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1 MUMBAI RESIDENTIAL REAL ESTATE OVERVIEW FEBRUARY 2016
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MUMBAI RESIDENTIAL REAL ESTATE OVERVIEW
FEBRUARY 2016
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TABLE OF CONTENTS
1. Executive Summary 3
2. City Fact File 4
3. Infrastructure 5
4. South Mumbai 11
5. Central Mumbai 13
6. Western Suburbs 15
7. Central Suburbs 17
8. Navi Mumbai 19
9. Thane 23
10. Peripheral Central Suburbs 26
11. Location Attractiveness Index 29
12. Disclaimer 30
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The Mumbai Real Estate Overview February 2016 takes a look at the key micro-markets and the growth
stimulators from a residential perspective. The report highlights the key findings of a week long survey
of the residential market conducted by the ICICI PSG Team.
We see the market moving to an end-user driven one from being investor driven and with robust
demand for affordable housing within the city - the softening of interest rates will only help this
trend.
In the short run, Mumbai residential real estate market is witnessing a realignment of the demand
– supply scenario. The demand for ready-to-move in properties is expected to rise in the coming
year while the supply with respect to new launches will be constrained to achieve current project
deliveries.
In the longer term, we expect prices to maintain current levels (at which the transactions are
happening).
The scope for further correction of prices remain limited owing to increase in approval costs,
finance cost, labor costs, etc.
Meanwhile, due to various discounts and flexible payment schemes now being available across
the market, buyers who were on the fringes are now making a move.
Erstwhile peripheral markets of Ambernath, Badlapur, Boisar, Karjat, Kalyan, Palghar, Vasai, Virar
are expected to grow further mainstream due to availability of affordable houses for people who
work in and around these locations.
Revised FDI regulations for the sector such as removal of two major conditions related to
minimum amount of FDI capital and area of investment has ensured that the industry will have
sufficient capital flow that will help developers deliver projects on time and increase buyer’s
confidence across the country.
Real Estate Regulatory Bill which received the Cabinet’s approval has ensured that the
government would now be in a better position to regulate the contracts between buyers and
sellers to ensure consumer protection and standardization of business practices. Appointment of
a regulatory authority in each state to monitor projects, single window clearances, compulsory
online registration of the property by the developers and more such measures under the purview
of this Bill are likely provide a significant boost this sector and the stakeholders.
The government’s vision to develop Mumbai into a world class city will go a long way in giving a
fillip to the real estate sector as a whole. The following shows the preceding intent:
- Intent to develop ~700 Hectares of Mumbai Port Trust land extending from Colaba to
Wadala
- Development of Salt Pan land of ~2177 Hectares located at Dahisar, Goregaon, Mulund,
Bhandup, Kanjur, Nahur, Ghatkopar, Turbhe, Mandale, Chembur, Wadala and Anik
- The Bombay High Court, in October 2014, redefined Mahim shore as a bay and allowed
construction in the area which was earlier under the highly restrictive coastal regulation
zone (CRZ).
EXECUTIVE SUMMARY
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Mumbai (previously known as Bombay) grew over three centuries from a collection of seven islands
(Isle of Bombay, Colaba, Old Woman's Island (Little Colaba), Mahim, Mazagaon, Parel, Worli) into a giant
megacity that it is today. Mumbai is derived from Mumba - the name of the goddess (Kuladevi)
Mumbadevi and ā'ī meaning "mother" in the Marathi language. It is a group of islands in the Arabian Sea,
which lies off the northern Konkan coast to the West of Maharashtra. These seven islands, which were
once separated by creeks and channels, were filled and bridged over the years by the inhabitants. The
islands were originally inhabited by Koli fishermen.
Bombay was the first British Indian possession, which came as a part of the royal dowry in 1661 to King
Charles II of England on his marriage to the Portuguese princess, Infanta Catherine de Braganza. The
British East India Company leased the islands from the Crown. The Company at first built a castle and
fort. In the following decades a number of reclamation projects were undertaken to weld the seven
islands together to provide space for the constantly growing population.
By the middle of the 19th century several industries including textile mills were up and running and the
population started booming.
The name "Bombay" was changed to "Mumbai" by the Corporation Resolution No.512 dated August 12,
1996, Maharashtra Act, XXV of 1996.
Administrative Framework
The Mumbai Metropolitan Region (MMR) spread over 4,355 sq. km. consists of 8 Municipal
Corporations viz. Greater Mumbai, Vasai-Virar, Mira-Bhayandar, Navi Mumbai, Thane, Bhiwandi-
Nizamapur Kalyan-Dombivali and Ulhasnagar; and 9 Municipal Councils viz. Ambarnath, Alibaug
Kulgaon-Badalapur, Karjat, Khopoli, Matheran, Panvel, Pen and Uran; along with more than 1,000
villages in Thane and Raigad Districts.
Mumbai consists of two distinct regions: the city (South Mumbai) and the suburbs. The city is usually
referred to as an Island City while the suburbs could be divided into Central and Western. Mumbai
region is administered by the Brihanmumbai Municipal Corporation (BMC) (formerly the Bombay
Municipal Corporation). Navi Mumbai (stretching from Airoli to Uran) and Thane City, which have been
covered separately in this report, are otherwise a part of the Thane district. Pockets beyond CBD
Belapur are a part of the Raigad District and fall under the Panvel Municipal Council. The remaining parts
of Navi Mumbai are under the jurisdiction of the NMMC, Navi Mumbai Municipal Corporation. Thane
City is under the administration of the Thane Municipal Corporation.
CITY FACT FILE
INFRASTRUCTURE
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Roads
Existing Roads
Bandra - Worli Sea Link (BWSL)
BWSL is an 8 - lane facility that has reduced travel time from Bandra to Worli and vice versa
considerably due to avoidance of ~23 signals.
Eastern Express Highway
Eastern Express Highway is ~23 kilometers in length with a total of 6 lanes and it connects all the
Central Suburbs of Mumbai to South Mumbai. The expressway also serves as a link to the National
Highway 3. The expressway starts at Chhatrapati Shivaji Terminus and continues up to Thane. The Sion
Panvel Highway cuts the Eastern Express Highway at the RCF junction and connects it to the outer areas
of the city where it is popular by the name of Dr. Ambedkar Road.
Mumbai Eastern Freeway
The ~16 kilometers Eastern Freeway is the latest addition to the infrastructure development being
carried out in Mumbai. This no-toll highway has reduced travel time between Ghatkopar on Central
Suburbs to Fort in South Mumbai to 20 minutes, thus, easing the connectivity between Central Suburbs,
Navi Mumbai and South Mumbai.
