Owing to massive infrastructure push by the state
government towards easing commuting in western and eastern corridors of the
megapolis, northern region will continue to be at the epicentre of real estate
activities in future.
“North Mumbai has been very active on real estate and
infrastructure front off late. Connectivity with this region has improved
substantially due to the various projects undertaken by the government,” Jone
Lang LaSalle Head Research and REIS Ashutosh Limaye said.
The north Mumbai region spans from Bandra to Dahisar,
from Kurla (Chunabhatti) to Mulund and from Kurla up to Trombay Creek.
According to JLL, north Mumbai has about
15 million sqft (square feet) of Grade A office space and more companies are
choosing to move to this area.
“North Mumbai is unlocking its potential to new scale and
will continue to be at the epicentre of the real estate and infrastructure
activities in future as well,” he said.
According to JP Infra Chief Operating Officer Ajay Nair,
the infrastructure projects undertaken in this region will result in increased
residential and high quality social infrastructure developments in all the new
micro markets here.
Coastal road, Mumbai Trans Harbour Link, Mulund Goregaon
link road, Colaba-Seepz, Dahisar to DN Nagar and Dahisar east to Andheri metro
corridors and elevated roads are some of the major projects the government has
undertaken to improve the east-west connectivity.
“Infra push has resulted in real estate boom in northern
Mumbai offering amenitised products even in lower ticket bracket from branded
developers for work-life balance and luxury living,” Omkar Realtors Director Devang
Varma said.
Ravi Group Director Gaurav Shah said that from the
perspective of investment in residential in south Mumbai is very capital
intensive and therefore the northern region is becoming as a preferred
investment destination.
He further said, south Mumbai is continuing to face a
space crunch and non-availability of smaller tickets size apartments and,
therefore, the micro markets like Goregaon, Malad, Kandivali, Mira Road, Powai,
Vikhroli, BKC East, Ghatkopar and others are witnessing an emergence of budget
homes offered by varied developers like JP Infra, Sai Developers, Lodha
Builders, Ravi Group of Companies with options ranging from 1, 1.5 and 2 BHK
apartments in the price bracket of Rs 40-70 lakh.
Credit : http://realtyplusmag.com/
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