Top real estate hotspots in MMR that can give good returns

One of India’s most expensive real estate markets, Mumbai has started to witness positive market expansion lately. Over the past decades, the city has brimmed up and overflowing to the suburbs and beyond. And as presumed, homebuying has become as expensive as it could be. While the core city and a few suburbs are not feasible and remote for the common man, a few peripheries are undergoing major facelifts. These areas are not just budget friendly but also provides you the social uplift.

Given the current market dynamics, homebuyers now have the option of investing in a property that has become more pocket friendly as a result of several rate cuts and offers better returns. This in many ways has improved the overall affordability index across the top 10 cities of India in the last five years.

As observed, properties in the vicinity of a business center and better connectivity provide higher returns than properties further away. From the MMR region’s Kalyan, Vasai-Virar, Kandivali, and Thane to Mumbai suburbs Chembur, Andheri, Goregaon there are some alluring locations with facilities, connectivity, and affordability for most home buyers.

Kalyan – Navi Kalyan, Vasai-Virar, Bhiwandi

Being a mid-range property market and spacious housing units, the MMR region has been drawing attention for the past few years. What started as a second home has sprouted into first-home nuclei for many middle range home buyers who were willing to travel and wanted large spaces at a moderate price.

This hotspot provides scenic locations away from the city’s hustle, well-defined amenities, and a variety of home configurations such as 1,2, and 3 BHKs with larger size with prices that start Rs 27 lakhs onwards. With newly lifted areas like Navi-Kalyan have the ability to transform housing in Kalyan due to its affordable pricing within the vicinity. Additionally, Bhiwandi has been Maharashtra’s logistics centre for job opportunities since the emergence of e-commerce in terms of work opportunities for people in Thane, Badlapur, Kalyan, and beyond. It has helped creating of millions of jobs for people in the proximity.

Thane

Thane is hub to a slew of large-scale developments that include a wide range of amenities. Thane will be even more connected to Mumbai owing to the new Metro line. Its vicinity to Bhiwandi makes it another work-centric location in the area, providing housing, jobs, and other essential services. Due to the road link between Ghodbunder road and the Mumbai suburbs, it is now another region competent enough of providing a higher return on investment.

Badlapur

Badlapur’ s development has been fueled by two major factors – connectivity and affordability. Developers are investing in a variety of residential projects with top-notch facilities and infrastructure. The region’s properties are accessible at attractive and pocket friendly, making it a common option for first-time homebuyers. Badlapur is served by a variety of modes of transportation, including railways and highways. The area is crossed by a major highway that connects Kalyan and Karjat. The region’s connectivity to Navi Mumbai via roads has cut travel time in half, and the proposed airport in Navi Mumbai.

Kandivali

Located in the north-western part of Mumbai, it is one of the most lucrative and desirable housing and commercial hotspot in Mumbai. The locality is famous for offering integrated townships. Into the bargain, with being connected via the Western Express Highway and Link Road, Kandivali (East) is also accessible through the western railway line. Gated societies with the provision of schools, hospitals, and shopping complexes captivates several home seekers. Schools such as Ryan International School and Gundecha Education Academy, and hospitals such as Kokilaben Dhirubhai Ambani Hospital and Apex Hospital, add to its livability quotient.

The malls nearest to Kandivali (East) include Raghuleela Mall, Oberoi Mall and Moksh Plaza Mall. Some of the employment zones close to Kandivali (East) are Santacruz Electronics Export Processing Zone (SEEPZ), Maharaja Retreat Tower, The Infinity Tower and Spectrum Tower.

Goregaon

Located between Andheri and Borivali, Goregaon (East) is a desirable destination for those looking for mid-range property homes in Mumbai. It is linked with Jogeshwari–Vikhroli Link Road (JVLR), Western Express Highway and Chhatrapati Shivaji Maharaj International Airport. The closeness of the locality to the commercial belt, where firms like Aegon, IBM, Abbott and the famous Film City are already established, acts as a booster to rental demand. The completion of the currently under-construction Metro Line 2A of Mumbai Metro (Dahisar West-Goregaon West-Andheri West) will further augment the locality’s connectivity with other parts of the city, thus propelling property price growth.

(The author is Managing Director at Poddar Housing and Development; views expressed are personal)