Santacruz – Chembur Link Road (SCLR)
The SCLR is a 6.45 kilometers road, which links Western Express Highway at Santacruz to Eastern
Express Highway at Chembur. This road is a part of the World Bank-funded Mumbai Urban Transport
Project (MUTP) and the project has been executed by the Mumbai Metropolitan Region Development
Authority (MMRDA). This road has reduced the traffic congestion and eased the commute during peak
hours to the prime business hub of BKC from Central and Western Suburbs of Mumbai.
Sahar Elevated Road
The Sahar Elevated Road, connecting Western Express Highway with Chhatrapati Shivaji International
Airport’s (CSIA) new Terminal 2, implemented jointly by the Mumbai Metropolitan Region Development
Authority (MMRDA) and Mumbai International Airport Private Limited, stretches ~3 kilometers between
Western Express Highway and CSIA. The signal-free elevated road which starts from Hanuman Road
junction, Vile Parle (East), and stretches up to Terminal 2 has immensely improved accessibility to the
international airport from Western Suburbs and South Mumbai.
Sion-Panvel Highway
The Sion - Panvel Highway which has a length of ~23 kilometers and stretches from Bhabha Atomic
Research Centre (BARC) to Kalamboli has reduced travel time by more than 30 minutes. It is crucial road
connecting Mumbai to major micro markets of New Mumbai.
Western Express Highway
Western Express Highway in Mumbai (~ 25 kilometers in length) begins from near the Mahim creek and
extends to the Mira-Dahisar toll booth, connecting Bandra, Andheri, Goregaon, Kandivali, Borivali up to
Dahisar. Beyond the city limits, it continues as the Mumbai-Delhi National Highway 8. It is a prime road
INFRASTRUCTURE
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connecting Western Suburbs to South and Central Mumbai.
Other Key Roads
The Swami Vivekanand Road (SV Road) in an important arterial road of the Western Suburbs and runs
west of the railway tracks from Bandra to Dahisar. It is ~25 kilometers in length.
The Jogeshwari – Vikhroli Link Road (JVLR) links Jogeshwari in the Western Suburbs to Vikhroli in the
Eastern Suburbs, thereby connecting the Western Express Highway and Eastern Express Highway. It is
~10.6 kilometers in length.
Lal Bahadur Shastri Marg (LBS Marg) is a major arterial road in the Central Suburbs of Mumbai. It runs
through Sion to Thane and connects the Central Suburbs as well as Thane to the Central Mumbai. It is
~21 kilometers in length.
Planned Roads
Coastal Road
A proposed coastal road to connect the Western Suburbs of Mumbai at Kandivili with South Mumbai at
Nariman Point has received the coastal regulations zone clearance from the Centre and planning for its
construction is underway. The proposed freeway would cost ₹12,000 crore, is a ~36 kilometers coastal
road and is expected to be completed by 2019.
Mumbai Trans Harbour Link
Mumbai Trans Harbour link (also known as the Sewri – Nhava Sheva Trans Harbor Link) is a 22.5
kilometers long 6-lane bridge connecting Sewri on the island city to Nhava-Sheva in Navi Mumbai. This
is a 6-lane road including a 16.5 kilometers long sea link and 5.5 kilometers long viaducts on land. The
state agency Mumbai Metropolitan Region Development Authority (MMRDA) who seeks to establish the
much needed connectivity between Mumbai and the satellite city of New Mumbai has recently received
the much awaited coastal regulations zone clearance from the Centre for the development of this
project.
Mumbai – Vadodara – Ahmedabad Expressway
The Vadodara – Ahmedabad Expressway project which is currently under construction is likely to be
extended to Mumbai. The work on the Vadodara- Mumbai section is expected to begin in 2016. This
project will be a 379-kilometers long six-lane Highway and will ease the transport between Mumbai and
Ahmedabad.
Virar-Alibuag Multi Modal Corridor
The proposed Multi Modal Corridor is a single corridor having a length of 126 kilometers, which will
incorporate multiple modes, such as, buses, metro rail, cars and a non-motorized track. The proposed
Multi Modal Corridor will ensure faster access to Mumbai from important national highways like NH8,
NH3, NH4, NH4 B and the Mumbai Pune Expressway. It will also benefit some of the major projects
being implemented in the MMR viz. Navi Mumbai International Airport, Revas Port, Mumbai Trans
Harbour Link (MTHL) and the Dedicated Freight Corridor.
MMRDA has completed the Techno-Economic and Financial Feasibility Studies for the Multimodal
corridor and the process for detailed survey for land acquisition is currently underway.
INFRASTRUCTURE
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Virar-Alibuag Multi Modal Corridor
Source: MMRDA
New Road Proposals
In November 2015, the state government of Maharashtra approved several infrastructure projects in and
around Mumbai aimed at making daily commute as well as weekend travel smoother and faster. These
projects are expected to see completion before 2019.
The government approved ~ ₹52,000 crore worth of projects which included key projects such as
- The Tikuji-ni-wadi (Thane)-Borivali tunnel under the Sanjay Gandhi National Park,
- A new 12 kilometers tunnel through the Lonavla hills for a road parallel to the existing ghat section of
the Mumbai-Pune expressway, and
- A six-lane bridge parallel to the existing Vashi creek bridge.
An elevated road on the Thane-Ghodbunder road and between Bhiwandi and Shilphata via Kalyan were
also approved to make the movement of vehicles through the metropolitan region much faster.
In a bid to make commute faster and cheaper various alternate transport options like ropeways, with
each gondola capable of carrying up to 70 passengers, between Thane and Borivali across Sanjay
Gandhi National Park and between Ghatkopar and Navi Mumbai across the creek, are also proposed.
The augmentation of the Mumbai-Pune expressway has received an in-principle nod to build a ~12
kilometers tunnel-bridge section that will reduce the journey time between the two cities by 30 minutes
and will separate the old highway and expressway traffic completely. In the existing scenario, they meet
in the expressway's ghat section, leading often to traffic slowdown on this road. The plan includes two
tunnels, two viaducts, elevated roads and measures to increase security. The Mumbai-Nagpur
expressway, which also got its final approval, will be built parallel to the existing road via Aurangabad.
INFRASTRUCTURE
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Mumbai Metro
In 2003, MMRDA aimed to find long-term solution to traffic for easy transportation in the MMR.
Therefore, MMRDA with the help of M/s. Delhi Metro Rail Corporation (DMRC), Tata Consultancy
Services and Indian Institute of Technology – Mumbai formulated the Master Plan for the Mumbai
Metro. The master plan consists of the following corridors of the Mumbai Metro to be built in phases.
Phase 1 of the Metro extending from Ghatkopar to Versova is already operational. The plan covers a
total 170+ kilometers of which 32.5 kilometers will be underground while the rest is elevated.
