Mumbai is one of the costliest cities in the country and real estate prices are sky-high, particularly in parts of South and Central Mumbai which are among the most coveted places to live in the city. There are still some areas in Mumbai which offer good returns in terms of appreciation in capital values. Mumbai’s skyrocketing property values are attributed to geographical limitations.
Being surrounded by the sea on three sides, growth prospects are quite restricted in Mumbai. The reasons behind the swift increase in real estate prices in prime locations in Mumbai and the areas between Bandra to Juhu and Byculla to Chembur were majorly the long time required to commute from the city center to the suburbs and slower infrastructure and connectivity.
Chembur is one of the best locations in Mumbai which promises good returns. Chembur offers great connectivity through the Eastern Express Highway and Eastern Freeway and there is high potential in terms of infrastructure development, development of clusters/slums and industrial land conversion. Chembur is well linked to the Central Suburbs, CBD, Thane and BKC (Bandra-Kurla Complex). There are several open spaces and parks here while the mono rail network is operational between Chembur and Wadala. This will also be extended to the Jacob Circle and the proposed flyover between BKC-Chunabhatti will lower traveling time to 15 minutes from 45 minutes. The average prices hover around Rs. 17-18, 000 per sq. ft.
Ghodbunder Road in Thane is another emerging real estate hub in Mumbai. There is great connectivity to the central suburbs through the Eastern Express Highway. There is good connectivity to the western suburbs, BKC and Thane while the area has a huge land bank with abundant potential for development. There is great social infrastructure here like hospitals, educational institutions and shopping malls. The area is witnessing large-scale townships being developed and the proposed metro railway network will boost connectivity as well. Average prices of property range between Rs. 7-10, 500 per sq. ft. approximately here.
Kanjurmarg also promises attractive returns from real estate. There is good connectivity through the Eastern Express Highway to the central suburbs. There is great connectivity to Thane and BKC and a huge land bank with ample potential for development. There are several educational institutions, shopping centres and hospitals nearby while the central suburban line ensures good connectivity as well. The metro railway network will boost connectivity immensely in the future. The average property prices range between Rs. 14-16, 000 per sq. ft. here. The entire Malad-Goregaon stretch also promises high returns. This is one of Mumbai’s biggest commercial zones and has abundant supply of land. There are leading hospitals, educational institutions and shopping malls in nearby zones. The Western Express Highway also offers great connectivity to other parts of Mumbai. The western suburban railway network ensures great connectivity and the proposed metro railway station will be ensuring great connectivity in the future. The average prices of property range between Rs. 12-17, 000 per sq. ft.
Panvel is also witnessing skyrocketing growth and promises good scope of future returns. The average property prices range between Rs. 4, 800-6, 000 per sq. ft. and there is good connectivity to the proposed International Airport and JNPT. There is great connectivity to commercial zones along the Thane-Belapur Road. The huge land bank here is suitable for future development and there are several industrial zones nearby.
The Harbour railway line also ensures good connectivity for residents. Ambernath, a good affordable housing destination, is also a good bet for earning good returns on real estate investments. The land bank here is abundant and the entire Ambernath-Badlapur MIDC zones are major industrial areas. The central suburban railway line offers good connectivity and property prices are currently between Rs. 3-4, 500 per sq. ft. approximately. There are several educational institutions nearby.
