen massive growth in infrastructure projects and hence residential projects.
There was a time when Bandra, Juhu and south Mumbai were considered the prime locations for housing. However, due to the increasing infrastructure projects and excellent connectivity to important commercial centers areas along the western stretch of Mumbai such as Kandivali, Borivali, Malad, Khar, Dahisar, Santacruz and Andheri are in demand.
Infrastructure projects
There are several existent and upcoming infrastructure projects in this part of Mumbai. One important project is the Bandra-Worli sea link, which connects west Mumbai to south Mumbai. This sea-link significantly reduces commute time between the western suburbs and central business districts (CBD) such as Nariman point and Belapur. Prabhadevi and Dadar west are upcoming commercial hubs and are neighbouring locations to Worli.
The proposed Mumbai trans-harbour link will connect the Mumbai port to Nhava-Sheva port. This too will significantly reduce the commute time between Mumbai and Navi Mumbai, CBD Belapur, the proposed Navi Mumbai International Airport and Pune. The proposed Mumbai monorail will connect south Mumbai to north Mumbai via Jacob Circle and Chembur.
Another important factor contributing to the demand for residential projects on the western stretch is their proximity and connectivity to Bandra-Kurla complex and Powai. Bandra-Kurla complex is the first of the growth centres in Mumbai. Powai has an SEZ which houses many well-known commercial institutions such as Deloitte and CRISIL. Powai is also just about 5 km from Mumbai International Airport.
Connectivity
The western part of Mumbai has very good connectivity to other parts of Mumbai through highways such as National Highway 8. The Jogeshwari-Vikhroli Link Road (JVLR) connects the western suburbs to the eastern suburbs. There are many other important state highways and expressways connecting west Mumbai to other parts of Mumbai, Navi Mumbai and Pune. The Mumbai railway and metro provide excellent connectivity between different parts of Mumbai.
Other factors such as excellent roads, low crime rates and social comforts such as low industrialization, lesser slum areas and low pollution have made these areas popular residential hubs.
Parameters to watch while purchasing property in the western stretch
While more people plan to buy properties in these localities, there are certain factors that should be taken into consideration in these locations.
1) Buyers need to make sure that the necessary approvals and permissions for converting the land as residential plots are obtained from the developer. They also need to look for any pending approvals.
2) BMC issues certificates such as Commencement Certificate (CC) and Intimation of Disapproval (IOD) in regards with construction of buildings. A project must have both certificates.
3) Area terminologies such as carpet area, saleable area, etc are important parameters a buyer should be aware of. Loading factor is an important parameter a buyer needs to remember. A lower loading factor is always good for the buyer.
4) Buyers must obtain minute details of various promised features. They must also look for penalties for non-performance. Approved construction plans are available and must be displayed by the builders on the construction site at all times.
5) Buyers need to understand the various elements involved in maintenance charges. They should also understand the responsibility of the builder while paying recurring maintenance charges.
