Hot Spot: Kanjurmarg, Mumbai

Demand for housing from nearby business complexes

Kanjurmarg, close to Powai and Vikhroli, is an emerging business district in the heart of Mumbai. Its location on the central line provides easy accessibility to both the Harbour and Western lines of the city's local rail network.

A vibrant job market is a key driver for residential housing. Kanjurmarg has plenty of employment opportunities on account of many industries having set up base in the area, thanks to lower costs on land and other expenses.

Corporate campuses such as OneWorld, Akruti Corporate Park and Lodha iThink Techno are some of the most notable that are providing impetus to this growing business district. With several leading developers offering world-class commercial spaces in this area, there is an increasing demand for homes emanating from the mid-management cadre of the occupying firms.

The highest demand for homes in Mumbai continues to be in and around the primary and secondary business districts, with connectivity the primary mantra. In this respect, Kanjurmarg has an edge. The Jogeshwari-Vikhroli Link Road (JVLR), commencing from the eastern part of Kanjurmarg, connects the area to the Eastern and Western Express Highways. Also, LBS Marg provides easy accessibility to other parts of Mumbai.

Apart from connectivity, Kanjurmarg is more or less self-sufficient in terms of social infrastructure and facilities such as quality schools, colleges and hospitals. With a number of shopping/entertainment hubs such as Huma Mall, Magnet Mall and Neptune Mall in the vicinity, Kanjurmarg is seeing rapid-fire residential developments, with corresponding demand.

Due to the upward shift of property values in Powai, Vikhroli and Thane, Kanjurmarg is seeing a spill-over effect, as property prices here are 10-20 per cent lower. With a number of smaller developers active, affordability is the major attraction.

Property prices range between Rs 14,000 and 15,000 per sq ft, and the locality offers a fairly wide spectrum of residential projects, catering mainly to the demand from office-goers.

Considering the overall real estate trends in Mumbai and factoring in affordability, infrastructure and connectivity, Kanjurmarg offers good returns on investment. This area is likely to see rapid growth in real estate development in the future.

The writer is chief executive officer, residential services, JLL India