Skyrocketing Property Value – Mumbai Shifting As Housing Market Surges

The city of Mumbai which is the financial capital of India has witnessed some steep price increases over the last few years.

The prices have skyrocketed across the city owing to scarcity of land, high demand and low supply in residential realty market. The residential property rate in prominent localities of Malabar Hill, Kemps Corner, Altamount Road, etc. is more than 50,000 rupees per square feet with some pockets in Kemps Corner touching 1 lakh rupees per square feet. The areas such as Dadar west, Lower Parel, Andheri west, Mahalaxmi, etc., which were earlier affordable to an extent are all above 30,000 rupees per square feet now. Such staggering numbers have actually put Mumbai real estate market out of reach for common people.

The prices in Mumbai are so steep that people today can hardly afford to buy ready possession or resale flats in places like Chembur, Wadala, Kandivali or Malad. So the only viable option you have is to invest in under construction or new residential projects in Mumbai. This is because most times you get flexible payment options with new launches. One such newly launched lavish project in Malad west area of Mumbai is Auris Serenity. This project is developed by Sheth Developers Pvt. Ltd. which is one of the reputed names in the island city’s realty circle and offers premium 2 BHK, 3 BHK and 4 BHK flats ranging from 1215 square feet to 2525 square feet.

Auris Serenity is well equipped with world class amenities in the form of children play area, large landscape gardens, gymnasium, swimming pool, club house, etc. and is in close proximity to railway station, bus depot, prominent schools, Inorbit mall, Goregaon sports club, Infinity mall, hospital, etc. However, such new launches are not too many. And therefore, as a buyer you have little option but to look for housing in the extended suburbs of Mumbai.

Projects in the Extended Suburbs Are Affordable

With the increased housing demand in Mumbai, the property developers and the government have little option but to either redevelop the existing projects or undertake new constructions in the extended suburbs of the city. The redevelopment of the existing structures has its own set of hindrances and these projects often get stuck either in legislative procedures or legal issues. Hence, most of the developers undertake new housing plans in the extended suburbs. The prominent suburbs wherein large numbers of residential projects are coming up include Navi Mumbai, Thane, Kalyan, Vasai and Virar.

The Outskirts of Mumbai are in Great Demand Due to Upcoming Infrastructure

Mumbai is well connected to its sister cities and extended suburbs both by road as well as rail. With the phase 1 of metro in place, Mumbai Metropolitan Region Development Authority (MMRDA) is all set to go ahead with phase 2 of the metro line that will connect Charkop in the northern suburbs of Mumbai with Mankhurd in the east, thus further improving the connectivity with Navi Mumbai. In addition to this, there are multiple high profile infrastructure projects lined up that will reduce the travel time from the outskirts of Mumbai to the main city center. Some of the prominent infrastructural projects include Thane Kasarvadavali metro, Thane Bhiwandi Kalyan monorail, Mumbai Trans Harbour link, etc. All of these projects are set to redefine the boundaries of Mumbai.