COVID has had an impact on Mumbai’s residential property investment market, as well as those of other Indian metropolises. However, in the recent two quarters, there have been some signs of improvement in the city’s house buying and investment sentiment. Wadala East and Chembur East have become two of the city’s most desirable investment areas. Find out what other areas are at the top of the popularity rankings.

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In 2022, key infrastructure projects such as the Mumbai Trans Harbour Link, Navi Mumbai International Airport, Mumbai Coastal Road, and the Goregaon-Mulund Link Road will be finalized, giving Mumbai a very much facelift. Improved connectivity will encourage investment and help to sustain the real estate revival. Mumbai’s residential market grew by 20% over the previous quarter, Jul-Sep 2021. The popularity graph is expected to continue to rise as infrastructure improvements result in increasing house demand from purchasers. The key question, though, is what do homebuyers prefer.

In Mumbai, what are people buying?

Investors have a wealth of possibilities in Mumbai. Residential apartments, on the other hand, have become the most sought-after property type in recent years, particularly following the COVID incursion. “Mumbai has undergone a change during the country-wide lockdown”. Buyers are no longer concerned about property investment  size as long as they can obtain a ready-to-move residential apartment. People are willing to settle for smaller houses to save money on their monthly rental expenses as prices have risen. A 1 BHK with a carpet area of 350-400 sq. ft. will set you back around Rs 80-90 lakh, while a 2 bhk flat in mumbai  with a carpet area of 550-650 sq. ft. will set you back around Rs 120-130 lakh.

Mumbai’s best investment areas:

Wadala East :

Wadala East is popular among investors looking for high rental returns because to the proximity of significant company centers such as Bandra Kurla Complex (BKC) and Indiabulls Finance Centre, both of which are within a 10-kilometer radius. The neighborhood caters to the mid-income budget segment, with several high-rise flats leading the pack with 2 BHK options. It also provides simple access to adjacent retail and social infrastructure property investment. However, homeowners to rate the neighborhood, many complained about pollution and traffic congestion. Poor road conditions are particularly concerning and require immediate improvement, according to reviewers.

East Chembur:

Chembur is one of Mumbai’s most affluent neighborhood’s, with 1 BHK homes starting at roughly Rs 1 crore and numerous world-class projects. Chembur East appears to be suitable for anyone who relies extensively on public transportation because it has a comprehensive network. The area, which is largely made up of high-rise flats, is well-known for its safety. According to shraddha, a Chembur East resident, “With so many trees, the region is clean and sanitary. Chembur East is ideal for residential flats in chembur use, with well-kept parks, stores within walking distance, and schools and institutions close. In addition, most societies have reasonable maintenance fees. Only the inconsistent power supply is a negative.”

Mulund West is a suburb in Mumbai:

Mulund West, which is only three kilometer’s from the Mulund Suburban Railway Station, is popular for its proximity to the Eastern and Western Express Highways. It is also home to a vibrant retail district. Residents, on the other side, have complained of frequent traffic and noise pollution as a result of the high footfall in the region. Residential apartments make up the majority of the inventory, with two-bedroom units being the most common. In terms of rental demand, Powai, a prominent business area around 12 kilometer’s from Mulund West, is a key supplier.

East Kanjurmarg

With a 23.7 percent year-on-year increase in price, Kanjurmarg East has piqued the interest of investors. Its strategic position along the Eastern Express Highway, relative affordability, and availability of two-bedroom apartments ranging from 500 to 800 square feet have all contributed to its growing popularity. The region has a strong rental demand due to its close vicinity to the Indian Institute of Technology (IIT) Bombay, which is only two kilometer’s away. Kanjurmarg East’s average monthly rent is roughly Rs 22,000 per month.

Kanjurmarg East has a 4.5 out of 5 locality rating based on the evaluations of previous and present residents. The majority of people commended the area’s connectedness and safety. However, the Kanjurmarg Dumping Ground, which has been a major source of worry, gets roughly 60% of the city’s garbage.

While most investors choose Mumbai, the nearby district of Thane is catching the eye of potential homebuyers because to its excellent train accessibility. “Residential flats in Kalyan, Badlapur, and Navi Mumbai are popular because they provide superb facilities at a cost that is over 20% cheaper. The Mumbai Metropolitan Region (MMR) appears to be meeting demand effectively.”

Overall, purchasers are eager about investing in residential homes as fresh developments transform Mumbai. However, before finishing any arrangement, double-check the property investment facts.

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