Aug 08, 2023Mumbai Real Estate

Looking beyond the Suburbs for residential options

by Godrej Properties Limited

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Mumbai, one of India's richest real estate markets, has been experiencing growth like never before. The city has seen significant expansions in recent decades, both within the boundaries and beyond. There are several new residential hubs in the western region of Mumbai that are going through significant development. These areas not only fit your budget but also improve your social standing.

Properties near commercial hubs and with better access to other important locations offer higher returns and are generally preferred. The prime locations for commercial as well as residential properties are the western suburbs, particularly Kandivali, Mira Bhayander and Goregaon.

The shift in mindset

There has been a significant increase in residential and commercial construction along the western belt, stretching from Goregaon to Mira Bhayander. The Work From Home (WFH) module has sparked a demand for larger living spaces among people as a result of the COVID-19 pandemic. A lot more people are moving into ready-to-move-in apartments to increase the amount of high-quality outdoor and indoor space linked to their properties. Houses now need to have the space for living, recreation, office work, exercising, school, and more because more interests are being pursued inside the home.

Affordable Housing

Low-income families may be able to purchase homes thanks to the development and upkeep of affordable housing. Developers of affordable housing have access to numerous state and federal tax credit opportunities. Builders can prepare themselves for government assistance or subsidies when constructing new infrastructure or renovating an existing one. The infrastructure sector in India has received billions of dollars in investment, with connectivity as the cornerstone.

Open spaces in cities are getting smaller as they grow. Homebuyers are seeking bigger houses that include study rooms and outdoor spaces as work-from-home (WFH) has become more popular since the pandemic. The majority of would-be home buyers are very picky when it comes to price and overall budget, so they insist on moving to the outskirts and surrounding neighbourhoods of India's top cities where they can afford larger homes.

Compared to the metropolitan areas in the metropolitan regions of Mumbai, the neighbourhoods in Kandivali, Goregaon, and others provide bigger houses at significantly low prices.

Supply not keeping up with the demand

More affordable housing developments would be required in the upcoming years to meet demand, which may ultimately overwhelm the industry. Developers are boosting supply in order to match the needs due to the increasing demand for property and the necessity of affordability. There are plenty of developments planned throughout the entire western belt. Kandivali, Goregaon, Bhayander are emerging as the hotspots to serve this demand.

Improved standard of living

Vasai-Virar is rapidly expanding because of its planning, unique culture, and way of life, while Kandivali and Goregaon continue to rank highly in terms of general infrastructure, affordability, and workplace catchment. The western suburbs have reasonable real estate prices and a good selection of properties.

As Borivali has reached saturation, commercial real estate is already booming in Kandivali. As a result, there is a high demand for commercial developments. Goregaon, on the other hand, is no longer an inexpensive location like it was a decade ago because it is now part of the premium housing segment.

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