Niche markets redefining Mumbai’s real estate scenario
Micro markets are reshaping Mumbai’s real estate scenario. In this city where space is at a premium, developers are discovering smaller, niche markets within the metropolis. These micro markets operate on a more intimate scale, targeting specific demographics and offering unique opportunities. They cater to community needs, including work, connectivity, and lifestyle.
“Areas such as Goregaon, Kandivali, Mulund, Nahur, Kanjurmarg, Vikhroli, Chembur, besides neighbouring areas of Mira Road, Thane Ghodbunder Road and Dombivali in Mumbai Metropolitan Region (MMR) are growing and developing as micro markets. Boosting infrastructure and better connectivity are the most important factors in these markets. Many commercial and residential buildings are coming up in these areas where people are looking to explore the walk-to-work concept,” said President of CREDAI MCHI and Director of Romell Group, Domnic Romell.
“The increasing metro connectivity is also driving the growth since people are now getting additional options to commute to their workplace apart from local trains. They do not prefer to drive down and add to the traffic chaos, instead, they opt for a comfortable way to travel,” Romell said adding, “2BHK apartments with a carpet area of 600-645 sq ft along with one car park space are mainly available in these micro markets.”
While rates of these apartments vary depending on the location and the amenities, they are generally available for around Rs1.75 crore and below. When asked if we can call them ‘affordable dwelling’, Romell replied in the negative and added that while the size of these apartments are affordable, the cost is not since it is directly related to the price at which the developer has purchased the land.
Stating that Mumbai is currently undergoing a transformation of its skyline with the emergence of high rises and skyscrapers in areas that were not so popular from a home-buying perspective a decade back, CEO of Runwal Bliss, Lucy Roychoudhury, said, “Localities such as Kanjurmarg, Vikhroli, Dombivli, and Kandivli amongst others have gained momentum in the past few years and are locations that are much soughtafter by home buyers today. These locations offer the luxury of gated communities with large green open spaces, premium amenities, and enhanced connectivity.”
“The new generation of home buyers are seeking more spacious living options without compromising on lifestyle amenities or proximity to business hubs. Increased ease of commute, good social infrastructure, and availability of projects have led to a substantial demand for homes, both for rental and ownership purposes, according to recent data. These locations are driving a lifestyle upgrade for home buyers, offering the best blend of luxury and convenience,” Roychoudhury added.