MMR is top real estate investment destination in India, says report
MUMBAI: Despite massive slowdown in realty market, the Mumbai Metropolitan Region (MMR) has emerged as the most lucrative residential investment destination in India, according to a Knight Frank research report.
The report by the real estate consultancy states that in MMR, three places---madh Marve, Ulve (Navi Mumbai) and Majiwada-kasarvadavali (Thane) would give maximum returns to the investors.
The report indicates that MMR tops the list of investment destinations in the country because of its upcoming infrastructure and job generation capabilities.
This report is in the second edition of its Residential Investment Advisory Report 2016 to guide the investors.
According to Samantak Das, chief economist and national director, research, Knight Frank, realty rates in the Madhmarve region are expected to double by 2020. “The upcoming Versova-madh sea bridge and the planned Coastal Freeway would drastically reduce the road travel time from this location to other premium office markets like BKC, Lower Parel Worli and Nariman Point,” said Das.
Similarly Ulve continues to be one of the top destinations and is expected to appreci ate by 70 % while Majiwada Kasarvadavali would see an appreciation of 59 % by 2020 Ulve will benefit from the upcoming Seawoods-uran suburban train network and also the Navi Mumbai airport
In case of Majiwada Kasarvadavali, the Kasarvadavali Metro rail along with the commercial hubs in the periphery would play a major role in appreciation of prices.
For years, the realty sector has been investor driven which played a vital role in funding a majority of projects.
However in the last few years, owing to a decline in sales, most of the investors found themselves in the soup and hence deserted the realty sector. “The current market is for serious investors who are looking for long term outlook,” said Mudassir Zaidi, national director, residential agency Knight Frank. “With the real estate regulator, credibility will build up and the inves tors will come back again to the market,” he added.