Owing to massive infrastructure push by the state government towards easing commuting in western and eastern corridors of the megapolis, northern region will continue to be at the epicentre of real estate activities in future.
"North Mumbai has been very active on real estate and infrastructure front off late. Connectivity with this region has improved substantially due to the various projects undertaken by the government," Jone Lang LaSalle Head Research and REIS Ashutosh Limaye said.
The north Mumbai region spans from Bandra to Dahisar, from Kurla (Chunabhatti) to Mulund and from Kurla up to Trombay Creek.
According to JLL, north Mumbai has about 15 million sqft (square feet) of Grade A office space and more companies are choosing to move to this area.
"North Mumbai is unlocking its potential to new scale and will continue to be at the epicentre of the real estate and infrastructure activities in future as well," he said.
According to JP Infra Chief Operating Officer Ajay Nair, the infrastructure projects undertaken in this region will result in increased residential and high-quality social infrastructure developments in all the new micro-markets here.
Coastal road, Mumbai Trans Harbour Link, Mulund Goregaon link road, Colaba-Seepz, Dahisar to DN Nagar and Dahisar east to Andheri metro corridors and elevated roads are some of the major projects the government has undertaken to improve the east-west connectivity.
"Infra push has resulted in real estate boom in northern Mumbai offering amenitised products even in lower ticket bracket from branded developers for work-life balance and luxury living," Omkar Realtors Director Devang Varma said.
Ravi Group Director Gaurav Shah said that from the perspective of investment in residential areas in south, Mumbai is very capital intensive and therefore the northern region is becoming as a preferred investment destination.
He further said, south Mumbai is continuing to face a space crunch and non-availability of smaller tickets size apartments and, therefore, the micro markets like Goregaon, Malad, Kandivali, Mira Road, Powai, Vikhroli, BKC East, Ghatkopar and others are witnessing an emergence of budget homes. These are offered by varied developers like JP Infra, Sai Developers, Lodha Builders, Ravi Group of Companies with options ranging from 1, 1.5 and 2 BHK apartments in the price bracket of Rs 40-70 lakh.
"Investing in a south Mumbai luxury property is immensely capital intensive whereas for a lesser amount, one can get a good deal in the suburbs. Also the appreciation rates are faster here making it a lucrative real estate market," Shah added.