Sr. No. Corridor
Length
(km)
Phase
1 Versova-Andheri-Ghatkopar* 11.40 Phase 1
2 Charkop-Bandra-Mankhurd-Dahisar 32.00 Phase 1
3 Colaba-Bandra-Seepz 33.50 Phase 1
4 Charkop-Dahisar (Merged with line 2) 7.80 Phase 2
5 Wadala-Ghatkopar-Teen Hath Naka 20.70 Phase 2
6 Teen Hath Naka- Kasarwadavli-Bhiwandi-Kalyan 34.60 Phase 3
7 SEEPZ-Kanjurmarg 10.50 Phase 3
8 Andheri East – Dahisar East 18.00 Phase 3
9 Sewri-Prabhadevi 3.50 Phase 3
Mumbai Metro Plan
* Already Operational
Source: mmrdamumbai.org
Metro Rail Project (Navi Mumbai)
Anticipating the future demand of public transport within Navi Mumbai, the following plan for the Metro
has also been proposed:
Sr. No. Corridor
Length (km) Implementing Authority
1 Belapur- Taloje-Pendhar-
Khandeshwar-NMIA 23.40
CIDCO
2 Mankhurd-NMIA-Panvel 32.00 MMRDA
3 Sewri-Kharkopar-NMIA 22.00 MMRDA
4 Dighe-Turbhe-Belapur 20.00 NMMC
5 Vashi-Ghansoli-Mahape 9.00 NMMC
Source: CIDCO
INFRASTRUCTURE
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Monorail
The Monorail Phase – I (Wadala – Chembur) was opened to public in Feb 2014. The Phase – II (Wadala –
Sant Gadge Maharaj Chowk) work is in advanced stage and is expected to see completion in 2016. The
length of corridor from Wadala to Chembur (Phase I) is 8.93 kilometers and from Sant Gadge Maharaj
Chowk to Wadala (Phase II) is 11.20 kilometers. Once ready the monorail will connect crucial areas of
Central Mumbai at 17 Stations.
Mumbai Monorail Plan
Source: MMRDA
Navi Mumbai International Airport
Navi Mumbai International Airport is a proposed greenfield international airport to be built in Kopar-
Panvel area of MMR with a view to decongest the existing Chhatrapati Shivaji International Airport of
Mumbai. The Navi Mumbai Airport is proposed to be developed through a Public Private Participation
(PPP) model. All major approvals including the environmental & coastal regulation zone, forest & wild life
clearances have been obtained for the construction of this airport. CIDCO, the nodal agency of Navi
Mumbai, is in the process of finalizing a bidder who will carry out the development work of the airport.
INFRASTRUCTURE
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Short Term 10-12
months
Stable in capital value
Long Term 50-60
months
CAGR 5-10% appreciation in capital value
Mumbai Metropolitan Region (MMR):
MUMBAI REAL ESTATE
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South Mumbai
Major Locations: Altamount Road, Breach Candy, Cuffe Parade, Grant Road, Tardeo, Marine Lines,
Napean Sea road
South Mumbai hosts the Reserve Bank of India and Bombay Stock Exchange. Its primary business
districts are Fort, Nariman Point and Ballard Estate. Chhatrapati Shivaji Terminus (CST) and Churchgate
serve as headquarters and starting point for the Central and Western Railway lines respectively.
The area houses a significant proportion of prime up market residential neighborhoods of Mumbai
which includes Altamount Road, Breach Candy, Cuffe Parade, Nepean Sea Road, Peddar Road and
Walkeshwar Road to name a few. Certain locations such as Kalbadevi, Bhuleshwar, Marine Lines, in this
micro market hold a lot of potential for redevelopment. These, if undertaken in the form a planned
cluster redevelopment, will change the skyline of Mumbai. All of these new developments will offer
excellent views of the sea. Not many new real estate developments are taking place in the Golden
Triangle of Napean Sea, Peddar Road and Altamount Road; however, there is always a demand for
residences in these and transactions in secondary market are common.
Many distinctive sporting clubs have been an integral part of South Mumbai landscape like the the Turf
Club at Mahalaxmi Racecourse, the Bombay Gymkhana, the Breach Candy Club, and the Malabar Hill
Club (Formerly W.I.A.A Club).
Key Highlights:
South Mumbai is one of the most premium residential market in the country.
Apartments with good views of the city and the sea are have always been in demand and
command a hefty premium.
It has witnessed some marquee deals in the recent past apart from the regular premium sales.
Key Deals:
o In June 2014, Homi Bhabha bungalow at Malabar Hill was auctioned by the National
Centre for the Performing Arts (NCPA) to an undisclosed buyer at ~₹372 crore, (at a
record price of ~₹2.18 lakh per sqft, for the 17,150 sq ft property).
o In Sept. 2015, industrialist Cyrus Poonawalla paid ₹750 crore for a 2 acre US government-
owned palace property called Lincoln House at Breach Candy in South Mumbai.
o In Sept. 2015, Aditya Birla Group chairman Kumar Mangalam Birla bought the ~3,100
sq.ft. Jatia House bungalow in Malabar Hill for ~₹425 crore.
Major developers include HBS, Lodha, Radius, Runwal, Shapoorji Pallonji, among others.
Property rates of `ready-to-move-in’ units in prime residential markets of South Mumbai
Location
Capital Values (INR/sq.ft.) Rental Values for 2 BHK
(INR/month)
Altamount Road 95,000 – 160,000 250,000 – 350,000
Napean Sea 95,000 – 140,000 250,000 – 350,000
*Source: ICICI Home Search
MUMBAI REAL ESTATE
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Weighted Average Price Trends (INR/sq.ft.) of available units in South Mumbai*
*Source: PropEquity
Note: Graph represents weighted average price of residential units available in the primary market
Marine Drive, South Mumbai
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Central Mumbai
Major Locations: Byculla, Dadar, Lower Parel, Matunga, Parel, Prabhadevi, Sewri, Sion, Wadala, Worli
Off late, Byculla and Sewri in Central Mumbai are garnering a lot of developer interest. These locations
are the upcoming locations in Mumbai due the fact that residences offer good views of the harbor, the
Byculla zoo greenery, proximity to South Mumbai and business districts in Lower Parel.
Sion is also seeing good interest from buyers due to its proximity to BKC and also increased
convenience due to the decongestion brought about by the SCLR.
Key Highlights:
There has been a surge in number of premium real estate projects which have come in and
around Lower Parel, Prabhadevi and Worli, making these areas one of the most prestigious and
costliest places to live in India. These areas are well connected to the business district in BKC.
Byculla is seeing development due availability of land for redevelopment from slums and mills.
