By Pankaj Narang, Founder & Director, Blitzkrieg Co.
Mumbai, India’s financial capital, has consistently offered a wealth of opportunities for everyone. Historically, Mumbaikars have sought homes along the city’s extensive railway lines, expanding its real estate landscape and making more areas accessible. This trend continues as Mumbai’s micro markets transform, catching the attention of those in search of homes for living or for investment purposes.
In this article, we delve into some of the most sought-after micro markets within Mumbai, particularly focusing on Vikhroli, Bhandup, and Dombivli West, which present exciting prospects for future investments.
Vikhroli: Mumbai’s New Center Point
Vikhroli enjoys an ideal location along the Eastern Express Highway, boasting excellent connectivity via rail and metro. This accessibility makes Vikhroli easily reachable from all corners of Mumbai, positioning it as the city’s new center point.
Imagine purchasing a 1 BHK apartment in Mumbai for 70 to 75 lakhs. Vikhroli makes this possible. In the past, Thane experienced remarkable growth fuelled by projects along Ghodbunder Road. However, to buy a 1 BHK apartment there, you’d need to spend 60-65 lakhs and endure a 40-45 minute commute to Thane station. Vikhroli, on the other hand, offers a better option. It provides a convenient 5-minute commute to the railway station, enabling residents to save precious time and lead a more balanced life.
Recent years have witnessed a surge in property transactions in Vikhroli. With developers launching attractive projects, Vikhroli has emerged as a preferred choice over Ghodbunder Road due to its affordability and connectivity. Notably, Vikhroli is not only 5 minutes from the railway station but also conveniently linked to Mumbai’s business hub, BKC, within 20 minutes drive. Additionally, Powai is just five minutes away, and Vikhroli boasts excellent metro connectivity. The future prospect of Vikhroli Ghansoli Link Road further enhances its appeal.
While currently, you can expect to find good 1 BHK apartments in the Rs 70-75 lakh range, prices are likely to rise as infrastructure develops and demand grows in the Vikhroli market. Offering a mix of residential options from affordable to luxury, Vikhroli stands out as one of Mumbai’s best destinations for investment and home ownership.
Bhandup – The Rising Suburb
Bhandup West is another market experiencing significant absorption of residential stock. Located just 5 minutes from Nahar railway station or Bhandup railway station, Bhandup is witnessing strong demand for 1 BHK units under Rs 1 crore, 2 BHK units under Rs 1.5 crores, and 3 BHK units under Rs 2 crores. Renowned developers such as Oberoi, Godrej, Rustomjee, and Wadhwa have recognized Bhandup’s potential, securing land parcels and highlighting its importance in future real estate development.
Connectivity in Bhandup is exceptional, with the area situated just five minutes from the Eastern Highway and strategically located between three prime roads: LBS Marg, JVLR, and GMLR. The Mumbai metro network further enhances accessibility in the region. Bhandup is poised to play a pivotal role in the future development of Mumbai’s real estate market.
Dombivli West – Affordable & Accessible
Dombivli West emerges as a micro market with immense growth potential over the next 2 to 3 years. Its game-changing factor is the remarkable connectivity provided by the Mankoli Bridge. In contrast, Dombivli East and Shilphata have faced challenges with limited road connectivity or upcoming metro links. Dombivli West scores highly in terms of accessibility.The area is increasingly well-connected to the Eastern Express Highway, just five minutes away via the Mankoli Bridge. The Dombivli railway station is also a convenient five-minute drive, ensuring effortless commuting.
With the forthcoming 90-feet road in Dombivli West, its attractiveness as a hotspot only grows. This area is poised to witness higher demand in real estate compared to Dombivli East, where residents currently endure a daily 40-45 minute commute to reach the Eastern Highway. In Dombivli West, with places like New Anmol Nagari offering immediate connectivity to EEH, a 50% price appreciation over the next 3-4 years is anticipated.
Mumbai’s real estate market is in a constant state of evolution, with homebuyers and investors exploring micro markets that offer a blend of growth potential and affordability. While prime locations in the city remain in high demand, these emerging micro markets have garnered attention due to their improving infrastructure, enhanced connectivity, and diverse housing options.
Investors considering Mumbai for real estate ventures should conduct thorough research, align with their financial objectives, and seek guidance from real estate experts. Mumbai’s micro markets are opening doors to a promising future within India’s dynamic real estate landscape. By capitalizing on these sought-after micro markets, you can embark on a rewarding and prosperous real estate journey.