The changing landscape of Mumbai Metropolitan Region has ensured the rise of prime residential hotspots with central suburbs witnessing infrastructure development and emerging as a great investment avenue, according to the latest Knight Frank India Real Estate Report.
Central suburbs witnessed launches of 5,172 residential units in H2 2019, marking a 17 per cent increase year-on-year. "This is reflective of growing confidence among developers and investors in one of the fastest growing suburbs in Mumbai," the report said.
Within central suburbs, Mulund has developed as an ideal destination for those who want to be a part of the city's hustle-bustle, but still want to enjoy a serene living environment. In H2 2019, home prices in Mulund were set in the range of Rs 10,700 to 14,000 per square feet.
Adding favourably to its location advantage, residential projects in Mulund offer amenities like clubhouses, jogging tracks, multipurpose courts and banquet halls which is yet another reason the locality attracts attention from the tenant community.
As compared to the other premium destinations in Mumbai like Ghatkopar or Andheri, the residential market of Mulund remains quite reasonable. Kalpataru will soon launch a premium residential project on the arterial LBS road in Mulund. Developers like Marathon Group, Wadhwa Group and Piramal Realty have also recently launched projects in the area.
When it comes to real estate investments, Mulund offers a mix of ease of connectivity and premium living. Consequently, the location has been viewed as a preferred choice for several first-time homebuyers as well as those looking to invest in a second property.
What works for Mulund is the existing strong social infrastructure which includes healthcare facilities, education (both secondary and higher), retail, sports and entertainment options.
Thus, unlike an upcoming location, residents of new developments in this area can enjoy all the benefits within their flourishing neighbourhood, said the report.