Kan­jur­marg: Mum­bai’s ‘can do’ prop­erty hotspot?

Hindustan Times (Chandigarh) - Estates - - 3 - Prashant Thakur ht­es­tates@hin­dus­tan­times.com

When a lo­ca­tion in Mum­bai holds the three aces of ac­ces­si­bil­ity, af­ford­abil­ity and ap­pre­ci­a­tion po­ten­tial and com­pletes its hand with good so­cial in­fra­struc­ture and work­place hub in­te­gra­tion, it can jus­ti­fi­ably lay claim the cov­eted prop­erty in­vest­ment hotspot tag. Kan­jur­marg can - and does...

Mum­bai, the fi­nan­cial cap­i­tal of In­dia, is leg­endary for its mas­sive em­ploy­ment op­por­tu­ni­ties, and as a re­sult, the city’s pop­u­la­tion has been on a con­stant rise. Pre­vi­ously, the is­land city was the dom­i­nant hub of com­mer­cial and res­i­den­tial de­vel­op­ments. How­ever, over the last few decades, ris­ing prop­erty prices and sat­u­ra­tion of the is­land city has pushed real es­tate de­vel­op­ments to­wards the sub­urbs and fur­ther along the pe­riph­eral ar­eas. The big­gest ad­van­tage for the sub­urbs to evolve as key real es­tate des­ti­na­tions is ex­cel­lent con­nec­tiv­ity through the sub­ur­ban rail­way net­work.

The Saga of Mum­bai’s Sub­urbs

Real es­tate ac­tiv­ity in the western sub­urbs has in­creased sub­stan­tially in the re­cent decades due to the es­tab­lish­ment of com­mer­cial of­fice com­plexes in the And­her­iGore­gaon-Malad belt. Enhanced con­nec­tiv­ity via the Western Ex­press high­way helped in the re­gion’s de­vel­op­ment as a key of­fice mar­ket of the city.

With the im­prov­ing so­cial fab­ric of the re­gion, mas­sive res­i­den­tial de­vel­op­ments have cropped up in th­ese ar­eas. Presently, the western sub­urbs’ hous­ing sup­ply ac­counts for around 44% of the to­tal ad­di­tion in Greater Mum­bai, and nearly 13% of the en­tire MMR. Re­puted de­vel­op­ers such as Oberoi Realty, Lodha Group, Acme Hous­ing and Omkar Real­tors, among many oth­ers, have res­i­den­tial de­vel­op­ments in the western sub­urbs.

Con­cur­rently, the cen­tral sub­urbs also grew rapidly as a sig­nif­i­cant amount of in­dus­trial land was con­verted for res­i­den­tial pur­poses. Ini­tially, lo­ca­tions such as Ghatkopar, Powai and Mu­lund de­vel­oped as ma­jor res­i­den­tial ar­eas in the cen­tral sub­urbs. In fact, Powai has evolved as one of the posher lo­ca­tions of the cen­tral sub­urbs due to the pres­ence of the Hi­ranan­dani com­plex, which was de­vel­oped on the walk-to-work con­cept for res­i­dents to live and work in.

With the sat­u­ra­tion of th­ese re­gions, Bhandup and Kan­jur­marg are now trans­form­ing from pure in­dus­trial lo­ca­tions to mixed-use des­ti­na­tions fea­tur­ing com­mer­cial and res­i­den­tial de­vel­op­ments. Chem­bur is also wit­ness­ing large-scale trans­for­ma­tion with the con­ver­sion of slums and old de­vel­op­ments into mod­ern high-rise res­i­den­tial com­plexes.

The de­vel­op­ment of the Eastern Ex­press high­way, along with JVLR and the Eastern free­way, has sig­nif­i­cantly im­proved the con­nec­tiv­ity to other parts of the city and aided the rapid trans­for­ma­tion of the Cen­tral sub­urbs.

Cur­rently, the cen­tral sub­urbs are the key con­trib­u­tors of new real es­tate de­vel­op­ments, ac­count­ing for 45% of the sup­ply in Greater Mum­bai and around 14% of the en­tire MMR sup­ply. Newly-de­vel­oped lo­ca­tions along the Cen­tral sub­urbs such as Kan­jur­marg have an edge over other lo­ca­tions due to the pres­ence of high-end res­i­den­tial com­plexes loaded with state-of-art mod­ern ameni­ties and fa­cil­i­ties. Re­puted real es­tate de­vel­op­ers such as Run­wal Group, Kanakia Group, Lodha Group and oth­ers are de­vel­op­ing res­i­den­tial projects in Kan­jur­marg.

