Amit Wadhwani, Director Sai Estate Consultants (Guest Article)
Up until now, buyers were taking a wait and watch approach. A lot of new policies and rules were being implemented. However, we can now expect buyers to come back to the market.
The overall market sentiment has also improved, which would further help buyers in making the investment decision.
The trend in Mumbai is on a rise where end-users are shifting from high-cost to more affordable areas. Due to good connectivity low-cost suburbs like Goregoan East have continued to do well. Even Chembur, an industrial hub, has swiftly transformed into a prime residential real estate spot. Experts are expecting price appreciation at this central Mumbai location due to excellent connectivity to key centres such as South Mumbai, Central Mumbai, BKC, Thane and Navi Mumbai. Suburbs that had been bypassed by realty development have now become hot property for residential projects, commercial projects or both. And while most vibrant new markets are scores of kilometres away, some are also right here in its older suburbs.
Apart from that, demand for affordable housing in India is immense and the need is huge. Builders’ support for government’s housing for all initiative will give consumers a lot of options to choose from.
Mumbai’s real estate market is growing quite faster, enveloping areas further and further away as its suburbs continue to expand.
Suddenly, Chembur became central, connected prime. It enjoys a strategic location in terms of connectivity to south-central Mumbai, the western suburbs, Thane and Navi Mumbai — but this was only discovered once the new links were in place.
Its proximity to the eastern and western express highway makes commuting easy too. In other cases, it was saturation in nearby prime suburbs that saw a new market emerge and boom. Thane, for instance, went from being a popular affordable housing destination for middle-income families to a top real-estate investment destination.
Developers today are becoming increasingly concerned about giving their consumers the best possible deals and facilities.
The developers are trying to give tailored services to their buyers as they understand the need and want of the occupant and demand on an individual basis. With growing infrastructure in these micro markets, their interest to buy in such areas is increasing. Buyers now look for good connectivity, amenities, good standard of living, entertainment, employment and basic needs which is nearby to the area. Also, the prices in these areas are comparatively affordable and the price appreciation is going to be higher soon.
(The views expressed by the author is his own)