Parel is witnessing a huge transformation with reputed developers already having projects and
more in the pipeline. Jacob Circle monorail and South Mumbai buyer spillover due to relatively
lower prices and access to South Mumbai is a key driver for the market. The newer projects also
offer better amenities, car parks as added benefits.
Wadala continues to be a key consideration in the decision making process for potential buyers.
Wadala is being developed by MMRDA and the bidding is proposed to start from next financial
year for its commercial development akin to BKC. This could boost the residential development
in the vicinity. While the Eastern Freeway has drastically improved the connectivity, MMRDA has
also proposed a direct flyover from Priyadarshini Circle to BKC, connecting Wadala to BKC, thus
linking the two locations.
Central Mumbai is ideal as a residential location for buyers seeking to be near South Mumbai but
at relatively lower prices.
Major developers include Ahuja, Bombay Realty, DB Realty, Indiabulls, L&T, Lodha, Peninsula
Land, Piramal, Sheth, Wadhwa, Omkar among others.
Property rates of `ready-to-move-in’ units in prime residential markets of Central Mumbai
Location
Capital Values (INR/sq.ft.) Rental Values for 2 BHK
(INR/month)
Byculla 21,000 – 28,000 40,000 – 60,000
Dadar 24,000 – 30,000 50,000 – 80,000
Lower Parel 30,000 – 60,000 60,000 – 125,000
Mahalaxmi 28,000 – 60,000 45,000 – 170,000
Prabhadevi 30,000 – 85,000 75,000 – 250,000
Parel 20,000 – 45,000 50,000 – 165,000
Sewri 25,000 – 40,000 35,000 – 125,000
Sion 20,000 – 35,000 30,000 – 50,000
Wadala 19,500 – 24,000 25,000 – 70,000
Worli 35,000 – 130,000 75,000 – 150,000
*Source: ICICI Home Search
MUMBAI REAL ESTATE
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Weighted Average Price Trends (INR/sq.ft.) of available units in Central Mumbai*
*Source: PropEquity
Note: Graph represents weighted average price of residential units available in the primary market
Siddhivinayak Temple, Prabhadevi, Central Mumbai
MUMBAI REAL ESTATE
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Western Suburbs
Major Locations: Andheri, Bandra, Borivali, Goregaon, Kandivli, Khar, Malad, Santacruz, Vile Parle,
Dahisar to Virar
Key Highlights:
The Western Express Highway runs across the length of the Western Suburbs and is the spine of
this micro-market. Western suburbs are generally preferred due to the highway connecting all of
them to the BKC, Bandra Worli sea link, domestic and international airports, JVLR and SCLR as
well as availability of sea facing residences especially in Bandra and Juhu.
Andheri, Bandra, Goregaon, Khar, Malad, Santacruz are among the most established locations
due to presence of various educational institutes, malls, shopping centers, office complexes and
various other facilities. They are also well connected by the Western Express Highway on the
East side and the SV Road and the Link road on the West.
Bandra, Juhu, Khar and Santacruz are the most sought after locales and command a premium
due to their proximity to sea face, presence of major retail stores, restaurants and good
community living. Residential development in these areas is restricted to standalone buildings
mostly in the form of a society redevelopment projects.
Borivali is an end user favorite due to its proximity to Western Express Highway and is a major
train junction. Projects in Borivali offer residences with all modern amenities and better
community living but at lower rates than the above established locations.
Kandivali (West) and nearby locations are witnessing large scale SRA (Slum Rehabilitation
Authority) development projects. In the long term, the area between Thakur Village and
Lokhandwala Complex in Kandivali (East) is also expected to witness a huge transformation due
to SRA development (some of which are already under progress).
Oshiwara Development Centre (ODC): A district aimed at de-congesting the Western Suburbs of
Mumbai to initiate the area’s development is proposed at Oshiwara, a suburb near Jogeshwari
and Goregaon. The District Center has been planned on 102 hectares of land for which Mumbai
Metropolitan Region Development Authority (MMRDA) is a Special Planning Authority. This
district centre promises to offer world class residential premises with state-of-art facilities,
education institutions, health centres and recreational spaces.
Mira-Bhayandar road, Vasai, Virar which were considered as peripheral markets are now main
stream for buyers seeking more affordable options. These markets are well connected by the
western suburban railway service. These markets have seen a surge in residential projects from
reputed developers in the recent past.
Markets like Palghar and Boisar are also gaining acceptance as residential locations due to
affordability along with quality of life and amenities. Residential demand in these areas is
primarily from the employees working in nearby companies.
Major developers include Hubtown, Kalpataru, Kanakia, Raheja Universal, Oberoi Constructions,
Omkar, Rajesh Lifespaces, Runwal, Rustomjee, Sunteck among others.
Growth Stimulators:
The Rail Over Bridge connecting SV Road at Jogeshwari to the Western Express Highway has
eased traffic congestion.
The Western Suburbs will be a big beneficiary of the proposed coastal road which will provide
an excellent connectivity to South Mumbai.
MUMBAI REAL ESTATE
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Proposed metro routes — the Dahisar (W) to D N Nagar (part of the Dahisar-Charkop-Bandra-
Mankhurd Metro-II project) and the Andheri (E) - Dahisar (E) Metro-VII that will run alongside the
Western Express Highway is expected to benefit Dahisar.
Ready connectivity to domestic and international airports, Western Express Highway, Western
Suburban Railway, Bandra-Worli sealink, JVLR, SCLR, are major attractions for the buyers and
residents of Western Suburbs, with the added benefit of flyovers over most major junctions.
The new Milan flyover between SV Road and Western Express Highway has ensured an easy
East West of Western Suburbs connectivity thus, making commute quicker to office locations in
Andheri and BKC.
Property rates of `ready-to-move-in’ units in prime residential markets of Western Suburbs
Location Capital Values (₹/sq.ft.) Rental Values for 2 BHK (₹/month)
Andheri 18,000 – 30,000 30,000 – 50,000
Bandra 37,500 – 75,000 40,000 – 120,000
Bhayandar 6,500 – 10,000 12,000 – 15,000
Borivali 12,000 – 18,000 20,000 – 30,000
Dahisar 8,750 – 11,000 18,000 – 20,000
Goregaon 14,000 – 22,000 25,000 – 40,000
Kandivali 10,500 – 20,000 20,000 – 30,000
Mira Road 6,000 – 9,000 10,000 – 14,000
Santacruz 20,000 – 55,000 30,000 – 70,000
*Source: ICICI Home Search
Weighted Average Price Trends (₹/sq.ft.) of available units in Western suburbs
*Source: PropEquity
Note: Graph represents weighted average price of residential units available in the primary market
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Central Suburbs
Major Locations: Bhandup, Chembur, Ghatkopar, Kanjurmarg, Mulund, Powai, Vikhroli
Key Highlights:
Ghatkopar is an established residential location in the Central Suburbs and is famous for malls,
educational institutes and various other facilities in close proximity.
