Demand for affordable housing in North Mumbai is increasing.

By Abhay Shah, Realty Quarter

In the last few years, North Mumbai has seen fast growth. Infrastructure has been pivotal in promoting the real estate sector’s growth. The necessary push by the state government to develop infrastructure contributed the North Mumbai for becoming a place where real estate operations would take place. Enhanced connectivity to different parts of Mumbai, is one of the prime reasons that has led to increased housing demand in locations such as Kandivali, Kurla, Tilak Nagar, Virar and Dahisar in north Mumbai.

According to JLL report, north Mumbai has about 15 million sq ft of Grade A office space and more companies are choosing to move to this area, which will further strengthen demand in this region. Moreover, planned infrastructure developments, like the Coastal Road connecting Kandivali to Nariman Point, will also boost connectivity to Mumbai, to a great extent and ease traffic, especially on the Western Express Highway. JLL reports stated that North Mumbai has a Grade A office space of approximately 15 million sq ft and more firms have decided to relocate towards this area, which will further increase demand in this region. Planned infrastructure development such as the Kandivali-Nariman point road will further increase access to Mumbai, particularly on the Western Express Highway, to a considerable extent and with ease traffic.

The effects of connectivity on real estate in North Mumbai:

The demand for residential buildings in Northern Mumbai is strengthened by infrastructure projects for improving connectivity between eastern and west suburbs, such as the Mumbai Trans-Harbor Link, elevated roads, Dahisar to DN Nagar and Dahisar east to Andheri Metro, Mulund-Goregaon Link Road and Colaba-Seepz connectivity. It has been seen that improving transport infrastructure has a positive effect on real estate. Mumbai’s northern micro-markets are extremely optimistic that the development of metro trains will result in a change and stimulate the real estate industry. The developers of real estate are showing more interest in projects near to the metro routes. Because of the space crunch in South Mumbai and the non-accessibility of smaller ticket size flats with sufficient space, house buyers are now choosing houses in northern Mumbai.

In this region, affordable homes have emerged. Also, we will see higher interest from house buyers in the near future in the city’s peripheral micro markets.

Top Growing areas in Mumbai for real estate:

Kandivali is an appealing location for home buyers due to the proposed sea link between Versova and Virar, the execution of the metro lines 2 and Mumbai Coastal Road. In the last two decades, it has experienced enormous change and growth. Being well connected to Mumbai and evolving commercial projects, the region ensures long-term excellent yields. Kurla has also become a very appropriate business area.

With the ease of living and increasing employment opportunities, the demand for housing in the area is increasing. Increased access to business hubs through the Santacruz-Chembur Link Road (SCLR) and Eastern Freeway has also seen a huge increase in residential demand between Tilak Nagar and Chembur. The demand comes from working professionals, who are looking for residential investments.