Mumbai’s eastern suburbs between Powai and Dadar covering locations between them like Ghatkopar-Chembur-Sion-Matunga have become premium locations in past few years especially in the segment of Commercial property in Mumbai. Here the prices of residential apartments have reached its peak level. As compared to growing demand of Mumbai peoples the major reasons behind it is “lack of sale” of apartments.
Consumption/Demand of residential apartments in these parts have increased since theses location are centrally located in Mumbai. These areas have close proximity to most roads like the Eastern Express Highway, Wadala-BPT Road, Jogeshwari-Vikhroli Link Road which connects eastern suburbs to South Mumbai, Western Suburbs and Navi Mumbai as well.
Another reason is the upcoming Metro Rail, Monorail, Flyovers between Matunga and Chembur-Santacruz CST Road and some reputed schools like Godrej School, Hiranandani School to name a few. When we analyze this belt say Sion-Matunga-Dadar there is hardly any choice of apartments available in the real estate market as most families staying here are settled in this suburb for the last two to three decades and do not wish to relocate. Another major factor is the lack of land parcel in Sion-Matunga-Dadar as well as the many people family generations growing up and many professionals relocating from other parts of the country too.
A major set of buyers here are combinations of existing well settled South Indian, Gujrati Jain and Marwari business families who prefer the Sion-Matunga location and professionals who have relocated from other parts of Mumbai who prefer these upcoming modern complexes and townships.
Once such location is Wadala which is most strategically located to Sion-Matunga-Dadar has got a major boost up as it has land parcels with the scope of major construction possibility.
Many established developers are eying the potential in Wadala to develop residential property and townships projects with ultra modern amenities to match growing demand for consumption of residential property in Mumbai. Few example for some townships projects are Dosti Acres, Lodha Group called as “New Cuffe Parade” then upcoming project by Bombay Realty “Island City Center” are among some.
Another belt is Chembur-Ghatkopar-Powai has its own charm. As Ghatkopar being one of the most densely populated suburbs especially Ghatkopar East has major demand of residential property in Mumbai from existing Gujarati business families who are even ready to pay a premium of 10-20% above the market rates.
Due to shortage of supply for apartments and lack of land parcel in Ghatkopar East the prices have reached to sky. Locations like Ghatkopar West and Powai which is famously known for its cosmopolitan culture is too in major demand for residential properties. Demand in these locations is from a varied set of buyers like professionals, self-employed and business families. Considering the overall scenario, prospective buyers have varied choices to select their dream home from all the upcoming destinations of eastern-central suburbs where in some of the reputed builders and developers are constructing residential property and townships projects with all the world top notch amenities and facilities provided in these projects.