The residential real estate market in Mumbai and the Mumbai Metropolitan Region (MMR) has shown strong demand in the past year or so. According to recent surveys, as many as 20,000-plus new residential units were launched across the region in the second quarter of 2022. The overall demand for residential units had seen an upswing for the second straight quarter of FY 22. This clearly indicates that the real estate market in Mumbai is going to see an overall rise in demand-&-supply of household & commercial properties. This is bound to accelerate the overall trade game of the real estate market. So, let’s figure out early which are the best areas to invest in and catch the early bird price to reap the most profit from these investments.
ANDHERI
Andheri is one of the most developed and highly sought-after localities of Mumbai, thanks to its excellent connectivity all around the city. It boasts well-developed transportation infrastructure, like metros, local buses, and motorways. It also contains many upcoming initiatives from municipal governments.
Its railway station is one of the busiest railway stations in the entire country. Both its west and east areas are in great demand not only for its residential properties but also commercial spaces, as a vast number of reputed corporates have their offices in Andheri.
As a well-developed area in Mumbai, it is a fantastic investment prospect. It is a preferred location for many multinational corporations. This provides ample employment opportunities. In comparison to many other places in Mumbai, the quality of living here is superior. It contains everything a great locality should have, from world-class hospitals to malls, educational institutions, entertainment and recreation centers to sports facilities.
Property rates in Andheri East as of Oct 2022 are an average of Rs. 18,630/- psf, while that for the west is an average of Rs. 23,681/- psf.
JUHU
Juhu is one of the most affluent localities of Mumbai, in which a lot of successful film personalities and businessmen live, making it a very expensive area to live in. It is located close to domestic and international airports. Juhu Beach overlooks the Arabian Sea and offers lavish apartments and high-end bungalows to those with huge budgets to invest in Mumbai. There are many international schools, hospitals, high-end restaurants, and malls in the vicinity.
The average Sale price of Juhu is about Rs.39,000/-psf.
GOREGAON
Goregaon, located between the neighbourhoods of Andheri and Malad, is a western suburb of Mumbai. It is one of the most thriving business hubs of Mumbai. Goregaon West is home to several commercial and residential complexes as it offers excellent connectivity by metro, railway, and interconnected roadways. The locality offers all the modern-day conveniences. It is also in close proximity to the airport.
The average sale price of an apartment as of October 2022, in Goregaon East, is Rs. 17,441/- psf, while in Goregaon West is Rs. 18,602/- psf.
Although the rates in the locality are slightly higher than in other areas, it is an excellent choice for real estate investment in Mumbai.
MIRA ROAD
In the past few years, Mira Road has emerged as one of the top upcoming investment destinations available in Mumbai. It connects easily by road as well as the newly launched metro rail through the Western Express Highway, and to the business hubs of Andheri, Goregaon, Malad East, and West through the New Link Road and the metro rail as well. It is also well connected to Thane, Bhiwandi, Kalyan, and the other Central suburbs via the Ghodbunder Road. The area has progressed in every way and offers incredible infrastructure, seamless connectivity with other areas, and many residential complexes.
The average sale price of residential properties in Mira Road is Rs.9,000/- pfs
THANE
With the growth in the population of Mumbai, people actively started looking for investment options just outside the city. Thane provided the most lucrative option and soon became a very popular real estate destination. It is well-connected to different cities like Kalyan, Bhiwandi, and Navi Mumbai as it offers a well-knit network of internal roads, highways, local train lines, and metro stations. It is easily accessible to both the western and central suburbs by road and will be with the upcoming metro network in the next couple of years. Thane is a beautiful amalgamation of modern infrastructure and scenic beauty. The area is home to a myriad of multinational corporation offices, malls, and other business syndicates.
The average Sale price of Thane is around Rs.12,000/- psf.
MULUND
Mulund is one of the most cosmopolitan suburbs of Mumbai. It has the ideal mix of residential and commercial property developments It offers enhanced living with world-class amenities that cater to those who want to lead their life in a grand manner. High-rise towers, gated communities & townships are being constructed in Mulund that will change the way real estate is perceived. According to the Property Index, the real estate properties in Mulund have gained over 40% appreciation in the past two years. With infrastructure projects like Metro & MonoRail developments flourishing in the area, property prices in Mulund are bound to shoot up. The proposed Goregaon-Mulund Link Road will be a game changer & will give a massive infrastructure & connectivity boost to Mulund. Though this project is yet to see its first phase of development, once completed, it will definitely lure higher appreciation rates in the future on your invested property(s).
PANVEL
Panvel is probably the best place in Navi Mumbai to invest in real estate right now. It has many major infrastructure projects in various stages of implementation and completion, the chief being the proposed International Airport. It is particularly popular among real estate investors searching for long-term investments due to its affordability and best-in-class infrastructure. It is also a very cost-effective option for new investors and has been quite popular with middle-class families for the past 15 years because of its stunning scenic landscape, top-class infrastructure, public facilities, and well-connected transportation facility.The government intends to construct a new local train route connecting Panvel and C.S.T., as well as many additional towns.
Panvel has grown at a fast pace in the last decade as a result. In comparison to all other Navi Mumbai localities, property rates in Panvel are reasonable. As of October 2022, the average price per square foot in Panvel is Rs. 7,006/- psf
WADALA
Wadala some believe is poised to become the next BKC as it is more of a commercial hub. It boasts outstanding infrastructure, including metros, locals, and well-connected highways, making it a great place for employers and employees alike.
Wadala also contains a large number of residential homes as well as upcoming Lodha and real estate developments. The value of a home is also rising as a result of its amenities. As of October 2022, the average price per square foot in Wadala East is Rs. 31,354/- psf while for West it’s Rs. 29.088/- psf .
CHEMBUR
Chembur is yet another interesting real estate investment option for investment in Mumbai. It offers a plethora of options, thanks to the recent developments in the locality’s infrastructure. The area boasts quick and easy connectivity to almost all Mumbai suburbs via roadways and metro lines. You can find luxurious apartments and complexes in the locality that are in close proximity to the markets of Lower Parel and BKC.
One of the key reasons Chembur has gained a lot of attention is because of its central connectivity to several areas & the recent development of metro lines offering multiple stops throughout its stretch. If you’re someone looking for affordable housing then Chembur is the place for you. It is located near Mumbai’s prime industrial locations like Kurla, Deonar, Mahul, Ghatkopar, Chembur is one of the most preferred locations to rent or buy residential property. The average sale price of an apartment in Chembur is about Rs.19,900/- psf.
VIRAR
Virar is an excellent alternative for anyone looking to buy affordable real estate investment in Mumbai. With the establishment of Virar Municipal Corporation, the area has witnessed massive growth in infrastructure development. Today, the locality boasts the best amenities, such as lush parks, gyms, excellent schools, hospitals, and much more. It also has good connectivity to Virar Railway Station and Western Express Highway, making the area easily accessible for you to invest in Mumbai.
The average sale price of an apartment in Virar is about Rs.5,500/- psf.
Conclusion
The above mentioned localities are some of the most promising and lucrative investment options in Mumbai due to their excellent connectivity, good road networks and modern social infrastructure and amenities. These areas ensure a decent standard of living. So you can easily find a range of commercial and residential properties in these localities that fulfill your needs and suit your budget.