Chembur has gained prominence as a residential destination due to its proximity to Eastern
Express Highway, completion of Santacruz Chembur Link Road, the Chembur-Wadala monorail
and its easy accessibility to BKC. Locations on the periphery of Chembur like Shell Colony, Lal
Dongri, Mankhurd Road have gained prominence due to scarcity of land parcels and high rates in
the core Chembur market. There are a number of upcoming redevelopment projects in Chembur.
Shifting of the diamond market to BKC has also added to the demand for residences in
Ghatkopar.
Vikhroli is witnessing renewed interest due to the development being carried out by a single
developer who owns large land parcels in this location. Vikhroli is likely to see a complete
transformation into a new residential and commercial zone owing to this development.
Powai is an upmarket and well established residential zone with a number of shopping and
entertainment centers, hotels and restaurants. It also houses the Indian Institute of Technology
(IIT) Bombay and some major companies. Powai is one of the most sought after residential
pocket due to its presence of lake view apartments and good connectivity to BKC, Eastern and
Western Express Highway via JVLR. However, there is limited scope of further residential
development with limited projects currently under construction.
Kanjurmarg and Bhandup are the current best-selling locations in the Central Suburbs due to
easy connectivity to Eastern Express Highway and JVLR via Powai. These locations also see a
spillover demand from the relatively costlier residential pockets in Powai and Ghatkopar.
Mulund West and Nahur are established locations and are witnessing a fair share of new
projects. These include projects on the LBS and the Mulund – Goregaon Link Road. Being
located near the Eastern Express Highway, Mulund East also attracts consumer interest. The
prime attraction of these locations are the excellent views of Mulund hills, Sanjay Gandhi
National Park, salt pans and availability of residences in gated communities.
Major developers in the Central Suburbs include Godrej, Kalpataru, Lodha, Runwal, Sheth,
Spenta, TATA Housing, among others.
Key deals in the area:
o Crompton Greaves sold its ~34 acres land parcel at Kanjurmarg, LBS Marg for ~₹1,015
crore to the Runwal Group
Growth Stimulators:
This micro-market has good connectivity to Eastern Express highway, which connects Central
South Mumbai and Navi Mumbai to Thane.
Connectivity via Eastern Freeway to South Mumbai, via Santacruz Chembur Link Road to BKC
and Kalina are the prime attractions of the Central Suburbs.
The already operational Ghatkopar–Andheri-Versova corridor of Mumbai Metro, has reduced the
travel time from ~ 90 minutes to ~ 21 minutes.
Presence of malls, schools, educational institutes and gated community living are other driving
forces of residential demand in the Central Suburbs.
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Property rates of `ready-to-move-in’ units in prime residential markets of Central suburbs**
Location Capital Values (INR/sq.ft.) Rental Values for 2 BHK (INR /month)
Bhandup 10,500 – 13,000 20,000 – 30,000
Chembur 14,500 – 17,000 30,000 – 40,000
Ghatkopar 20,000 – 22,000 45,000 – 50,000
Kanjurmarg 12,500 – 13,500 25,000 – 30,000
Mulund 12,500 – 14,500 25,000 – 30,000
Powai 15,000 – 35,000 35,000 – 80,000
Vikhroli 13,000 – 14,500 25,000 – 35,000
*Source: ICICI Home Search
Weighted Average Price Trends (INR/sq.ft.) of available units in Central Suburbs*
*Source: PropEquity
Note: Graph represents weighted average price of residential units available in the primary market
MUMBAI REAL ESTATE
19
Navi Mumbai
Major Locations: Airoli, Dronagiri, Ghansoli, Kharghar, Kopar Khairne, Panvel, Ulwe and Vashi
With a view to decongest Mumbai, Navi Mumbai was envisaged to be formed via various nodal or
townships development each spread across 500 to 800 hectares of land and sub-divided into sectors.
Accordingly, the various nodes developed in Navi Mumbai are: Airoli, Belapur, Dronagiri, Ghansoli,
Kalamboli, Kamothe, Kharghar, Kopar Khairne, Nerul, Panvel, Sanpada, Ulwe and Vashi. The region
started getting recognised as a destination for the middle class population, who were unable to afford
houses within prime Mumbai or were not keen to move in the extended Western Suburbs of Mumbai
beyond Dahisar to Virar, Vasai. In due course, on account of its good connectivity with Mumbai via road
and rail, coupled with relatively affordable price points, it started attracting various classes of buyers.
In recent years, residential real estate market of Navi Mumbai has become more attractive due to its
development as a suburban business district, announcements of an International Airport, extended
railway lines, sea-link connecting Navi Mumbai to South Mumbai and the upcoming metro corridor. Due
to its strong connectivity with Mumbai, Pune and Thane; less congested living environment and
availability of houses at reasonable price points, Navi Mumbai is likely to emerge as a preferred housing
destination in near future. Apart from the prime developers such as Hiranandani, Indiabulls, Kalpataru,
Marathon, Wadhwa Group, who are present in Navi Mumbai, other local developers with a good track
record such as Adhiraj, Akshar Group, Arihant Universal, Kesar Group, Lakhani Developers, Paradise
Group, Prajapati, Progressive Group and Swaraj Builders are also developing some of the landmark
projects of Navi Mumbai.
Key Highlights:
Navi Mumbai is well connected to Mumbai and Thane via road and rail network and with Pune
via the Mumbai Pune Expressway.
The development of Navi Mumbai is being promoted so as to make it India's `no slum city’.
Navi Mumbai can be divided into two segments –
Initial nodes which were developed include the commercial centres of Airoli,
Vashi, and Belapur while Nerul, Sanpada, Kamothe are primarily the residential
nodes
The upcoming nodes comprise of Dronagiri, Ghansoli, Kharghar, Panvel, Roadpali
and Ulwe
Navi Mumbai is home to a population that sprawls different income categories. While the mid
and the upper-mid income reside at well-established precincts like Vashi, Belapur, Nerul and
Sanpada; the lower mid-income population opt for farther upcoming nodes such as Ulwe,
Dronagiri, Roadpali and Panvel.
The upcoming nodes are an investor favourite as they serve large land parcels at reasonable
prices for affordable housing, is well connected via road and has a rail connectivity (Belapur -
Uran Line) under construction.
Airoli, Vashi and Belapur house the commercial centers of Navi Mumbai.
