The city has changed phenomenally in the last ten years with locations along the periphery as well as existing destinations getting a new identity,
The last decade saw many changes in the real estate industry.With the economic slowdown,policy changes,finance trends,the industry also saw some fresh locations opening up during the last ten years,further expanding the boundaries of the evergrowing city of Mumbai.
Locations that were once considered far for any kind of development are now buzzing with activity.Central locations like Thane,Dombivali,Kalyan and Badlapur with western suburbs like Dahisar,Mira Road-Bhayandar,Vasai and Virar have now spread up to even Boisar.The twin city of Navi Mumbai has been a surprise,with its numerous nodes getting popular with the buyers.Kamothe,Kharghar,Panvel to even newly emerging places like Ulwe and Dronagiri are all witnessing unprecedented growth.
Ashok Kumar,Principal and MD,Cresa Partners says,"In the last ten years,Mumbai has grown very well.New locations like Vasai-Virar,Dahisar,Palghar,Thane,Navi Mumbai,Ulwe,Dronagiri and Panvel have become hot destinations.The Navi Mumbai airport has given a boost to many other infrastructural projects making these destinations favourable.Apart from being affordable,these locations are helping to decongest the city.Buyers are willingly exploring these destinations to avail homes within their budget.Even the Central Business Districts (CBD) are no more concentrated in one place but have spread out to various places in the city today with the rentals getting hiked in many prime areas in the last decade."
Manju Yagnik,Vice-Chairperson,Nahar Group says,"Lower Parel has grown into a commercial hub in the last ten years and is driving demand for homes in locations like Sewri,Wadala and Byculla located in its proximity.People are very enthusiastically looking to invest in properties in these locations.Kanjurmarg has also attained a transformed identity.Being a newly developing zone,it has an advantage over Mulund and Ghatkopar,as they are comparatively priced higher.Chandivali again is another location that has managed to arrest the interest of buyers.Situated between Powai and Andheri (E),the place is strategically located and home to many good residential projects."
Thane was a small residential suburb in the'90s.However,in the last ten years its boundaries have vigorously spread to locations like the Ghodbunder Road and Pokhran Road 1 and 2.Several developers have come up with quality projects and lifestyle amenities in this location.Developers like Lodha Group and Hiranandani Constructions,among others,have their projects here.Along with being affordable,these locations enjoy connectivity to the Eastern Express Highway.The transport is better with railways and bus services plying to several suburbs.Also,social infrastructure like schools and shopping facilities are well-developed in these areas.
Kalyan and Dombivali have also witnessed major changes.These suburbs are well maintained by the Kalyan Dombivali Municipal Corporation (KDMC).The infrastructure and connectivity is good.These places are well connected with railway and also share accessibility to Thane and Navi Mumbai.Being two major stations on the central line,fast trains halt here.In fact,Kalyan is a junction where major express trains halt.The presence of malls and various retail brands have made these locations buyers'favourite.The peripheral areas of Kalyan and Dombivali like Shil Road,Palava and Vasind are getting highlighted.Lodha Group has their projects like Casa Bella,Casa Bella Gold at Dombivali,and Casa Rio at Palava.Tata Housing has recently launched their project New Haven at Vasind.
Beyond the Kalyan-Dombivali belt,locations like Badlapur and Ambivali are also witnessing development.Several developers are looking at Badlapur as the destination of the future.The presence of amenities like schools and colleges with good infrastructure is benefiting the location.Neptune Group has their project Neptune Swarajya at Ambivali.
Manju Yagnik says,"Kalyan is another upcoming location.Being closer to Thane,which was once an affordable location,it has now grown to become a premium location.The Kalyan belt is seeing the same development and growth like Thane.It is a new Thane in the making."
The Vasai-Virar belt,Mira Road-Bhayandar along with areas like Dahisar have stretched and shaped the boundaries on the western line.Going further,locations like Boisar and Palghar are also seeing new projects.Tata Housing has its project New Haven in Boisar.Locations like Vasai-Virar are ideal for larger formats like townships and being affordable is their major advantage.
Rajeeb Dash,Head Marketing and Product Development,Tata Housing Development Company Limited says,"With the Indian economy growing at an enormous pace in the last decade,the real estate industry across the country has witnessed a sea change.Specifically for Mumbai,which is the financial capital of the country,the land prices have been soaring to an all time high due to shortage of land.Huge shortage of houses and the ever increasing land prices has led to extensions of suburbs in Mumbai to areas like Boisar in the west and areas beyond Kalyan towards Vasind,Shahpur on the central side to offer affordable housing projects.Moreover,the extended suburbs are able to provide integrated and sustainable township projects at an affordable price."
With a view to catering to the growing demand,developers have started focusing on huge parcels of land available in the outskirts of the city and closer to the industrial areas.
