Mumbai’s western suburbs witnessed an increase in housing demand in Q2 2023. The prominent market of Malad and Kandivali continued to record the highest demand, followed by localities beyond the Mira-Bhayandar area. Affordable housing, ongoing construction of coastal roads, and expansion of metro lines are the driving factors for the rising demand.
Independent studies state many people moved from their 180-300 sq ft. congested apartments in South Mumbai towards the western suburbs, especially in areas such as Borivali, Kandivali, Malad, Goregaon, and Ram Mandir.
Mumbai’s real-estate is very valuable and is among the highest property growth rates in India. Mr. Raunak Jain, Managing Director of Stead Realty says, “ People living in South Mumbai need to invest a minimum amount of INR 1 Crore for a small one-room apartment. Post COVID-19, they acknowledged the need for bigger space flats. Hence, they started to move in Mumbai Suburbs like Malad, Goregaon, Dahisar, and Mira-Bhayandar areas. Developers are also constructing homes that come with modern amenities and spacious interiors.”
Let’s explore what are the latest home trends that makes Mumbai’s Western Suburbs the hottest property in 2024:
Upcoming Home Trends in 2024
- Seamless Connectivity
Be it road or railways, Mumbai Suburbs are well connected with other parts of Mumbai. For instance, Jogeshwari is a 10-minute drive from domestic and international airports. Also, it’s a 20 minutes drive to Vikhroli.
The Mumbai Suburbs connect the major commercial hubs of Mumbai. From Lower Parel to Bandra-Kurla Complex, one needs to travel through Western Express Highway. Also, Metro Line 1 and Jogeshwari-Vikhroli Link Road have improved connectivity with the Eastern Suburbs.
Chembur serves as a focal point for connecting the harbor and western line. The Eastern Express Freeway enables drivers to reach DockYard from Western Express in just 20 minutes.
- Mumbai Metro
The first metro line from Andheri to Ghatkopar has made travel between Western and Eastern suburbs quite easier. Two more additions, 2A & 7, have made the commute more convenient for daily commuters. In the coming days, Mumbai Suburbs will have more than 11 metro lines, spanning over 300 km and connecting the localities more seamlessly.
The Coastal Road: The 22-km coastal road will connect Marine Lines to Kandivali, improving mobility and cutting traffic hours from three to one. Hence, increasing demands for real estate in Mumbai’s coastal road areas.
The Goregaon Mulund Link Road: The 12-km GMLR is tactfully planned to reduce congestion on Jogeshwari-Vikhroli Link Road and Western Express Highway. At the same time, the completion of this project will increase demand for real estate, specifically in the Western Suburban regions.
- Social Infrastructure
From educational institutions to multispeciality hospitals, the Western Suburbs has coincided with numerous social infrastructures. Also, renowned builders are constructing sports & recreational clubs, hotels, malls, commercial hubs, and much more.
With excellent water, electricity, and drainage facilities, real estate developers are able to construct modernized infrastructure within a limited time span. Hence, delivering residential & commercial spaces on committed dates.
The Western Suburbs is regarded as the greenest region in Mumbai. Sanjay Gandhi National Park and Aarey Milk Colony provides the cosmopolitan city with much needed breathing space.
- Commercial Hub
As discussed earlier, Lower Parel and BKC have already established their foothold in Mumbai. Following their footsteps, many industrialists introduced thriving commercial spaces in major parts of Mumbai Suburbs.
From software development hub in SEEPZ or media industries at Malad MindSpace, many leading Indian and international corporations have set their base in Mumbai Suburbs. Hence, increasing employment opportunities and revenue generation.
Mumbai Suburbs are also home to the Film City, where almost the whole Bollywood resides. Many aspiring actors, musicians, and movie artists reside in Malad, Goregaon, Ram Mandir, and Borivali region.
Factors To Remember While Purchasing a Home at Mumbai Suburbs
The city’s real estate market offers a plethora of options for luxury homebuyers, including sea-facing flats and apartments with open spaces. However, purchasing an apartment in Mumbai Suburbs is a significant investment that requires careful consideration.
When it comes to buying a home, the location is of paramount importance. Mumbai Suburbs boasts metro lines that offer better connectivity across different regions.
Choosing the right location is crucial, as it will determine the accessibility to essential amenities, schools, healthcare facilities, and transportation hubs.
2. Modernized Amenities
Societies in Mumbai Suburbs are known for their world-class amenities, which elevate the living experience to a new level. Before finalizing a purchase, thoroughly assess the residential complex’s amenities.
Look for features like state-of-the-art fitness centers, landscaped gardens, swimming pools, spa facilities, and round-the-clock security.
3. Open Space Apartments
Amidst the urban hustle, finding an open-space apartment is like discovering an oasis of calm. An open space apartment provides ample natural light, fresh air, and the opportunity to create a personalized green corner.
The presence of lush greenery within the complex or nearby parks offers a peaceful escape from the city’s fast-paced life, contributing to a healthier and more serene living environment.
4. Legal and Regulatory Compliance
Before making any real estate investment, it is essential to verify the legal and regulatory aspects of the property.
Ensure that the project is registered with the relevant authorities and has obtained all the necessary clearances and approvals. Engaging a legal expert will provide peace of mind and safeguard the investments.
5. Developer Reputation
The developer’s reputation plays a crucial role in the real estate industry. Conduct thorough research into the developer’s track record, including past projects and customer feedback.
A reputable developer will ensure top-notch construction quality, timely delivery, and transparent dealings, making your luxury home-buying experience seamless.
Now that you know about the upcoming home trends 2024, you can consider buying a home at Mumbai Suburbs. As an investment option, the Western Area offers high rentals and good capital appreciation.
If you’re looking to buy a home in 2024, our real estate consultants can help you find your dream home. To book an appointment, click here, and fill the form. Our professionals will reach out to you.
1. What makes Mumbai’s Western Suburbs the hottest property in 2024?
Mumbai’s Western Suburbs are witnessing rapid infrastructural development, increased connectivity, and a surge in commercial hubs, making them highly attractive for real estate investment in 2024.
2. Are there specific areas within Mumbai’s Western Suburbs that stand out for property investment?
Yes, areas like Andheri, Bandra, and Malad are particularly promising due to their proximity to business districts, entertainment centers, and excellent amenities.
3. How will transportation and connectivity contribute to the growth of Western Suburbs’ property market?
Upcoming metro lines, road expansions, and improved connectivity to other parts of Mumbai will enhance accessibility, driving up property values.
4. What about property prices and affordability in these suburbs?
While prices may rise, these suburbs offer a variety of options, catering to different budgets. Affordable and luxury properties are available, ensuring options for everyone.
5. Are there any risks associated with investing in Mumbai’s Western Suburbs in 2024?
Like any real estate investment, there are risks. It’s crucial to research thoroughly, consider market trends, and consult with experts to make informed decisions.
6. Are there any government policies or incentives for real estate investment in these suburbs?
Keep an eye on government policies and incentives, such as tax benefits or subsidies, which can impact your investment decisions positively.
7. What should I consider when investing in a property in Mumbai’s Western Suburbs?
Consider factors like location, builder reputation, amenities, and potential for future appreciation before making a decision.