As per Knight Frank India, property sale registrations in Mumbai saw a 70% rise to 111,552 units in 2021 from the previous year and 45% more than the pre-pandemic year of 2019. Meanwhile, the Western suburbs dominated housing sales in the city by 53 per cent followed by Central suburbs with a sales contribution of 31 per cent in 2021. The upcoming infrastructure has played a significant role in recent years, leading to an increase in demand for properties in western suburbs. Further, the Metro 2A, Metro 7 and Metro 3 routes will put the area on a realty growth track.
Describing the growth factors of the western suburbs, Ms. Shraddha Kedia-Agarwal, Director, Transcon Developers said, “The western suburbs are witnessing traction in the high-end residential segment; the growing number of projects is a response to growth in demand. Everything from business hubs, domestic and international airports, Western Express Highway to hubs of entertainment, hospitals and educational institutions are in close proximity. Infrastructure is another key factor where metro rail connectivity has helped and soon there will be more metro links in the region.”
Taking into consideration the planned infrastructure initiatives like the enhanced metro connectivity and the increasing demand for office properties, one can expect considerable growth in the area’s real estate market in the near future. Commenting about the real estate growth in the area, Mr. Himanshu Jain – VP-Sales, Marketing & CRM, Satellite Developers Private Limited said, “The western suburb of Mumbai is becoming an epicenter of realty transactions, both for end-users and investors. Called as the suburb with innumerable opportunities, it boasts everything from connectivity to social infrastructure to an urban lifestyle that is driving both end-users and the developers equally to it. With so much infrastructure development coming in this area, it definitely promises to be a safe bet for your real estate investments.”
Commenting from the investment point of view, Mr. Bhushan Nemlekar, Director, Sumit Woods Ltd. said, “The Western suburbs fulfills the expectations of homebuyers of all categories with its wide range of options for residential properties. The area is all set to witness more developments for providing a world-class living experience for its citizens. The property prices too are expected to increase once the Metro connectivity commences. The investors too are looking up to this booming marketplace for safeguarding healthy returns.”
The upcoming Coastal Road planned between Nariman Point and Kandivali along with the Metro connectivity is touted to enhance the connectivity nexus and real estate prospects around the north corridor of Mumbai’s western suburbs.
