Which are the Best Places to Invest in Mumbai 2020?
Buying a property in Mumbai is the dream that almost every Mumbai resident has. So if you want to know the best place to invest in property in Mumbai, we hope that this informative real estate article would help you. As we analyze the new and upcoming loc
When it comes to this bustling city, real estate investment in Mumbai is always a very hot topic.
Which are the best places to invest in Mumbai 2020?
This is a very common question that property agents/ professionals / online real estate portals active in Mumbai real estate find themselves confronted with.
Based on facts and figures, today the best places to invest in Mumbai include:
- Lower Parel
- Madh Island
Traditionally there have been many places to invest in Mumbai including:
Juhu, Bandra west, Bandra BKC, Khar west, Andheri west, Napeansea Road, etc.
These are locations that have been safe as well as provided good rental returns as well as capital appreciation for property investors.
However with rising property prices and a high cost entry in terms of property investment in these or similar locations in Mumbai, there has been a paradigm shift for Mumbai investors.
As listed during the introduction of this article, let us discuss the advantages and challenges of property investments in the mentioned locations.
Buying a property in Mumbai is the dream that almost every Mumbai resident has. So if you want to know the best place to invest in property in Mumbai, we hope that this informative real estate article would help you. As we analyze the new and upcoming locations in Mumbai along with a few established locations that have a lot of potential for real estate investment growth, we will look at a multiple of factors. These would include major factors like infrastructure updates, connectivity upgrades including the metro, upcoming facilities and other micro factors peculiar to the particular location in Mumbai.
Irrespective of the crowd, the infrastructure challenges, the everyday difficulties, Mumbai remains a dream city for the masses. Property investment in Mumbai has been a strong reason for the State coffers to be filled with stamp duty and registration fee money. The attraction of investing in a Mumbai property never goes away and every real estate investors in Mumbai or outside is always scouting for property buying options in the maximum city that can help him secure a good, safe and profitable investment. The reason is very simple – there is no other city like Mumbai where there is a perennial demand for real estate for actual use, for rent and for investment.
Some of the major factors that generally decide the real estate growth of any location include the following. Let us use these factors while evaluating the best place to invest in Mumbai in 2019:
Any real estate expert or a seasoned property investor in Mumbai can definitely tell you that CONNECTIVITY is one of the most crucial aspects when investing in a property in Mumbai. No one in Mumbai seems to have time and everything has to be fast. Therefore a home in Mumbai has to well-connected and connectivity is one of the top most factors that would decide the investment potential of any location in Mumbai. With major infrastructure upgrades undertaken by the Maharashtra State Government and that are happening in Mumbai currently include the Metro, Coastal road and various other initiatives.
As per the latest updates around the beginning of year 2019 there are 3 metro lines that are slated to go into the trial run phase around the end of the year 2021 and these include Metro 2B (DN Nagar to Mandale), Metro 4 (Wadala-Thane-Kasarvadavali) and Metro 6 (Swami Samarth Nagar-Vikhroli). Mumbai Metropolitan Region Development Authority’s (MMRDA), the authority that is overlooking these projects apparently will also be in a position to roll out Metro 10 (Gaimukh-ShivajiChowk) and Metro 11 (Extension of Metro 4 till GPO) for trial runs by the year 2024.
Would you love Mumbai more without its perennial crazy choc-a-bloc traffic?The answer is a no-brainer. A resounding yes is what almost everyone would say. Well that is exactly what the Mumbai Metro Railway Corporation Limited (MMRCL) has in mind while building the Colaba-Bandra-SEEPZ corridor of Metro-3 project. This project is supposed to free a major portion of the roads across the locations that it will connect through itself and that include Nariman Point, Fort, Worli, Lower Parel, BKC, Goregaon, CSIA, SEEPZ, MIDC, etc. The micro locations that would fall close to the Metro-3 project, especially near the stations would definitely be in demand asMetro-3 becomes operational. However the price rice and appreciation has already started in anticipation.
Chembur real estate growth-trigger factors
- Well-developed and wide roads
- Amazing connectivity by virtue of its location
- Major infrastructure upgrades - SCLR, Monorail, Eastern Freeway
- Huge public spaces - Diamond garden, Gandhi maidan
- Well-developed public facilities
- Major hospitals like Apollo Spectra Hospitals,
- Surana Sethia Hospital and Research Center,
- Sushrut Hospital and Research Center, etc.
