Mumbai is at the epicentre of a mammoth urbanization spree in India. The financial capital of India is going through an infrastructural metamorphosis to cope up with the rapid influx of migrants and also revamp its ageing cityscape.
Real estate has been at the forefront of this change and as a result, residential & commercial complexes have mushroomed in several parts of the city to absorb the urban boom. Across the Mumbai Metropolitan Region (MMR), micro-markets in parts of Central and South Mumbai are cashing in on the ample growth potential of the city.
Mumbai has coped up with the recent real estate slump with a resilient will, though the property market has reached a saturation point in prime locations. However, this has augured well for sub-prime locations in the city that have not seen the residential boom but are blessed with state-of-the-art infrastructure. One such sub-prime location that has been touted to be the next big thing in residential real estate is Wadala.
Nestled between South Mumbai and its suburbs, Wadala is blessed with state-of-the-art infrastructure and excellent connectivity by both road and rail.
Wadala is strategically placed as far as the commercial aspect is concerned. It is close to the eastern freeway, eastern express highway, the monorail, and the upcoming metro-4 corridor. MMRDA’s plan to transform the Wadala’s monorail depot into Mumbai’s first walk-to-work hub as part of its transit-oriented development plan is set to change the fortune of the region.
Infrastructural developments such as the Chembur-Wadala monorail, Kurla-Santacruz flyover, and the Eastern freeway has spiked property values and pulled investors in hordes to this region.
Wadala’s proximity to the famed Bandra-Kurla-Complex (BKC) has piqued the interests of the real estate community who are upbeat on milking this new real estate opportunity.
Wadala underwent an evolution from being an industrial zone to an upcoming residential haven in the last 10 years. It is steadily becoming a crown jewel in the residential market space in Mumbai. The fact that its urbanization is balanced with verdant spaces like Five Gardens, Mancherji Joshi, Karve Garden and Bhakti Park Garden has made Wadala one of the most sought-after destinations for peaceful and serene living amidst nature.
Add to that the rise of entertainment and recreational spaces in the area like IMAX-Mumbai’s largest dome theatre, Star Mall, Inox and Manish Mall. The fact that Wadala has good social infrastructure has fuelled demand for commercial developments. Renowned hospitals like BPT Hospital, Aditya Jyoti Eye Hospital and several small clinics have made the area a prime choice for people.
Wadala in an elite real estate group
A major development in Wadala has propelled the region to one of the world’s most promising real estate hubs.
A 288-acre truck terminus is being shifted out of Wadala and the land is being reformed into a prime real estate location on the lines of Bandra Kurla Complex. Once the process is complete, the MMRDA will auction the land to developers and other institutions.
With the region having huge realty prospects, similar to that of BKC, the MMRDA is keen on turning it into a business hub. And if it succeeds in doing so, the cap rates can be similar to that of the BKC and the region will see a huge boom in real estate investments.
The placement of Wadala close to the MMR and its excellent connectivity status will change the real estate equation of the region and add a spurt to residential real estate developments going on in the region.
Residential developments on this stretch are upscale, modern and of relatively good quality which has attracted a sizeable number of upper-middle while collared talent.
With Wadala set to be a smart, futuristic business district of Mumbai offering lifestyles that cater to the sensibilities of the nouveau rich and amenities that sync with the tastes of aspiring premium home-buyers, it will surely add a rich feather to the growing real estate fortunes of Mumbai and provide mileage to its GDP.