Kan­jur­marg’s Win­ning Hand

Kan­jur­marg has ex­cel­lent con­nec­tiv­ity with the busi­ness districts of Thane, Powai and BKC as well as South Mum­bai via LBS road, JVLR, Eastern Ex­press high­way, SCLR and the Eastern free­way. It is also well-con­nected via the cen­tral line of Mum­bai sub­ur­ban rail­way net­work. Over the time, con­ver­sion of in­dus­trial land has helped in un­lock­ing a trea­sure trove of land parcels for res­i­den­tial de­vel­op­ments.

Th­ese land parcels were pre­vi­ously oc­cu­pied by com­pa­nies such as Cromp­ton Greaves, Ech­jay Forg­ings, Ex­ide in­dus­tries, Whee­labra­tor Al­loy Cast­ings, etc.

Abun­dant so­cial in­fra­struc­ture is an­other fac­tor that has helped Kan­jur­marg’s evo­lu­tion as a res­i­den­tial hotspot in the city. Prox­im­ity to Huma Mall, R-City Mall and the high streets of Powai pro­vide mas­sive shop­ping and en­ter­tain­ment op­tions for res­i­dents. Si­mul­ta­ne­ously, sev­eral renowned schools such as Po­dar In­ter­na­tional School, Hi­ranan­dani Foun­da­tion School, Bom­bay Scot­tish, St. Xavier’s and Ken­driya Vidyalaya ad­dress the lo­cal ed­u­ca­tion needs. In ad­di­tion, Hi­ranan­dani Hospi­tal in close vicin­ity pro­vides the as­sur­ance of qual­ity health­care.

In a cost-in­ten­sive real es­tate mar­ket like Mum­bai, ques­tions of af­ford­abil­ity with­out com­pro­mised so­cial com­forts and com­mut­ing con­ve­nience in­evitably crop up in ev­ery home buyer’s mind. Kan­jur­marg has ready an­swers to th­ese ques­tions.

The av­er­age prop­erty prices here are lower when com­pared to the nearby es­tab­lished lo­ca­tions of Powai, Mu­lund and Ghatkopar, and this has been a key de­ter­mi­nant for its suc­cess and pop­u­lar­ity among home­buy­ers. Run­wal Bliss and Run­wal Forests in Ka­jur­marg and Run­wal Greens in Mu­lund were the key projects jointly mar­keted by ANAROCK prop­erty con­sul­tants and Run­wal Group.

Th­ese projects are wit­ness­ing ex­cel­lent trac­tion in the mar­ket and within a span of 90 days, ANAROCK and Run­wal Group have sold 380 homes worth INR 562 Cr.

The at­trac­tive prop­erty rates in Kan­jur­marg not only make pur­chas­ing a prop­erty a real pos­si­bil­ity for a larger num­ber of buy­ers, but also in­di­cate sig­nif­i­cant scope for ap­pre­ci­a­tion. As of Q3 2017, Kan­jur­marg’s av­er­age prices high­lighted cost price sav­ings of 31%, 20% and 7% over Powai, Ghatkopar and Mu­lund re­spec­tively.

With its strong case of over­all at­trac­tive­ness, nu­mer­ous res­i­den­tial real es­tate de­vel­op­ments cropped up in Kan­jur­marg dur­ing 2014-2016 - more than 6,300 units were launched in this pe­riod. Large res­i­den­tial tow­ers, of­fice com­plexes, 5-star ho­tels and shop­ping des­ti­na­tions now dom­i­nate Kan­jur­marg’s sky­line. With its al­ready ex­cel­lent con­nec­tiv­ity set for fur­ther en­hance­ments with the com­ple­tion of the metro rail lines con­nect­ing it to And­heri and Thane, Kan­jur­marg can com­fort­ably put many other con­tend­ing real es­tate lo­ca­tions in the shade – now and in the fu­ture. The au­thor is Head ­ Re­search, Ana

rock Prop­erty Con­sul­tants

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