Kanjurmarg: Mumbai’s ‘can do’ property hotspot?
WhenalocationinMumbaiholds the three aces of accessibility, affordability and appreciation potential and completes its hand with good social infrastructure andworkplacehubintegration, it can justifiably lay claim the covetedpropertyinvestmenthotspot tag. Kanjurmargcan- anddoes...
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 dominanthubofcommercial and residential developments. However, over the last few decades, rising property prices and saturation of the island city has pushedrealestate developments towards the suburbsandfurther along the peripheral areas. The biggest advantage for the suburbs to evolve as key real estate destinations is excellent connectivity throughthesuburbanrailway network.
The Saga of Mumbai’s Suburbs
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 Kanjurmargarenowtransformingfrom pure industrial locations to mixed-usedestinations featuring commercial and residential developments. Chembur is also witnessing large-scale transformation with the conversion of slumsandolddevelopmentsinto modern high-rise residential complexes.
The development of the EasternExpresshighway, alongwith JVLR and the Eastern freeway, has significantly improved the connectivity to other parts of the city andaidedtherapidtransformation of the Central suburbs.
Currently, thecentralsuburbs 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-developedlocationsalong the Central suburbssuchasKanjurmarghaveanedgeoverother locations due to the presence of high-end residential complexes loaded with state-of-art modern amenities andfacilities. Reputed real estate developers such as Runwal Group, Kanakia Group, Lodha Group and others are developingresidentialprojectsin Kanjurmarg.
Kanjurmarg’s Winning Hand
residents. Simultaneously, several renowned schools such as PodarInternationalSchool, Hiranandani Foundation School, BombayScottish, St. Xavier’sand KendriyaVidyalaya address the local education needs. In addition, Hiranandani Hospital in close vicinity provides the assurance of quality healthcare.
In a cost-intensive real estate marketlikeMumbai, questionsof 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 herearelowerwhencomparedto the nearbyestablished locations of Powai, Mulund and Ghatkopar, andthishasbeenakeydeterminant 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 purchasingapropertyarealpossibility for a larger number of buyers, but also indicate significant scope for appreciation. Asof 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. Largeresidential towers, office complexes, 5-star hotels and shopping destinations now dominateKanjurmarg’sskyline. With its already excellent connectivity set for further enhancementswiththecompletionofthe metro rail lines connecting it to AndheriandThane, Kanjurmarg can comfortably put many other contending real estate locations in the shade – now and in the future.