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Where To Look For Ongoing Projects In Mumbai In 2017?
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Mumbai continues to attract investments in the real estate sector. Even though property rates are skyrocketing, investors are not shying away from spending money on real estate. As far as factors like infrastructure expansion, commercial opportunities, housing sentiments and housing yields are concerned, here are some of the locations where buyers can invest in Mumbai this year:
If you are looking for scenic views and a luxury home at affordable rates, then come to Virar. A growing number of second home buyers are choosing this location due to the panoramic views and good infrastructure development. Between January and March 2017, there was a 2% capital growth in both QoQ and YoY respectively. With housing values between 4000 and 4500 INR per sq. ft. Virar has turned into a sought-after property investment destination. It is situated in close proximity to the Western and Eastern railways and has a robust road network that offers seamless connectivity to the prime areas in Mumbai. It is also close to the Thane and Belapur industrial belt and has several health, education and entertainment options.
Another one on the list is Chembur that has witnessed rapid transformation in the last few years. From being an industrial hub to a prime market for property investment, a lot has changed in Chembur. This location has robust transport infrastructure such as the Monorail, Santa Cruz-Chembur Link Road and the Eastern Freeway. Several reputed real estate companies have come to Chembur for developing residential as well as commercial properties.
Chembur is changing as there has been a significant rise in the number of high rises in this area. Independent properties are disappearing as they are being redeveloped into skyscrapers. This is being done to meet the rise in housing demand in Mumbai. You can get property at capital ‘asks’ ranging from 17,000 to 18,000 INR per sq. ft. This location also offers smooth connectivity to prime areas in the city.
Navi Mumbai is also becoming a hotspot for investing in ongoing projects in Mumbai. In Navi Mumbai you can check out the property options in Kharghar which is one of the most developed nodes after Vashi and Nerul. In terms of social and physical infrastructure, this location has seen some good growth. It is well-connected with the Belapur CBD (Central Business District) and this factor has helped in boosting real estate demand to a great extent. Between January and March 2017, this location witnessed 2% QoQ and 4% of YoY growth
Last but not the least, Ghodbunder Road also has some of the best ongoing projects in Mumbai that you can invest in. Located between the Western and the Eastern Express Highways, this location has observed a huge influx of developers, turning it into a sought-after investment destination.
If you are wondering where to look for luxurious and affordable ongoing or upcoming properties in Mumbai for attractive rental returns, then explore investment options in Ulwe, Kalamboli and Taloja as well.
Mira works for a real estate company. She also writes articles on how to select the best ongoing projects in Mumbai or upcoming properties in Mumbai.
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