CEN­TRAL SUB­URBS

HT Estates - - HTESTATES -

ments and corol­lary so­cial in­fra­struc­ture, prices in the Navi Mum­bai mi­cro­mar­ket have climbed fast. Dur­ing the first half of 2014, the price growth in Kharghar and Pan­vel, the most ac­tive mar­kets, was 6% and 4% re­spec­tively. New pro­jects are com­ing up mainly in lo­cal­i­ties like Kharghar, Taloja, Kalamboli and Pan­vel, where prices are rel­a­tively low in com­par­i­son with dense lo­ca­tions on the Thane–Belapur Road and the pic­turesque Palm Beach Road. As a re­sult, all new hous­ing units launched dur­ing the first half of 2014 were un­der the ₹ 75 lakh ticket size. The cen­tral sub­urbs, which cur­rently ac­count for 8% of the un­der-con­struc­tion units in the MMR, wit­nessed their share in new launches al­most dou­ble, from 6% in the first half of 2013 to 11% in the first half of 2014. Not long ago, this mi­cro- mar­ket was per­ceived as a cheaper cousin of the western sub­urbs. Im­proved east-west con­nec­tiv­ity through the Jo­gesh­wari–Vikhroli Link Road and the re­cently com­pleted SCLR and metro cor­ri­dor have in­creased the ap­peal of this mar­ket. Fur­ther, the re­cently-com­pleted East­ern Free­way has ben­e­fited com­muters of this mar­ket the most on ac­count of im­proved con­nec­tiv­ity with the south Mum­bai of­fice mar­kets.

PHOTO: BACHCHAN KU­MAR

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.