Yearender: Where to buy property in Mumbai in 2014?

If you are looking to buy a residential property in Mumbai in 2014, Western Suburbs, Ghodbunder Road and Thane-Airoli Road might prove to be a good buy. Let’s find out why.

Proximity to commercial hubs and office set ups has always been a major drive for housing demand. Mumbai is no different. In 2013, a major change happened in the commercial set up of the city, which was the shifting of office space from Nariman Point and South Mumbai to BKC (Bandra Kurla Complex).

Residential demand has also started to shift in the same direction and is expected to continue in the New Year. Reinforcing this trend OM Ahuja, CEO, residential services says, “Anything within 5 km of BKC is expected to do well in terms of demand and capital appreciation. With the commercial hub shifting base to BKC in a big way it makes sense to be living in locations such as Bandra, Sanatcruz and Andheri. However, new projects are hard to come by due to lack of available space and huge demand would push up capital values in 2014.”

So where does one go, if they want to be connected to BKC? “Areas such as Jogeshwari East and West and Dahisar East and West are emerging as potential residential options for those in need of housing near BKC. These locations are highly under-valued. For instance, Jogeshwari is selling at much lower prices than Malad,” says Meetesh Sugla, Partner, Mera Ghar . Several projects are coming up here that would be available within a price range of Rs 800-14,000 per sq ft as opposed to the prevailing values of Rs 17,000-35,000 per sq ft approximately in the Bandra-Andheri stretch.

Another option that seems viable for those seeking housing near BKC is Worli. The Bandra-Worli Sea Link, which became operational way back in 2010, now proves to be a boon for those keen on living near South Mumbai but connected to BKC. The location might find favour with those looking for high end luxury projects in particular.

In Thane and Navi Mumbai the areas to look forward to are the Ghodbunder Road and the Thane-Airoli Road. “Several corporate offices have shifted base to these locations in search of lower rental values. The Dhirubhai Ambani Knowledge Park is located along this stretch and several MNCs are taking up space here. Thus these stretch might prove to be a good buy in coming years,” states Ahuja. As per Magicbricks.com, the capital values along these two stretches vary from Rs 7,000-9,000 per sq ft approximately.

Having said all this, with the Mumbai real estate market being dynamic and unpredictable, we would have to just and watch how these locations end up performing in the New Year!

Sruthi Kailas. Magicbricks.com Bureau

Sruthi Kailas is a keen market researcher and is currently a part of the content and research team of Magicbricks.com