- Educational institutions - Shah & Anchor Kutchhi Engineering College,
- Vivekanand Education Society's Institute of Technology,
- Pillai College of Education and Research
- Some of the new and ongoing real estate projects in Chembur in 2019 include Alta Vista, Ruparel Orion, Veena Serenity, Godrej prive and many more.
Virar - the new real estate hub
Virar is the poster boy for budget and affordable homes in Mumbai – period. Being part of the MMR – Mumbai Metropolitan Region and being a favourite among home buyers looking for affordable but well-connected homes, Virar is now finally getting the recognition it truly deserves as a real estate power house. Do you know that if you had invested in Virar properties around 10 years back, your property investment in Virar would have quadrupled by now. Virar is basking in the glory of being the undisputed affordable real estate hub of Mumbai and the development of some humongous mixed use real estate projects there in this decade are testimony to its growing prowess. There is no doubt that Virar is definitely one of the best places to invest in Mumbai in 2019 and even beyond.
In the initial and formative years Virar was more preferred by Mumbai and Thane real estate investors as a second home or weekend home destination. However with major infrastructure updates, better and more frequent trains, Virar has seen unprecedented growth as a real estate market. There are multiple under construction and ongoing real estate projects in Virar currently. The development of Rustomjee Global city has uplifted Virar in a huge way as multitudes of lower middle class, middle class people have flocked to make Virar their first home now. Yazoo park developed by Rustomjee Developers is another feather in the cap for Virar as it has been a centre of attraction for lakhs of tourists and local crowds. Kids, youth and adults alike have been thronging Yazoo park which is an international quality entertainment hub. It has been developed in a huge area of around 12 acres at Global City very close to Narangi Phata level crossing which is hardly a stone's throw away from the ever busy Virar Railway Station.
Virar also scores high in terms of its natural beauty, clean atmosphere, vintage locations, beautiful heritage structure including temples, charming villas and bungalows that adorn its landscape mingling happily with hordes of new and modern buildings emerging rapidly across multiple locations. Virar is also famous for its beaches, green resorts, Jivdani temple, Vajreshwari temple, Jain temple, Holy Spirit Church, St. Mother Teresa Church and many more heritage sites. In terms of pure real estate investment too, Virar has scored a decent year on year appreciation even during tough real estate cycles in Mumbai. One must also keep in mind the fact that Virar has a strong commercial and industrial landscape as it has been traditionally a manufacturing and trading location for many years. Many of the top most business houses in Mumbai and Thane have their manufacturing units or their industrial set ups in Virar. This factor makes high end and luxury homes in Virar attractive to these business owners who have had a base in Virar for decades.
Infrastructure - 2007 was a landmark year for Virar as it witnessed the quadrupling of the railway line between Borivali and Virar. This was the perfect booster dose that real estate in Virar needed and it has had a big positive impact of property prices and demand for homes in Virar for sure. In fact the complete impact of this major upgrade of the railway line will be seen for years to come as there are more trains potentially to be added to the Virar route.
In the year 2009 the Virar Municipal Council was promoted to the Vasai-Virar Municipal Corporation and this factor also has been the game changer for Virar as a location and as real estate market. There are various housing and road transport development projects initiated by the corporation with the help of MMRDA, Mumbai.
The 589 metres long Virar-West skywalk is a landmark skywalk in the history of Mumbai. One can imagine the number of people that call Virar their home by glancing at the fact that this skywalk is the busiest with almost sixty thousand travelers using it during rush hour. Incredible, isn't it?
The Rupees Ten thousand crore Virar-Alibaug Corridor Project is a paramount development that would provide a smooth connectivity between Virar and Alibaug. The proposed corridor is planned to connect four national highways and cut travelling times across various routes in a big way indeed. This is definitely a big infrastructure growth story in the Virar chapter that will surely drive real estate investment in Virar upwards and attract a lot of property buyers to invest in Virar in the coming years and decades.
Virar real estate growth-trigger factors
- Great connectivity
- Well laid out roads
- Affordable prices
- Education institutes - Viva college, Holy Spirit High School & Junior College, St. Joseph High School and Junior College, etc.
- Entertainment – Yazoo park, Dreams the Mall, Dattani Mall
- Hospitals - Sahayog Hospital And Research Centre, Global Hospital,
- Vijay Vallabh Hospital
- Infrastructure - Virar-Alibaug Corridor Project, Railway line upgrade
- Lower Parel