Investing in Mumbai’s Real Estate Market? These Localities Will Witness Increased Property Rates Soon

The commercial capital of India, Mumbai is home to some of the most expensive residential properties. Be it a normal 1 BHK apartment in the suburbs or a posh penthouse in South Mumbai, the real estate market of Mumbai always invites attention.

If you’re planning to invest in the Mumbai real estate market, this could be one of the best decisions you have ever made. Though the overall state of real estate prices in the metropolitan region of Mumbai has remained tempered, there are certain areas in the verge of getting more costly. This is mainly due to the proposed infrastructure projects focusing on transportation and connectivity. Here are some of the areas that’ll witness an increase in property rates in the days to come.

Madh-Marve

According to reports on properties in Mumbai, property prices in the sea-front of Madh-Marve will see an increase at a rate of 14.2% per year. The proposed project of Nariman Point-Kandivali coastal freeway and Versova-Madhsea bridge will help increase connectivity, resulting in the rise of property prices in these areas. Reports say that there will be an average growth of Rs 13,500 per square feet on real estate properties.

Majiwada-Kasarvadavali

A report made by the consultancy firm Knight Frank expects a rise of 11.2% per year in the properties located at Majiwada-Kasarvadavali. This rise in property prices in Majiwada and Kasarvadavali will occur due to the proposed plan for construction of a metro rail corridor by the state government. The metro rail corridor from Wadala to Kasarvadavali is aiming for completion within the next five years. Currently, if you want to buy a property in Majiwada or Kasarvadavali, it will cost you Rs 8000 per square feet at an average.

Ulwe

Over the past few years, property prices in Ulwe have already grown due to the much delayed Sewri-Nhava Mumbai Trans Harbour Link project. The anticipation for the proposed Navi Mumbai International Airport in Ulwe is also one of the primary reasons for the property price rise in the area. According to various reports, Ulwe will see a price rise 9.7% every year and residential properties in the area will costs you Rs 6,000 per square feet at an average.

Other Options for Home Buyers in Mumbai

The low-profile localities in Mumbai are also being benefitted due to the rise in prices in the high-profile areas. Property buyers are now choosing property options in places like Sewri and Byculla as they offer good connectivity to most commercial hubs without costing a bomb. And as the prices of property in Wadala and Chembur have reached too high, people are finding options in residential locations like Vikhroli. Located close to Chembur and Wadala, Vikhroli is a nice option for home buyers.

Conclusion

So, if you are planning to buy a residential property in the places mentioned above or invest in the real estate sector of Mumbai, you will definitely be benefitted as these places are expected to see a high price appreciation in a few years. This could prove to be the right time to invest your money in something profitable.