Airoli primarily is the IT hub of Navi Mumbai with a number of companies operating out of its
knowledge park. Airoli is well connected to Mumbai’s Eastern Express Highway and Powai via
the Airoli - Mulund Bridge as well as Thane. This node is also known for its educational
institutions like New Horizon Public School, DAV Public School, New Horizon Scholars School,
MUMBAI REAL ESTATE
20
Euro School, etc and attracts students from Mulund, Bhandup and Vikhroli as well.
Vashi, one of the first nodes developed by the City and Industrial Development Corporation
(CIDCO) in Navi Mumbai, is primarily a host to many companies and malls. Similarly, Kopar
Khairane is home to Reliance Industries and a number of IT consulting companies such as Patni
Computer Systems, Mastek, and L&T Infotech.
Belapur houses the headquarters of Navi Mumbai Municipal Corporation and a branch office of
Reserve Bank of India.
Nerul along with Seawoods-Darave is the second most developed zone of New Mumbai after
Vashi. Nerul along with Seawoods-Darave is also one of the most expensive, real estate locations
of Navi Mumbai due to the excellent creek view it offers from the residences.
New residential development in the above mentioned nodes is limited to standalone buildings.
Ghansoli has recently witnessed improved residential development along the Palm Beach road.
This location is seeing an increasing demand spill from Vashi and Airoli and also from people
working in nearby companies such as Reliance, Seimens, Standard Alkali, etc.
Kharghar adjoins Belapur and is well connected to Taloja industrial estate on the East. Lately,
residential projects in this location have been commanding a premium for the picturesque hill
view that it offers and also Asia’s second – largest central park and an 18 hole golf course
situated in this node. Apart from this, Kharghar is home to a number of renowned educational
institutions and a liquor-free zone.
Roadpali is an upcoming residential pocket which lies ahead of Kharghar and adjoins Kamothe,
Kalamboli areas. Purely a residential zone, Roadpali offers residences for those who wish to be
near Kharghar and CBD areas but at much affordable rates.
The development of New Panvel was initiated by CIDCO to meet the housing requirements of
employees working in nearby industrial MIDC areas such as Taloja, Rasayani, Patalganga & Pen.
Lately, Panvel has seen a surge in residential townships due to announcement of the
international airport in the Panvel-Kopra area. Panvel is connected to rest of Mumbai by rail and
road network, and also lies on the Mumbai - Bangalore Highway (NH-4) and Mumbai-Pune
Expressway.
Other two nodes which have gained popularity due to the proposed international airport are that
of Ulwe and Dronagiri. Currently in nascent stages of development, Dronagiri holds immense
potential from an investment point of view due to availability of large land parcels, waterfront
locations and planned SEZ’s by Reliance. The proposed Trans Harbour sea-link which would
connect Ulwe and Dronagiri to South Mumbai in approximately 30 minutes will enhance the
connectivity to these nodes. A railway line to connect Belapur and Uran is under construction
which will further improve the accessibility of these two nodes.
Growth Stimulators:
Residential demand in Navi Mumbai is likely to grow due to its existing as well as the excellent
infrastructure being planned in the city which will enhance its internal connectivity as well as with
Mumbai.
While, commercial office development is majorly restricted to the IT/ITES industry, the current
MUMBAI REAL ESTATE
21
focus on fast development of infrastructure projects is likely to make this submarket an even
more preferred commercial and industrial destination.
With an increase in employment options here, Navi Mumbai is likely to see a surge in residential
demand spill from Mumbai and other nearby areas by population who wants a decongested
living.
Vashi, Belapur and Nerul would always remain the most sought after residential locations due to
the available employment options here. Palm Beach Road in Vashi, known as the Queen's
necklace of Navi Mumbai, is one of the most upmarket locale and commands a premium due to
the the creek view it offers.
The emerging segment is slated to get a boost with various proposed infrastructure projects
such as Nerul-Uran rail line, International Airport, Mumbai Trans Harbour Link, Monorail,
Expansion of Sion-Panvel highway, Mansarovar-Taloja and Panvel-Uran rail lines. Trans Harbour
Link, a proposed six-lane road cum rail Bridge between Sewri – Nhava Sheva of about 22
kilometers will reduce the travel time between Navi Mumbai & Mumbai.
Airoli is expected to see a surge in demand once the work on Goregon – Mulund Link roads
starts which will connect Airoli to the Western Suburbs of Mumbai.
Roadpali lies on the proposed Navi Mumbai Metro which starts at Belapur and connects
Kharghar and Taloja. The construction of Dronagiri and Ulwe local railway station is underway
which lies on the Nerul-Uran rail line. Ulwe and Panvel will also have a bypass connectivity to the
Trans Harbour Link.
Thus, each of these upcoming nodes in Navi Mumbai are slated to get interconnected as well as
easily accessible from Mumbai. These factors will contribute to the holistic development of Navi
Mumbai.
The emerging segment also has availability of vast developable land at reasonable rates which is
likely to boost the investor-led development of the region.
Social infrastructure in Navi Mumbai is well placed with the presence of excellent educational
institutions, hospitals, playground and parks.
The traditional shopping plazas of Navi Mumbai co-exist with quality malls like Inorbit, and
Raghuleela. In addition to anchor tenants like HyperCity, Shoppers Stop, Central, Food Bazaar
and Globus, these malls are also host to various national and international brands.
Navi Mumbai houses reputed hospitals such as Dr. D Y Patil Hospital and Research Centre,
Sterling Wockhardt Hospital, TATA Memorial Cancer Hospital. It also boasts of some leading
names in hospitality such as The Park, Fortune Select, Four Points and Royal Orchid as well good
restaurants.
Kharghar has famous educational institutions such as NIFT, ITM, Yerala Medical College, DAV,
Ryan International School. Navi Mumbai’s ISKCON Temple is also located here. Excellent
infrastructure, a central park (240 acres), a golf course (18 hole), DY Patil Cricket Stadium and
proposed international airport in the vicinity is expected to give Kharghar an edge over the other
nodes of Navi Mumbai.
MUMBAI REAL ESTATE
22
Property rates of `ready-to-move-in’ units in prime residential markets of Navi Mumbai
Location Capital Values (INR/sq.ft.) Rental Values for 2 BHK (INR/month)
Airoli and Ghansoli 9,000 –12,000 15,000 – 20,000
Belapur 9,000 – 12,000 18,000 – 25,000
Kharghar 7,000 – 9,000 18,000 -– 20,000
Palm Beach 16,000 – 18,000 25,000 – 30,000
Panvel 6,000 – 6,500 10,000 – 12,000
Seawoods 10,000 – 16,000 25,000 – 35,000
Ulwe 5,500 – 7,200 -
Vashi 13,500 – 14,500 20,000 – 25,000
*Source: ICICI Home Search
Weighted Average Price Trends (INR/sq.ft.) of available units in Navi Mumbai*
*Source: PropEquity
Note: Graph represents weighted average price of residential units available in the primary market
MUMBAI REAL ESTATE
23
Thane
Major Locations: Balkum, Ghodbunder Road, Kolshet, Majiwada, Manpada, Pokhran Road
Thane is situated to the north-east of Mumbai and is well connected to the prime business hubs of
Mumbai and Navi Mumbai via rail and road. Erstwhile an industrial town with affordable residential
housing options, Thane has now become a relatively upmarket residential destination, owing to the
various infrastructural initiatives by the Government executed under Thane Municipal Corporation
(TMC). Most of the residential properties in Thane were low rise developments, however, with a gradual
infrastructure development, prominent developers have come up with major projects in this region.
