It is important for the investors to understand Mumbai's suburban boundaries to reap more benefits and cut down risks. Here's how you can ensure just that
Selection of the right location, infrastruc ture support, assess ment risk-return mix, growth prospects, etc, are some factors that every investor must evaluate before investing in Mumbai's suburban realty market.
SEGREGATING MUMBAI'S SUBURBAN REALTY MARKET
Nikhil Bhatia, head, Western Region, CBRE South Asia Pvt Ltd, explains, “Mumbai's suburban realty market is segregated into the eastern suburban and western suburban regions. Prime examples of a developed realty market in this area would be Andheri, while Borivali and Mulund are emerging markets, and Bhandup is a budding micromarket in the city's suburban property market.“ Goregaon, Kandivali and Malad in western suburbs are locations where a slew of projects are on offer from various developers. In the central suburbs, Kurla, Mulund and Thane are key markets with numerous options for buyers to opt from, whereas, New Mumbai has Taloja, Panvel and Ulwe as favourite locations for home-seekers. “Developed suburban locations include the Bandra-Juhu belt, Versova-Lokhandwala belt, Powai, Ghatkopar-Mulund belt, Vashi-Palm Beach Road, etc.Emerging suburban locations are Chembur, Kurla, Jogeshwari, Panvel, Nahur, Thane, Dombivali, Vasai-Virar region, etc. Budding suburban locations are Ulwe, Taloja, Vasind-Asangaon-Shahapur region, Boisar-Tarapur re gion, etc,“ suggests Gulam Zia, executive director, retail, hospitality, research and advisory services, Knight Frank India.
GROWTH DETERMINANTS WHILE INVESTING IN MUMBAI'S SUBURBAN REALTY MARKET
Transport infrastructure, a new road, metro, new public transport mode, new flyovers, etc, are always known to have the highest impact on property prices in the vicinity. Economic drivers are next in-line as the second-most important determinant as homebuyers attempt to stay as close to their place of work as possible. Experts pointed out that connectivity to locations with good schools, colleges, coaching centres, etc, are preferred by those with students in the family. Social infrastructure like malls, entertainment centres, nightlife locales, etc, are also favoured by young home-seekers now.The last determinant is healthcare, especially for families where senior citizens are an integral part. Social infrastructure is a major cause of concern in Mumbai, says Dushyant Vijayvargiya, vice president, residential sales at Kanakia Spaces. “Proximity to amenities like schools, colleges, hospitals, shopping malls, etc, is a huge determinant of the overall acceptance of any area as the future real estate hotspot.Any suburban area, which bears close proximity to the office space is a prime hotspot for investment such as Andheri, BKC, Goregaon, certain parts of ThaneNavi Mumbai market. Any facility, which helps in cutting down travel time is a sure shot investment potential and, in the near future, should provide good value on money invested.“
BOTTLENECKS IN THE GROWTH OF MUMBAI'S SUBURBAN REALTY MARKET
The region faces challenges in terms of the haphazard growth of infrastructure projects, the solution to which would be government initiatives for planned infrastructure development.
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