These Are The Most Promising Housing Pockets In Mumbai
The real estate sector is playing a crucial role in the overall development of India's core infrastructure. This sector, the second largest employer after agriculture, is slated to grow by 30 per cent over the next decade. This growth, in turn, triggers the growth of other sectors including retail, hospitality, entertainment, economic services etc. and vice versa.
This is widely visible in the financial capital of India, Mumbai, where big conglomerates are gearing up for their maiden innings in real estate development henceforth; an increment in institutional funding will also be soon noticed. Co-working spaces or 'office malls', as these are popularly known, are also slowly but surely booming in areas like Lower Parel, Bandra Kurla Complex and Andheri East. Keeping all the commercial real estate sector aside the much-coveted infrastructure status is owned by affordable housing in India where Mumbai holds the first rank.
The increasing income levels, rise in nuclear families, ample job opportunities in service sectors (especially in the entertainment industry), easy availability of finance, migration towards Mumbai even from other metropolitan cities like Delhi, Kolkata, Chennai and Bengaluru, are the basic reasons for the stupendous growth in residential real estate in Mumbai region for the past few years.
In this Maximum City, anyone living in Prabhadevi locality gets to enjoy amenities that are larger than life and proximity to the entire city because it is centrally located. This makes it one of the hotspots for luxury residential properties. Being one of the iconic regions of Mumbai, Prabhadevi has Arabian Sea towards the west, Worli towards the south, Sewri on the east and the ever-bustling Dadar on the north with wide roads and greenery on both the sides. It has seen constant development over the last decade as notable developers have shown interest in this area with their projects. Besides, being not only one of the affluent areas of Mumbai, Santa Cruz is a place which is convenient to reach Juhu, Vile Parle, Bandra and has the Domestic Terminal (T1) of the Mumbai Airport as its major attraction point. It has the proximity to eastern, western and harbour lines making it a junction of housing pockets. Whereas Andheri (West) is well connected by buses, Metro, suburban trains, autos and taxis. Fancy lounges, good restaurants and cheap Lokhandwala market are the basic reasons for its dense population. Mazagaon, also known as Mazhgav, is one of the seven islands of Mumbai which is famous for many Anglo-Indian schools and churches. Soon, Mazgaon will become a residential hub since the redevelopment of Eastern Waterfront was proposed and the opening of Eastern Freeway is reinforced. This region is like a symbol of old Bombay and has Arabian Sea for soothing everyone's eyes, body and mind. This perfect blend of history, culture and infrastructure makes Mazagaon one of the upcoming housing pockets of Mumbai.
As every location has its own alluring element developers bound to have their projects in upcoming housing pockets which are promising with good returns for them following the buyers to dwell with same reasons. Although many transactions were frozen due to demonetisation exercised by the government at the end of 2016 but it cannot stop the entire industry to grow and develop especially in Mumbai which is like a fast growing child born in a technologically advanced phase of time.
Rahul Shah is the CEO of Sumer Group. With an experience of more than 11 years, he has expanded Sumer Group as one of the foremost real estate developers in Mumbai. He has largely steered the successful development of over 9 million square feet of land with an additional 14 million square feet area under construction.