As the saturation stage sets in Mumbai, its suburban venues have opened the doors for futuristic development. Mulund, Kurla, Bhandup, Ghatkopar, Vikhroli and Powai are some of the eastern suburbs of Mumbai that have proved to be a boon for real estate investors. Properties in Kurla West have been launched by prestigious development companies such as Runwal Group, Mayfair and Eiffel Developers.
The two main reasons why the eastern suburbs are gaining traction with investors are the rapid growth of their infrastructure and the ‘value for money’ ratio.
Infrastructure growth
The eastern suburbs of Mumbai are among the areas that have experienced the fastest infrastructure development in the city. The Eastern Expressway has played a key role in increasing the demand for property in Mulund West. Santacruz Chembur Link Road dramatically reduced the distance between the two towns and made it easier to commute between shopping centers and central suburbs. Metro connectivity to Versova is also coming up in the next phase. In addition to the physical setting, these suburban neighborhoods also enjoy good civic services.
Value for money
The Eastern Suburbs were initially low-key in terms of real estate deals due to their industrial roots. But with the many infrastructure developments and the wide availability of developable land, real estate developers took notice of this area and launched some of their projects. The trend has accelerated and now these areas stand out as competitors to the well established business areas of South and Central Mumbai.
Also, the property prices in these places are affordable compared to the places above. One can find properties in Kurla West at an average rate of Rs 10,000-13,000 per square foot. while a similar property in a southern or central suburb would cost between Rs 20,000 and Rs 25,000 per square foot; and for luxury homes it can go up to 45,000 per square foot.
In addition to infrastructure and value propositions, investors are also looking for better connectivity options when scanning a location. Since the eastern suburbs are served by the Mumbai Central Line, they are easily accessible from other locations. The eastern and western suburbs are also connected through Jogeshwari-Vikhroli Link Road (JVLR), Andheri-Ghatkopar Link Road, and Andheri-Kurla Road. Being well connected to the commercial centers of South Mumbai, the prospects for value appreciation are ample in the eastern suburbs.
Compared to the western suburbs, you’ll find them to be overly congested, while the eastern areas have wide roads with smooth connectivity. Builder quality is also better in the East. Thane offers excellent residential options at affordable prices. The property in Mulund West is also very popular with end users.
So, if you are one of the investors looking for an affordable property that will yield good returns, visiting the Eastern Suburbs is a must.