Even though real estate in Mumbai is really pricey, there is a perpetual demand for property here. The residential hotspots keep changing with time. Three main factors that determine property investment interest in a particular area are- the demand, the price point and the growth prospects. Mumbai city is constantly expanding, area wise as well population. And with the increase in population, there is an increase in demand for housing. The rich want luxurious homes, in the heart of the city with good amenities and less chaos.
Kochi is also developing a lot, you can even find lots of residential properties in Kochi by contact any real estate Kochi portal.
Let’s look at the current in-demand localities for residential property in Mumbai.
Wadala has gained prominence recently due to its closeness to Bandra Kurala Complex (BKC). Bandra Kurla Complex is a huge business district spreading vast acres of land. All top multinational companies and banks have their offices here. Also the locality of Walada has developed into a commercial area.
Wadala is connected to all the key locations in Mumbai. Connectivity has been improved due to Anik Panjarpol Link Road, Kurla-Santacruz Flyover, Byculla Bridge and Masjid Bridge. The new addition of the monorail has now connected Waldala to the Eastern and South Eastern parts of Mumbai. The planned phase 2 of the monorail will help connect Wadala to Lower Parel. Furthermore, it will connect Lower Parel and Wadala, and further increase the real estate prices here.
This area has quality educational institutions like Khalsa College, Dr. Ambedkar Commerce, SNDT Women’s University and Law College, which causes further increase in demand for housing.
For shopping and entertainment, there is the Star Mall, Manish Mall, INOX and IMAX.
For developers and investors this has become the most profitable location in Mumbai. In the last decade itself the property prices have skyrocketed in this area. Today the property prices start from Rs 19,000 per sq ft and go up to Rs 21,000 per sq ft!
Bandra West is a very popular residential area in Mumbai. It is home to many film starts and the glitterati. This area has a very elite profile. There are a lot of high end restaurants, coffee shops, gyms, clubs, parlors and spas, and designer boutiques here. Also linking road and Hill Road in Bandra are famous for the street shopping. Since there are a lot of old houses and buildings in Bandra, developers are now offering re-development schemes.
Also there is a huge rental demand in this area, since the inception of Bandra Kurla Complex, as the people who are working here are looking for rental apartments. Bandra east is benefiting hugely from this trend, as the overflow from Bandra West has shifted to the East. With Mumbai Central Business district shifting to Bandra form Nariman Point, there is a huge demand in residential spaces for business owners, expatriates and the high income group. Bandra Kurla Complex has become the heart of Bandra in the past couple of years, due to all the top companies shifting base here. People working in Bandra Kurla Complex are looking for residential apartments that are not too far away from their workplace.
Due to increase in demand and less space in Bandra, builders are looking at re-developments. Looking at the current rate of development, it seems like Bandra will have a lot of high rise buildings.
Since now it is India’s leading Central Business District, it looks like the property prices here will only increase.
Currently residential properties here are at par with the commercial properties and experts are predicting that it will go up by 100 to 150 percent. To keep up with the increasing demands, supply is a big hurdle here.