In Mumbai proper real estate prices have risen to unaffordable levels and there is also a chronic shortage of space. Apartments of lower ticket sizes are also not available. All these factors have led to the emergence of new micro-markets. Mira Road, which is a part of the Mumbai Metropolitan Region (MMR) and is situated in the northern part of the metropolis, is one of its top budget housing destinations today. It has emerged as a hot residential real estate investment destination as well.
The growth of this area can be attributed largely to its good connectivity to Mumbai, and various infrastructure-related developments. Owing to these factors, a large number of budget homes projects have come up here, with size options ranging from one to two BHKs.
Mira Road is well connected to various developed areas around it, and has well-built infrastructure in the form of an excellent network of railways and roadways. It is primarily a cluster of new localities that have developed over the years, including Shanti Park, Silver Park, Pleasant Park, Geeta Nagar, Golden Nest, Jangid, Beverly Park, Shanti Gardens, Complex, among others.
Mira Road enjoys unimpeded connectivity to some of the major business hubs like Thane and Navi Mumbai. This makes it a highly desirable residential area. A good mix of retail establishments, educational institutes, and health care centres are available in Mira Road. End-users can enjoy a reasonably good lifestyle here.
Property prices in Mira Road range between Rs 6,000-8,550 per sq ft. The exact price depends on various factors such as the location, project’s completion status and amenities available. Large-scale housing projects like Rashmi Smaart Homes, Vrindavan by Delta Realty, Salasar Unique Central Park Phase 1 and Prithvi Group's Prithvi Pride have found ready buyers, and there is still scope for further development in this residential area.
Considering the favourable property price trends in Mira Road in the past, and the obvious rise in demand, this locality has proven its worth as a good investment destination for long-term investors, especially those focused on the affordable housing segment. With several information technology companies operating in the vicinity, relatively pocket-friendly housing projects and affordable rental options, the Mira Road property market has a lot going for it.
The author is managing director-Mumbai, JLL India