Five Value-Oriented Residential Locations in Mumbai

Amit Jain, CMD, Arkade Group

When we’re looking to purchase a house, we typically take into account several factors such as neighbourhood demographics, proximity to work, schools, markets, hospitals, public transportation and employment centres. In addition, affordability, access to basic amenities, safety and security, employment centres and neighbourhood demographics are factors that home buyers look at before finalizing a home location. Properties that  offer all of these amenities and more are considered to be “value-oriented locations.”  Five key micro-markets from Mumbai fit the bill:

Santacruz West

It is indeed a promising location for buying properties, givenits attractive features and potential for property value growth. Itsproximity to Juhu Beach and vibrant culture can significantly draw people looking for a desirable living environment. Furthermore, its convenient location near important business centers adds to its appeal, as it offers a balance between work and leisure. The average price per sq ft for 1BHK flat in Santacruz West, Mumbai is Rs. 30,000 – Rs. 80,000.

Borivali West

It has undergone rapid and substantial development, solidifying its position as a premier destination for prospective real estate investors within the region. Notably, there has been a conspicuous surge in demand for upscale residences in the Borivali area. The imminent introduction of new metro lines and substantial infrastructure initiatives, exemplified by projects like the coastal road and twin tunnel road, foreshadows a profound quadrupling of the requisition for luxury accommodations within this market segment.

These compelling factors collectively render Borivali an exceedingly coveted locale for astute real estate investments.  this trajectory is projected to incline favourably as several prospective infrastructure undertakings approach completion. The propitious expansion of Metro Line 7A further augments the area’s appeal. Demonstrating this favourable environment, the property valuation indices in Borivali have surged by an impressive 4.5% over the last 12 months. The average price per square feet in Borivali is Rs. 25000 – 40000.

Goregaon

This micro market stands as an idyllic expanse, meticulously endowed with essential amenities such as hospitals, educational institutions, culinary establishments, and retail complexes, seamlessly accessible in proximity. This locale boasts of superlative connectivity, strategically positioned within the ambit of the harbor line and western line, forming a nexus of efficient transportation. The integration with metro further elevates its accessibility quotient. Additionally, the ongoing development of Metro Line 2, slated to traverse the stretch from Dahisar to Mankhurd, promises to be a transformative leap, fortifying the interlinkage between the western periphery and the distant eastern sectors of the metropolis. Remarkably, the real estate landscape in Goregaon has burgeoned appreciably, marked by a substantial 7-7.5% escalation in property valuations over the past year—an undeniable testament to its burgeoning allure and tangible prospects for investment. The average cost of property is around Rs. 25000 – 30000 rupees price per sq ft.

Mulund West

This micromarket has also emerged as a phenominal locality Mumbai’s real estate market, offering enhanced living with world-class amenities and a grand lifestyle. One of the key factors driving Mulund’s growth is the development of various infrastructure projects, such as the Metro and Mono Rail. These projects have not only improved connectivity but also contributed to the overall enhancement ofthe area. Additionally, the proposed Goregaon-Mulund Link Road is expected to be a game-changer, providing a significant boost to infrastructure and connectivity  in Mulund. Property rates in Mulund have increased by 6-9.5% in the last year.

Bhandup

This is a developing suburb offering numerous residential and commercial properties. The Bhandup Railway Station on the Central Line facilitates transportation, and the Eastern Highway connects the area to the city. Further improving transportation convenience, the proposed Bhandup Metro Station on Line 4 is scheduled to open soon. This location features excellent educational centers within its periphery and is well-equipped with healthcare facilities and other amenities. Property rates in Bhandup have increased by 4-4.5% in the last year. The typical cost of a 1 BHK property in Bhandup West ranges from ₹1 to ₹2 crore, while the price  for a 2 BHK property in the same area  is  between ₹2 to ₹4 crore.

However, as is the case with any property investment, it’s important to conduct thorough research and due diligence. Factors such as local market trends,economic stability, potential for future development, and legal considerations should all be taken into account before making a decision to purchase property. Consulting with real estate professionals and considering long-term goals can help ensure that the investment aligns with your expectations and financial plans.