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Booming realty in western suburbs of Mumbai gives value for money for buyers

Booming realty in western suburbs of Mumbai gives value for money for buyers

by Rohit Poddar, Managing Director, Poddar Housing

One of India’s most extravagant real estate markets, Mumbai has started to witness positive expansion lately. Over the past decades, the city has witnessed large scale developments in its peripheries and beyond. As presumed, housing prices have appreciated quite fast in the last decade. While the main city and bordering suburbs have rapidly developed, there are new hotspots in the western part of the city that are undergoing major developments. These areas are not only budget-friendly but also give the residents an upward mobility.

Given the current market dynamics, homebuyers now have the option of investing in a property that has become more pocket friendly as a result of several rate cuts and offers better returns. This in many ways has improved the overall affordability index across the top 10 cities of India in the last 5 years.

Properties in and around the vicinity of a commercial hub and better connectivity to other prominent locations provide higher returns and is majorly preferred. Western suburbs like Kandivali, Goregaon, and Mira Bhayander are the key hotspots for both residential and commercial properties.

The preferential shift

The western belt right from Goregaon to Mira Bhayander has witnessed a sharp rise in housing and commercial development. Due to the Covid-19 pandemic, the WFH module has made people urge for bigger living spaces. There’s a huge increase in demand for residents moving into ready-to-move-in units in suburban areas to gain more quality indoor and outdoor space attached to their property, and many are trying for sight unseen. With more interests taking place inside the home, houses need to now have space for living, entertainment, career/job work, working out, school and more.

Big space at not so big a price

The development and management of affordable housing can put home buying within the confines of low-income families. Affordable housing developers can anchor a sizeable number of state and central tax credit possibilities. Builders can equip themselves for government relief or subsidies in the construction of new, or rehabilitation of existing infrastructures. The investment of lakhs of crores of rupees into India’s infrastructure segment, with a cornerstone, to facilitate connectivity is boosting up affordable home buying. The issued debt financing for REITs and InvITs and the backdrop of the Development Financial Institution for supplementing funds for infrastructure and the real estate market is anticipated to supply a major uplift to the industry and help bring in more investments.

Larger spaces

As towns expand, their open spaces are shrinking. With work-from-home (WFH) gaining prominence during the pandemic, homebuyers are looking for larger homes with study rooms and outdoor areas. The majority of the prospective homebuyers are extremely sensitive about price and overall budget and hence are demanding to shift to suburbs and peripheral locations of the top cities in India where homebuyers can get bigger homes within their budget,

Increasing demand; low supply in urban areas

Both rural and urban regions of Maharashtra would require about 50 lakh houses each by 2022 to meet existing demand from low-income buyers. The coming years would need more affordable housing units to meet the demands and this could eventually overwhelm the industry. The dominance in demand for real estate with affordability being a necessity, developers are fuelling up the supply side to match the needs and there are ample of developments lined up across the entire of western belt.

Better living standards

Areas like Virar-Vasai, Naigaon and Bhayander are not far behind in emerging as profitable destinations. While Kandivali and Goregaon rank high on general infrastructure, affordability and workplace catchment, Vasai-Virar is coming up in a big way due to its planning, a distinct culture as well as lifestyle. Property rates in the western suburbs are favourable, and there is a good range to choose from as well.

Kandivali is already witnessing a boom in commercial properties as Borivali has now saturated. As a result, commercial developments are seeing a great demand. On the other hand, Goregaon has entered the premium housing segment and is no longer the affordable spot as it was a decade ago.

Also, homebuyers are looking for amenities beyond homes. To cater to the rising needs, developers are inclined towards providing the best of amenities both social and infrastructural along with the affordability tag. As a result, clubhouses, jogging tracks, gated communities are some of the few amenities that can be seen prominently in affordable housing.

 




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