Newly emerging residential hotspots in Mumbai

The traditionally preferred locations in Property in Mumbai and MMR having been saturated, investments in residential realty are now moving towards newer peripheral locations which are well-connected to the rest of the city. This has led to the development of newer residential hotspots in the city. 

The investor class is also giving ample traction to these new sub-markets, since their primary goal is price advantage as compared to an already-established CBD viz BKC. Be it office space or residential purchases, these investors can indirectly anticipate influx of residential developments offering a good ROI. These emerging sub-markets are witnessing developments that are equipped with world-class amenities, improved connectivity, and large open spaces. 

Some of these markets include Sion, Kanjurmarg, Andheri, Mira Road, and Panvel. Upcoming infrastructure such as metro connectivity, smooth road and rail connectivity, along with proximity to business districts, lifestyle amenities and price appreciation have enhanced the appeal of these locations as realty hubs. Let’s take a closer look at some of these locations-

1. Sion: This is a major city junction, linking the east of Mumbai to the western half and prices have moved upwards steadily here in the residential category on account of the strategic location in question. There is great connectivity on offer since the Eastern Express Highway is accessible and links to both Goa and Pune. Corporate professionals prefer homes in Sion since it connects seamlessly to South Mumbai and BKC (Bandra-Kurla Complex) which are major business hubs. Sion has witnessed steady growth in resale property markets due to aspects like quality of construction, ample amenities at projects in this area and so on. The area has great future potential for development both in the residential and commercial segments. This will become a reality once SRA reforms are fully implemented and this will open up more spaces for redevelopment ventures.  

2. Andheri: There are multiple gated residential communities in this location along with luxury real estate projects and commercial hubs. There is great connectivity in tandem with excellent social amenities. Andheri East has transformed into one of the major commercial zones and in terms of being a coveted micro-market, has high density. Andheri West, on the other hand, is a key residential area which is regarded as quite posh actually. Andheri East ensures seamless access to the Chhatrapati Shivaji International Airport. Other major commercial zones like Lower Parel, Bandra-Kurla Complex (BKC), Powai, Kanjurmarg, Ghatkopar and Vikhroli can be accessed via the Western Express Highway. With SEEPZ and MIDC being major hubs for commerce and industry, Andheri East has definitely come a long way over the years. The western part of Andheri, on the other hand, is home to some of the major studios and entertainment brands in India including Yashraj Films, Balaji Telefilms, Big FM and Sahara TV among many others. With metro connectivity and higher demand for commercial real estate in Andheri, the residential market will also witness steady appreciation in the future. 

1. Kanjurmarg: Kanjurmarg offers good connectivity and ample potential for appreciation in the future in addition to reasonable affordability levels as well. Kanjurmarg is home to several workplaces along with offering good social amenities. The suburban location is well connected through the Eastern Express Highway, Eastern Freeway and the Jogeshwari-Vikhroli Link Road or JVLR to major parts of Mumbai. There are several newly developed residential areas in the central suburbs which have witnessed the growth of premium residential complexes and contemporary facilities. Kanjurmarg offers good connectivity to BKC, Powai, Thane and South Mumbai through the Eastern Freeway, SCLR, LBS Road and JVLR along wth the Eastern Express Highway. The locality is dotted with residential buildings and towers along with commercial complexes, shopping centres and hotels. The strategic location on the central line ensures good connectivity with the Western and Harbour lines on the Mumbai local railway network.