Property options for homebuyers in outlying regions of Mumbai
We look at the areas in the outskirts of the Metropolitan Region of Mumbai which is likely to be the next-real estate destinations and what those regions have to offer
Over the past decade, the Apartment in Mumbai Metropolitan of Region (MMR) has seen considerable growth. It has many areas that have undergone a sea-change and that have become highly desirable places to live in. Named the ‘city of dreams,’ due to its infrastructure and job opportunities, Mumbai attracts people from across the world. These factors, however, have also led to a rise in the town’s population and an increase in real estate prices. Most places in Mumbai have saturated to a degree. This has contributed to new micro-markets emerging.
img1: Property options for homebuyers in Thane
Ghodbunder Road-Thane & Mira Road
Ghodbunder Lane, in Thane, is a prime example of a new micro-market that has evolved over the past decade, transforming it from a mere commercial lane into a full-fledged suburb. Though 10 years ago Ghodbunder Road was less than ideal for housing, now it has strong connectivity and is crowded with residential and business complexes.
Similarly, in the last decade, Mira Road, located in the northern part of town, has emerged as a budget housing destination. This region has experienced strong development of infrastructure and has an excellent railroad and road network. Consequently, a number of developers have begun projects nearby. These locations have proved their worth as good investment destinations for long-term investors, particularly those focusing on the segment of affordable housing.
Kalyan & Dombivali
Thanks to the growth of physical and social infrastructure in those regions, peripheral parts of the city are also gaining popularity. Property in Kalyan addition, current, and emerging business complexes have generated job opportunities that play a crucial role in location growth.
Kalyan-Dombivali is considered Maharashtra’s 7th-largest city. Over the past few decades, the city has experienced population growth, primarily due to relatively low real estate prices and strong rail connectivity with the MMR’s major employment centers. Actually, for jobs, about 55 percent of the working population travels to other MMR cities.
Well-connected by road and rail, Kalyan-Dombivali would also benefit from upcoming improvements in infrastructure such as the Airoli-Kalyan high corridor through Parsik Hill, as well as the planned Taloja-Kalyan metro. The 126-km Virar-Alibaug Multi-modal Corridor, along with Taloja, will play a crucial role in this region’s growth. Such locations will be transformed in the coming days by other developments such as the Navi Mumbai International Airport, JNPT, Mumbai Trans-Harbor Bridge, and dedicated freight corridors.
img2: Under Construction Projects in Thane
About Thane City
Thane is now experiencing the rise of a new, fast-growing neighborhood-Upper Thane, one of Mumbai’s most fashionable suburbs. Under Construction projects in Thane located just a 15-minute drive from Thane city center (Viviana Mall, Jupiter Hospital, and Majiwada Junction), Upper Thane offers decent connectivity. Access from the six-lane Mumbai-Nashik Highway, the new Thane-Kalyan metro line, the Dombivali Bridge & the Thane-Vasai Inland Waterway will ensure seamless connectivity to the major commercial hubs of Thane, Airoli and Ghansoli, home to prominent companies like TCS, Deloitte, Voltas, Blue Star, as well as the Mindspace IT Park and Reliable Tech Park.
Taloja, a node in Navi Mumbai, is located off NH-4 and is witnessing rapid growth of residential and commercial infrastructures. The MIDC corridor and MMRDA contribute in large measure to the development of the locality. The site is also a part of the new Belapur-Kharghar-Taloja-Pendhar metro line of the Navi Mumbai Phase 1. Given its proximity to the Mumbai-Goa highway, NH-4 and Mumbai-Pune Expressway, Taloja enjoys good connectivity. The place is at the new Navi Mumbai airport a 10-minute drive away.
The railway station at Taloja Panchanand connects the railway lines at Harbour, Central, and Western. CIDCO’s mass housing development scheme for Taloja, which is currently being implemented, is expected to change the dynamics of the city and create Taloja as the country’s largest well-planned township. This place would soon attract other real estate players, as well, with more people searching for residences closer to work areas.
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