Owning a home in MMR has always remained one of the top most aspirations for man. Nevertheless, only a few are able to convert this aspiration in a reality. Spacious and Covid appropriate properties is always sought after in the ever-expanding MMR, but the property rates leave most to compromise on space. As a result, many are often called the matchbox dwellers because for them, staying near the city center is more important than living in a spacious house. With all the complexities of this market, the real estate pre-investment diligence plays an important role for the prospective buyers.
The good news is, because of connectivity improvements and improvement in the physical infrastructure of the MMR, scores of Mumbai citizens are looking for properties beyond the traditional neighborhoods and are flocking the micro markets of the city which are well connected and have all the basic necessities and amenities including social and physical infrastructure including schools, colleges, shopping areas, libraries etc.
MICRO MARKETS in MMR
Micro markets in MMR are subdivisions between neighborhoods that have their vernacular characteristics. These micro markets usually offer options in real estate at a much reasonable price which makes it easy for the majority of Mumbaikars. These micro-markets have become rather popular among people because of their pocket friendliness and ROI. Convenient amenities which are constantly on rise also add as a catalyst to the demand of micro-markets.
Following are some of the major up coming micro markets in MMR:
Kandivali is being considered as a favorable micro market because of emerging and wide ranging livelihood opportunities, adequate and appropriate social and physical infrastructure and connectivity with the rest of the megacity. It has a strong connectivity through the western express highway and the mega transportation hub – the airport – is only a 30 minute ride from Kandivali. Also, Borivali railway station helps steaming up the importance of Kandivali as a micro market. The under construction coastal road is an 8 lane, 29 km long free way that would run along the western coastline of Mumbai connecting Kandivali to Marine lines, which is a major boost for the potential buyers to consider Kandivali as an attractive property destination.
Robust presence of good quality social infrastructure including schools and hospitals also makes a positive impact for Kandivali as an attractive destination to live in. It is estimated that approx. 3800 units were launched in last financial year in Kandivali with average size of 430 sq. ft with an average price line of INR 24000/- per sq. ft.
Chembur has emerged as one of the most sought after micro market with splendid advantages of connectivity and infrastructure. It was a quiet colony of residential usage and small and medium industries. However, Chembur has not transformed into a hub of some of the best housing projects along with some of the best food outlets and premium offices. It offers excellent connectivity to Central Mumbai, Navi Mumbai and the western suburbs via eastern expressway, Vashi and Santacruz-Chembur link road.
Once a low key suburb known for ports and mills, the Wadala-Sewri corridor is now known as a super attractive micro market for premium and high end luxury residential projects. The development of this micro market is largely due to eastern free way and the financial center of Ballard estate and Nariman Point. It is also observed that now metro line 4 corridoor will be extended upto Thane and the connection between the trans harbour train lines and mega eastern seafront development projects will lead to a balanced development of Wadala Sewri corridor. The fact that MMR saw the highest number of new launches with nearly 14000 units in this corridor is because this corridor has attracted many people to invest into this micro market.
Dahisar has become an important location and micro market on the basis of new metro 2 line and easy access to hospitals, schools and other social and physical infrastructure. This is a unique micro market where prices remained considerably low despite being a prime location for residential and commercial usages.
Navi Mumbai as a micro region, instead of a micro market has witnessed amazing growth over the last decade. It is an ideal micro market with a lot of appreciation potential in terms of real estate development. The concentration of BPOs, KPOs and IT offices has been a booster for the new millennials and IT professionals. Panvel, on the fringe areas of Navi Mumbai has been witnessing a remarkable surge in property prices. It has transformed into a premium location from an affordable housing choice. The convenient location of Navi Mumbai between Pune and Mumbai with introduction of huge industrial set ups and infrastructure projects such as Navi Mumbai International Airport and Panvel – Virar and Panvel – Karjat corridors of Mumbai Urban Transport Project have driven the growth of this micro market.
A budding destination for weekend homes and villas, this micro market has see a steady rise in popularity amongst urban citizens. Further, Shahpur is chemical industry free zone and is preferred by environmental conscious citizens of MMR region. With affordable luxury at its core, this micro market offers nature at its best and better connectivity through rail and road with close proximity to Thane and Nasik and a proposed mega highway offer the supportive infrastructure to the Shahpur micro market.
Components which make micro market attractive:
- Affordability: The straight answer to expensive housing lies in the micro markets of MMR. The average prices of housing stock is about one third of the property prices in the prime suburbs of MMR.
- Connectivity: In the MMR region, access to infrastructure and east of transport are the key factors in selecting the property to invest into. Connectivity offered by metro is proving to be a game changer with potential to redefine the real estate development market in the MMR region. With the onset of monorail and coastal road, the micro markets are no longer far flung options for the investors of MMR.
- Infrastructure: Social and physical infrastructure plays the role of deciding factor in the real estate scenario. Schools, colleges, medical facilities, libraries, diagnostic centres etc are now easily available in these micro markets and are also comparatively modern in build age and facilities.
- Business Opportunities: With the affordability of having a business premise in Mumbai city becoming a far-fetched reality, corporates prefer to have their campuses and spacious office branches in the up coming micro markets resulting in cheaper lease or outright rates.
The ‘city of dreams’ Mumbai & MMR – stands at the top of the property pyramid. Emerging micro markets are a solution that caters to various socio-economic groups in MMR, which makes MMR an attractive investment option for those wanting to appreciate their capital or make the MMR region their home.