Initial residential development was concentrated on Pokhran Road and around Majiwada junction in
West Thane. However, residential development has now spread to newer pockets such as Manpada,
Balkum and Kolshet Road areas. These locations offer residences at attractive price points and have an
easy accessibility. Ghodbunder Road also continues to attract developer and consumer interest due to
its ready connectivity to Western part of Mumbai, Eastern Express Highway and the industrial hub of
Bhiwandi. Fast developing commercial projects by reputed developers on Ghodbunder Road, Wagle
Estate and in the vicinity of Cadbury Junction on Eastern Express Highway have also driven the interest
of end-users in Thane.
Some of the prime developers now having a prominent footprint in Thane include Dosti Realty,
Harmony, Hiranandani, Kalpataru, Lodha, Puranik, Runwal, Rustomjee, Vijay, among others. Recently,
Piramal Realty, TATA and Wadhwa Group and have also announced their projects in Thane.
Key Highlights:
Pokhran Road 1 and 2 have always been consumer favourites and one of the most upmarket
residential locations of Thane. This area commands a premium due to its location which boasts
of scenic mountain and lake views, proximity to Eastern Express Highway and presence of all
major malls, schools and hospitals in the vicinity.
Manpada has emerged as another most sought after area of Thane due to presence of some
premium projects by reputed developers. Proximity to the scenic Yeoor hills and Ghodbunder
Road adds to the immense consumer interest in this location.
Ghodbunder Road which connects Thane to Western Mumbai started attracting developer
interest a few years back. This stretch, however, is now home to some of the major townships
and residential projects by renowned developers. Ready connectivity to Western Mumbai,
Eastern Express Highway and Bhiwandi due to improved infrastructure and influx of flyovers
accelerated the development of residential spaces on this stretch. Presence of good commercial
projects and office spaces, malls, hotels also added to the consumer interest in this location.
Residential development in Thane is progressing ahead of now already congested Majiwada
Junction and towards Bhiwandi. Balkum which is strategically located between Majiwada and
Bhiwandi has attracted developer interest and has recently witnessed announcements of major
township and premium projects.
Similarly, Kolshet road is one of the newer areas of Thane witnessing residential development
with attractive ticket sizes. This location offers easy accessibility to Ghodbunder Road and
Majiwada junction.
MUMBAI REAL ESTATE
24
Growth Stimulators:
Residential projects with good amenities and easy accessibility at attractive price points as well
as premium projects offering excellent views of Yeoor Hills and Upvan Lake are likely to maintain
the end – user interest in Thane.
Development of commercial spaces on Ghodbunder Road and IT Zone in Wagle Estate has
increased employment in these areas, thus; increasing the demand for housing in nearby areas.
Infrastructure development along the Ghodbunder Road and proposed Metro corridor along this
stretch is further expected to add to the demand for housing in nearby areas of Manpada, Tikuji
Wadi, Patlipada. (MMRDA has proposed the alignment of the metro rail corridor including staions
at Teen Haath Naka, Wagle Estate, Cadbury Junction, Golden Dyes, Kapurbawdi, Manpada,
Tikujini Wadi, Patlipada, Waghbil, Kasarvadavli)
Infrastructure development is also planned to connect Thane to Bhiwandi via several flyovers.
Balkum, which connects Majiwada junction in Thane to Kasheli and Kaleli in Bhiwandi via an
internal road is also likely to see tremendous demand due to the proposed new infrastructure,
upcoming residential projects and townships.
Apart from excellent connectivity to rest of Mumbai, Thane has good leisure and entertainment
options with operational malls such as Korum Mall, Viva City (Viviana) Mall, Decathalon and R
Mall.
Thane boasts of good social infrastructure as it has some of the key hospitals such as Jupiter,
Bethany and Hiranandani; educational institutes such as the famous Sulochanadevi Singhania
School, Holy Cross Convent School, St. Xaviers School; and star hotels such as The Fortune Park
and United 21.
The above social infrastructure continues to drive consumer interest in the adjoining areas of
Pokhran Road and Manpada.
Property rates of `ready-to-move-in’ units in prime residential markets in Thane
Location Capital Values (INR/sq.ft.) Rental Values for 2 BHK
(INR/month)
Ghodbunder Road 7,000 – 11,500 15,000 – 25,000
Kolshet 8,000 – 9,000 15,000 – 17,000
Panchpakhadi 12,000 – 14,000 18,000 – 30,000
Teen Haath Naka 17,000 – 19,000 20,000 – 35,000
Vasant Vihar 10,000 – 13,000 20,000 – 30,000
*Source: ICICI Home Search
MUMBAI REAL ESTATE
25
Weighted Average Price Trends (INR/sq.ft.) of available units in Thane*
*Source: PropEquity
Note: Graph represents weighted average price of residential units available in the primary market
Viviana Mall, Thane
MUMBAI REAL ESTATE
26
Peripheral Central Suburbs: Bhiwandi, Kalyan, Dombivili, Ambernath, Badlapur, Neral, Karjat, Titwala,
Ambivili, Shil Phata
Bhiwandi, Kalyan, Dombivili, Ambernath, Badlapur, Neral, Karjat, Titwala, Ambivili, Shil Phata also form
a part of the Mumbai Metropolitian Region. Development is these towns has accelerated in the recent
past due to availability of large land parcels at affordable prices. This belt beyond Thane has become a
new affordable residential destination. Each of these locations is well connected to Mumbai and Thane
via an extensive rail and road network.
These locations have not only seen an increased uptake from population working in prime areas of
Mumbai but also from the local business community for primary residency. Karjat, Badlapur have also
become new investor favourites as these locations have gained popularity as second homes. The
residential projects in these locations boast of larger spaces, better amenities and good community
living at affordable rates.
