Touted as the financial and commercial epicenter of India, Real estate in Mumbai has always seen great demand. Despite the sky rocketing prices, Mumbai has continued to attract investment from all parts of the country and the world. It has also emerged as a preferred investment destination for NRI diaspora.
With more people showcasing their interest to buy house in Mumbai, the emergence of a couple of hot spots appears as a great bet for early investors.
Captured below are two major hotspots of Mumbai that have witnessed increased traction amongst investors.
Chembur, the central suburb of Mumbai, is one of the prime residential destinations. The major highlight of Chembur is that it connects central Mumbai to Navi Mumbai. Its close proximity to Eastern and Western Express Highways makes commuting easy to Bandra-Kurla Complex and the other business districts of Mumbai. The place also shares an easy connectivity to other parts of Mumbai such as South Mumbai, Thane and Navi Mumbai. Property in Mumbai, the city enjoys a robust social Infrastructure. It has changed the Skyline of the central suburbs with better social infrastructure. The social infrastructure is well developed with world class hospitals, schools & colleges etc. The area is a home to renowned educational institutions. The Plenty of malls, restaurants, golf course, gyms & clubs etc have increased the attractiveness of Chembur. It has some of the remarkable places such as K Stars Mall, Cubic Mall & Bombay Presidency Golf Club etc. The location offers excellent array of amenities that makes the lifestyle of residents easy and lavish. Chembur has shown price appreciation by nearly 8.37%, that is greater than other localities of Central Mumbai between Q1-2015 and Q1-2016. It is expected to fetch higher returns in future.
Bandra, especially Bandra West, is a popular residential destination because of its high lifestyle quotient, despite the fact that it faces a significant degree of traffic congestion. This area is always a preferred destination for prime property seekers because of its elite crowd and high end shopping complexes. Number of healthcare, education and recreation facilities increase the attractiveness of the place. Developers there are offering products in redevelopment schemes.
Bandra East is also an upcoming residential property destination, especially for investors, since there is considerable rental demand from enormous number of people who have come from outside Mumbai and are working in Bandra Kurla Complex. Both capital and rental values are going to increase in Bandra East, which it is benefiting from the overflow of demand that Bandra West can no longer support.
BKC provides excellent connectivity to entire Mumbai suburban areas and it is much closer to residential catchment areas also. The Bandra Kurla Complex is connected to the Bandra railway station on the western railway line and Kurla railway station on the central railway line, which reduces the train travel time by 25-30 minutes. Moreover, Mumbai domestic and international airports are located much closer to the Bandra Kurla Complex.
BKC provides corporates with the contiguous space that Nariman Point, with its multiple ownership pattern, could never offer them. Another reason companies have shifted from places in south Mumbai is safety, which is high on the priority list of MNCs and big Indian businesses.
With these major hotspots, increasing number of people are willing to buy house in Mumbai.