The eastern corridor of Mumbai – especially the suburbs from Ghatkopar to Mulund and Thane – has been witnessing a major transformation over recent years. From being a largely industrial belt to developing into a hub for malls and premium residential towers replete with the latest amenities, the area has undergone tremendous transformation.
Infrastructure projects have always had several positive implications for Mumbai’s real estate market, and what these suburbs are witnessing now is predominantly the impact of a significantly improved infrastructure scenario. Proximity to the de-facto CBD of Mumbai, that is, the Bandra-Kurla Complex (BKC), and connectivity to it via the Eastern Express Highway are now major advantages.
Job creation as a residential market driver is a powerful force in a city like Mumbai, and these suburbs have had more than a fair share of it. The demand for residential properties in the city, regardless of locality, results from an area’s ability to generate employment and also accommodate the resulting residential demand.
The social infrastructure in East Mumbai has improved perceptibly over the years, with prominent malls, multiplexes and high streets as well as schools, colleges and hospitals coming up in these precincts. And this has also led to increasing capital values - from being Rs 9,400 sq ft in 2010, the average prices rose to Rs 15,113 sq ft in 2016. Moreover, there is still room for good growth in the coming years.
Although the western region of Mumbai boasted of more significant infrastructure and real estate development until a few years ago, the Eastern Suburbs now stand to benefit as well, as they would enjoy easier connectivity to the Southern and Western parts of the city on the back of the upcoming infrastructure projects. Considering the overall real estate trends in Mumbai and factoring in affordability, physical and social infrastructure and connectivity, the Eastern Suburbs promise to continue providing residential options that are more affordable to buyers wanting to live within city limits.
Wadala East is one of the established residential locations with well-defined social infrastructure. The Eastern Freeway and Eastern express highway allow for a commute of just 30 minutes to Fort and Nariman Point on one end and Powai and Thane on the other. It also offers great connectivity to Parel, Lower Parel, BKC and the domestic and international airports. Between 2002-2017, property prices in Wadala East, now sometimes being referred to as New Wadala, have increased manifold and are likely to propel further on the back of the proposed MMRDA Makeover Plan.
Among the projects offering modern residential options in Wadala East is Dosti Ambrosia, a 36-storey tower at Dosti Acres comprising of 2 and 3 BHK apartments. This project offers residents an exclusive roof-top swimming pool, 40000 sq.ft of landscaped gardens, two club houses, a tennis court, generous views of the sea/city and a lot more. Overall, Wadala East is well-positioned to become one of Mumbai's most exciting new growth corridors.
The writer is CEO - Anarock Property Consultants