The southern tip of Mumbai, also a tourist hub includes Colaba, Marine Drive, and Malabar Hill, to Worli Seaface and then after Mahim creek starts the suburban area of Mumbai, starting with Bandra and then Juhu up to Andheri, Borivali, Kandivali and more. These are the vast suburbs of Mumbai from where millions commute every day. Mumbai’s high-end housing projects have seen an upswing, especially in areas like Andheri (East), Goregaon, Borivali and Kandivali , Kanjur Marg, on the extended western suburbs.
Navi Mumbai and Thane on the eastern side are areas which are seeing a steady growth in the real estate sector. Supply of new residential projects was majorly concentrated in Andheri, Juhu and Santacruz in the western suburb and Powai, Ghatkopar and Chembur in the eastern suburb but with a rise in demand, development has extended beyond these locations. The new projects are for high-end users and mid-end sections. The improvement in economy from the buyers perspective has improved and hence a sudden upward surge in the market.
Another important feature is connectivity, the transport system is excellent and with the metro-rail coming in this has been a real game changer. With the BKC belt (Bandra-Kurla-Complex) coming up, with its business hub the entire scenario of real estate has changed in Mumbai. With the robust development in suburbs, families have shifted into luxury homes in the suburbs with extra space and bigger houses. The BKC residential market is being serviced by developers like, Sunteck, Kalptaru and Hubtown.
The new trend ‘Affordable Luxury Housing’ applies to the suburbs and far suburban areas who are seeking to upgrade their lifestyle in their localities. There is tremendous growth in the real estate sector in areas like Airoli, Bhandup, Ghodbander Road in Thane, Goregaon, Malad, Kanjurmarg, Vikroli, reputed builders like Dosti Realty, Romell Group, Godrej, Omkar, Soham, Kalptaru have their projects here. The other important factor is there are no power cuts, shortage of water, or law and order problems.
Bandra is called the queen of suburbs; it is also very expensive in terms of real estate. The Media, Pharma, FMCG and SME sectors are the key residential property drivers in Andheri-Malad-Goregaon-Powai belt. With HUL, P&G, Glen mark, Sun Pharma and many other larger names shifting their headquarters to Andheri- Powai belt, there has been a sudden increase in demand for premium and marquee properties in this market. The wish to reside near airports, highway and metro stations are the key drivers for this preference.
Denizens of the media world prefer living in the suburbs as the studios are located there and hence the sudden increase in demand for good premium and marquee properties. The real estate has seen the upmarket growth in the suburbs, and a lot of good premium housing projects have seen a sudden upward surge.
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