Over the past few years, Mumbai has been the number one choice for both buyers and investors. A recent survey showed that by the end of 2018, Mumbai is going to be a host to 2.31 lakh housing units across all sectors. But with most builders focusing largely on high-end grand properties, it's safe to say that the need of the hour is affordable housing.
Development plans have been made by the Municipal Corporation to facilitate the ever growing population and demand for affordable housing properties in Mumbai. All of this led to an unceremonious price rise, which has made properties unaffordable for the Indian buyers. Residential properties in the north central suburbs have gotten expensive and due to this investors have started focusing on other parts of Mumbai.
As a result, the Eastern suburbs of Mumbai have been witnessing a massive growth in the real estate sector especially due to the availability of affordable housing, flexibility, and connectivity. And with the traffic menace sorted by widening of the roads of Ghatkopar-Mahul and demolishment of old buildings, the Eastern suburbs have attracted a great number of investors.
There are many reasons as to why the Eastern suburbs have managed to grab the attention of realty investors:
Favourable Policy Measures
The realty market in the Eastern suburbs has gathered momentum mostly because of its land availability. The Development Plan initiated in 1991 paved the way for sustained growth by initiating the reduction of industrial zones and building these plots for residential use. The infrastructure policies implemented by the government led to projects like Eastern Express Highway, the Eastern Freeway, the Mumbai Metro Rail. These projects, in turn, helped ignite the investors' attention and hence played a key role in the expansion of realty markets in the region.
Maximum Infrastructure Growth
In the recent years, the Mumbai Eastern suburbs have witnessed exponential infrastructure boom. There are plenty of new and upcoming projects that are making the suburbs glitter more, and due to this, a lot of buyers are keen on investing in this area.
Places like Powai and Kanjurmarg have established themselves as important commercial destinations, while Mulund and Bhandup are now favourites when it comes to residential investments. The proposed international airport and other several major infrastructure initiatives are adding value to this region.
Major Connectivity Links
The Maharashtra government opened the Eastern Freeway, the Metro rail, and the Monorail that helped improve the connectivity of places to and from the Eastern suburbs. This was one of the reasons behind the steady shift of housing and office towards the Eastern suburbs even as Mumbai's real estate market witnessed a general slowdown. There are many rapid transportation projects that are currently underway which will further improve the east-west connectivity and boost the area's real estate profile.
Not only are the Eastern suburbs of Mumbai catering to affordable real estate sector, there's a parallel demand for luxury and premium properties as well. This has led to a surge in the launch of many affordable and premium realty projects.
It's no exaggeration to say that due to the growth in infrastructure, and wise policy measures, the Eastern suburbs have opened their gates for further futuristic developments.
Source : articlesbase.com
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