Despite the skyrocketing real estate prices in Mumbai, the residential market in India's financial capital continues to hold its own-- end users and investors are as active as ever. However, many areas have reached saturation point, in terms of further development potential, leading to the emergence of new regions. The focus has shifted to areas that weren't earlier considered lucrative. Bhandup is one such area.
Bhandup was earlier considered a downmarket area, with few amenities; there were limited properties and the prices were attractive, with sales largely limited to resale properties and projects by smaller builders. However, the area has now emerged as an important residential hub. The release of industrial land along LBS Marg (the major road link with the eastern suburbs) has enticed major developers to come up with high-end residential and township projects along this corridor. Organised retail development has also started, albeit on a modest scale.
The Nahur station has been a catalyst in Bhandup's development, catering to the needs of those living in Bhandup East, as well as those near the Airoli Link road. The LBS Marg stretch is rapidly developing as a mixed-use real estate destination. As the road is a link with the eastern suburbs, any real estate development along this stretch would also have an impact on Mulund, Kanjurmarg, Vikhroli and Ghatkopar.
As of today, Bhandup remains a preferred residential destination, owing to low pollution levels. The quality of housing projects in Mulund and Bhandup has improved. Till the early 90s, the demand was restricted to budget flats close to the station area. New projects, aimed at decongesting the station area, have gardens, swimming pools, club houses and ample parking space. Residential property rates at Bhandup stand at Rs 14,000-18,500 a sq ft.
The writer is Head, Strategic Consulting (West), Jones Lang LaSalle India