With affordable rates, great connectivity, an abundant and a thriving social infrastructure, Mulund is slowly establishing itself as a buyer's prime choice
Mulund is a realty market with vast opportunities for home-buyers who are searching for a location with an all-in-one package! With robust physical and social infrastructure, Mulund's realty market offers all sorts of facilities like malls, parks, schools and hospitals. Brotin Banerjee, MD and CEO, Tata Housing Development Company, says, “Over the last few years, Mulund has emerged as one of the most prominent destinations for pre mium and luxury housing due to its improving infrastructure. The location has also gained prominence as it offers a perfect blend of open spaces and amenities like malls, schools, hospitals, and residential houses.“
Realty experts share that Mulund, popularly known as the `Prince of the suburbs' is one of the best planned locations offering a perfect blend of open spaces and infrastructure. It has witnessed synchronised growth in residential as well as commercial sectors but continues to retain a serene atmosphere that appeals to home-buyers.
Gaurav Kumar, a resident of Mulund, believes that life is much easier while living in Mulund, “There is no connectivity prob lem here, as Mulund is located centrally to all the CBDs. The travel time to office is very less compared to other locations in Mumbai. The road and rail con nectivity is very good here too.“
“Mulund is located at the central point of the three cities that form the Mumbai Metropolitan Region (MMR) i.e. Mumbai, Navi Mum bai and Thane. Therefore, com mute to business districts within any of the three cities is very con venient. Mulund therefore, con tinues to attract end-users and in vestors,“ says Rohit Kumar, head of research, DTZ India.
GROWTH ASPECTS OF MULUND'S REALTY MARKET
Mulund boasts of good recre ational and entertainment facili ties and quality social and civic infrastructure, such as educa tional institutes and hospitals.
Furthermore, infrastructure based projects like the Mono Rail and the Metro that connect the suburbs have factored an increase in property prices in Mulund. “We believe that over a period of time, Mulund has witnessed tremendous growth in terms of infrastructure and connectivity to other parts of the city. Considering the socio-economic and infrastructure development in this area, investors can expect healthy returns over the years,“ claims Rochelle Chatterjee, vice-president, head residential sales, Oberoi Realty.
Experts informed that public amenities and social infrastructure include Fortis Hospital, branches of all major banks in India, R-Mall and Nirmal Lifestyle for shopping, Phase 2 of Nirmal Lifestyle mall along with three five-star hotels that are under construction, D-Mart for grocery shopping, Mahakavi Kalidas Natyamandir auditorium and swimming pool, schools such as DAV International, St. Pius, St.Marys Convent High School, etc.
CHALLENGES AND INVESTMENT PROSPECTS
“The connectivity between east and west Mulund is not sufficient. The bridge near Nahur witnesses most of the traffic; the other bridge near the railway station is narrow and also not very well-planned. Hence, going between the two locations is a bit tedious. Traffic congestion has become a major problem, especially during the peak hours. The upcoming metro will therefore, help in reducing traffic congestions,“ says Pooja Agarwal, a resident of Mulund. It has good rail and road connectivity and has de veloped into a self-sufficient micro-market with hospitals, schools, colleges, retail malls, restaurants, public parks, etc, available within the micro-market itself. “With such developments, the property prices have more than doubled over the last five years; however, the prices are still in the range of Rs 11,00015,000 per sq ft. These prices, when compared to other locations such as Powai, Vikhroli, etc, are much lower. The property prices have grown at 16 per cent CAGR between 2010 and 2015.Therefore, even with a conservative approach, the annualised ROI for five years can range from 10-12 per cent, whereas for 10 years, it can range
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