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

HT Estates - - HTESTATES - Prashant Thakur ht­es­tates@hin­dus­tan­times.com The au­thor is Head ­ Re­search, Anarock Prop­erty Con­sul­tants

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.

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