Key Highlights:
The city of Bhiwandi, known for its textile industry, has the largest number of power looms in
MMR. A major portion of the population is employed by the power loom sector. The Mumbai-
Agra highway (NH-3) passing through Bhiwandi ensures the smooth connectivity of the city with
Mumbai, Thane, Nashik and the rest of India. Bhiwandi is the next development region for
MMRDA, which has developed other regions such as Bandra - Kurla Complex, Wadala Oshiwara
and many more. Close proximity to Mumbai, Thane and proposed development of region by
MMRDA makes Bhiwandi an ideal place for businesses to locate. Availability of 24hrs power
supply coupled with the availability of labour facilitates the setting up of industrial units.
Availability of transporters having country wide presence in close proximity makes it an ideal
location for warehousing. Dotted residential development by known developers has started
around Bhiwandi Station. These houses provide affordable living to the employees working in
the neary industrial Hub. A new township by TATA housing spread over 22 acres which has
come up at the Kalyan- Bhiwnadi junction has changed the residential market dynamics of this
location.
Kalyan – Dombivali is a twin city with its Municipal Head Quarters at Kalyan. Kalyan is one of the
important station on the Central Line as it is a junction from where two lines namely Mumbai –
Nashik & Mumbai - Pune emerge. Apart from this all the major trains going to Pune and beyond &
Nashik and beyond halt at Kalyan. It is also one of the most important stations on Local Central
Line as all trains on Chhtrapati Shivaji Terminus (CST) – Kasara & Chhtrapati Shivaji Terminus
(CST) – Karjat/Khopoli line halt at Kalyan. Thus, the peripheral suburbs are connected to all
locations of occupational importance. Some of the major industries lie on the Kalyan – Badlapur
stretch, which includes Ulhasnagar as well.
Kalyan in the recent years has seen tremendous development with respect to residential as well
as commercial projects. Khadakpada in Kalyan is one of the most sought after residential
locations of this micromarket owing to its ready connectivity to Thane via Bhiwandi Bypass,
nearby schools, colleges and office spaces. Some of the premium projects on this stretch have
attracted the local business community of Ulhasnagar as it offers better living. This stretch also
now boasts of many hotels and shopping centres.
Kalyan also has an operational mall near the station with anchor tenants such as Shopper’s Stop.
MUMBAI REAL ESTATE
27
This location is all set to receive a facelift with the ongoing road expansion, station improvement
programme, upcoming commercial projects and hospitals. All these factors have made Kalyan a
very attractive destination to reside.
Titawala, Ambivali, Shahad are some of the extended areas of Kalyan with many new residential
developments. Residential projects in these locations offer better living at affordable prices. All
these locations are well connected via a rail network.
Badlapur and Ambernath are important stations on the Central line as many trains terminate
here. Both Ambernath and Badlapur have seen considerable residential development while a
number of township projects are under construction. These projects offer better and quieter
living environment with modern amenities.
Similarly, Neral and Karjat beyond Badlapur, have seen a recent spurt in residential development
due to its scenic locale, fresh air and quieter living environment. Previously being promoted as
weekend / holiday homes, these locations have now assumed an affordable housing destination
status with a number of township projects with spacious homes and good amenities to choose
from.
Thus, these locations beyond Kalyan have seen immense consumer interest due to availability of
quality construction, better living and facilities at affordable rates.
Major developers in this micro-market include Poddar, Mohan, Godrej, Sheltrex, Raunak, Vijay
Group, among others.
Shilphata: Shilphata, is approx 9 kilometers from Ghansoli (Navi Mumbai), 13 kilometers from
Kharghar and 4.5 kilometers from Mumbra station on the Central Line. This place holds potential
because of its proximity to Navi Mumbai and connectivity to major work places of MAHAPE –
Millennium Business Park which has a lot of IT and industrial set ups. There is a Metro line
planned, that shall connect this location with Kharghar in Navi Mumbai. Currently the location is
easily accessible from Kopar Khairne in Navi Mumbai via Taloja. The place is governed by Thane
Municipal Corporation (TMC) and has approved high rise development in this area. Prominent
projects near this location include a major township from Lodha Group, Bharat Infra, Atlanta,
Dosti group, Runwal, among others. In the recent past, this place has witnessed world class
integrated development. Going forward this location is also envisaged to become an important
commercial centre.
Growth Stimulators:
There is good availability of land parcels in outskirts of Kalyan, Karjat and Badlapur as compared
to other parts of the city. This helps developers to create projects with all amenities and hence
gives a better quality of life to residents. The availability of affordable flats with better amenities
is a reality made possible in this micromarket.
The mono rail project that will connect Thane to Kalyan will improve commutation facilities in a
significant way.
The proposed plan to develop Kalyan as the next Terminus will make Kalyan an even bigger hub
than it already is and which could drive up the demand for housing in this location.
The proposed four lane Kalyan – Karjat Highway is also expected to boost the local economy and
deliver comfortable and safe connectivity. The same holds true for the multi modal Virar – Vasai
– Kalyan – Alibaug proposed four lane route.
MUMBAI REAL ESTATE
28
Property rates of `ready-to-move-in’ units in prime residential markets of Peripheral Central Suburbs
Location Capital Values (INR/sq.ft.) Rental Values for 2 BHK (INR/ month)
Ambernath 3,000 – 4,500 4,500 – 5,000
Badlapur 2,800 – 3,800 4,500 – 5,000
Bhiwandi 4,200 – 5,000 5,000 – 6,000
Dombivali 6,500 – 8,500 10,000 – 12,000
Kalyan 4,300 – 6,500 6,000 – 9,000
Shil-Phata 4,500 – 5,500 -
*Source: ICICI Home Search
Weighted Average Price Trends (INR/sq.ft.) of available units in Central Peripheral Suburbs*
*Source: PropEquity
Note: Graph represents weighted average price of residential units available in the primary market
MUMBAI REAL ESTATE
29
Residential Cost
Proximity to
Organised Retail
Proximity to
Commercial
Development
Future
Infrastructure
Development
Future Employment
Generation
Infrastructure
(Connectivity, roads,
markets, schools)
KHARGHAR
PRABHA-
DEVI PANVEL POWAI WADALA VIRAR
BANDRA
(E)
BORIVALI /
KANDIVALI BADLAPUR
GHODBUN-
DER ROAD
Good / Low cost
Above Average
Average / Medium Cost
Below Average
Bad / High Cost A comparative study of all micromarkets shows that, Ghodbunder Road in Thane has an edge over other micromarkets as the location offers excellent connectivity to both Eastern and Western Express Highway. The location has presence of all major developers and township projects at attractive rates. Ghodbunder Road is also host to one of the biggest mall of Mumbai and presents good social infrastructure in addition to commercial office spaces.
LOCATION ATTRACTIVENESS INDEX
30
ANALYST
Priya Bhatia
Manager, Structured Finance Group
ICICI Home Finance Company Ltd.
For any further queries, please e–mail us at [email protected]
or
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