As the saturation scenario sets in Mumbai, its suburban locales have opened gates for futuristic development. Mulund, Kurla, Bhandup, Ghatkopar, Vikhroli and Powai are some of the Eastern Suburbs of Mumbai that have turned out to be boons for real estate investors. Property in Kurla West have been launched by prestigious development companies like Runwal Group, Mayfair and Eiffel Developers.
The two main reasons why the eastern suburbs are gaining traction from investors are its rapid infrastructure growth and the ‘value for money’ quotient.
Eastern suburbs of Mumbai are counted among those areas that experienced fastest infrastructure development in the city. The Eastern Freeway has played an instrumental role in augmenting the demand for Property in Mulund West. Santacruz Chembur Link Road drastically reduced the distance between the two localities and made commuting easier between the commercial hubs and central suburbs. Metro connectivity to Versova is also coming up in the next phase. Besides the physical framework, these suburban neighbourhoods also enjoy good civic amenities.
Value for Money
Eastern Suburbs were initially low-profile in terms of real estate business because of their industrial roots. But with the many infrastructure developments and ample availability of developable land, these area came to be noticed by real estate developers and they launched a few of their projects. The trend picked up pace and now these areas stand as competitors of the well-established commercially driven areas of South and Central Mumbai.
Moreover, the property prices in these locations are affordable as compared to the former locations. One can find Property in Kurla West at an average rate of Rs 10,000-13,000 per sq ft. whereas a similar property in south or central suburb would cost Rs 20,000-25,000 per sq ft; and for luxury homes it can go up to 45,000 per sq ft.
Apart from the infrastructure and value propositions, investors also look for better connectivity options when scanning a locality. Since the eastern suburbs are served by the Central Line of Mumbai, they are easily accessible from other locations. Eastern and Western suburbs are also connected via Jogeshwari-Vikhroli Link Road (JVLR), Andheri-Ghatkopar Link Road and the Andheri-Kurla Road. Being well connected to the commercial centers of South Mumbai, value appreciation prospects are ample in Eastern Suburbs.
When compared with the Western Suburbs, you will find that they are too congested while Eastern areas have broad roads with smooth connectivity. The quality of builders is also better in the East. Thane offers excellent residential options at affordable rates. Property in Mulund West is also very popular among end-users.
So, if you are one of the investors looking for an affordable property that yields good returns, checking out the Eastern Suburbs is a given.