Mumbai, the financial capital of India, is titled as one of the most expensive cities in the world. Buying a property in any of the localities in Mumbai – commercial or residential – for anyone can be heavy on the pockets. However, in order to accommodate swelling populations and to develop various regions for industrial growth and prosperity, an array of projects are now being built across some of the prominent localities in Mumbai.
The speciality about these localities is that they are well-connected to commercial regions, share close proximity to social hubs, have well-built infrastructure, and also have numerous upcoming infrastructure projects in line. Hence, these regions are now becoming most sought-after localities, and are poised to generate excellent returns in the future.
So, if you are not sure where to invest in Mumbai, then this article will help you decide on the finest localities in Mumbai and what makes them special.
1. Goregaon (East)
Goregaon east is located between Andheri and Borivali, which are both critical centres of employment and residence. It is connected to the Jogeshwari–Vikhroli Link Road (JVLR) as well as Western Express Highway. Hence, it enjoys close proximity to Chhatrapati Shivaji Maharaj International Airport.
Along with the popular Film City, Goregaon is close to the financial and employment hubs, where a number of big software and corporate companies such as IBM, Aegon and Abbott are situated. These factors add to the rental demand and make the area one of the most sought-after localities in Mumbai for renters. The residences in Goregaon East are compact and easy to live in, and the average property price is currently around Rs 17,250 per sq ft.
Another factor which may boost Goregaon’s accessibility, connectivity and demand is the Metro Line 2A of Mumbai Metro (Dahisar West – Goregaon West – Andheri West), the construction of which is expected to be completed by April – June 2021.
The area enjoys the presence of a number of schools, colleges, restaurants, cafes, hospitals (for example, Radha Krishna Hospital) and other amenities. It is being further developed in the residential sector by developers such as Mantri Developers, The Wadhwa Group, Exquisite Buildcon and Gagan Developers.
2. Mulund
Mulund was once a very low-key and rural area which not many people considered as a part of Mumbai. However, things drastically changed over time since the major developments in the area brought about by the interference and initiatives of many private developers and builders (Runwal, Wadhwa, Piramal Revanta, etc.).
Mulund has excellent connectivity which is facilitated by a railway station of its own on the central line of Mumbai railways. It is connected to both South and Central Bombay as well as Navi Mumbai through the Eastern Express Highway. LBS Marg and the Goregaon-Mulund Link Road (GMLR), along with the closeness with the International Airport add to Mulund’s accessibility and demand.
It is also in close proximity to business hubs such as MIDC, BKC or Bandra-Kurla Complex, SEEPZ, and Powai. Mulund provides for a comfortable residential area where communities are compact, homes are luxurious and opportunities are ever-rising. It houses a wide range of malls, schools, hospitals, banks, restaurants, and office spaces. Currently, prices in the area range from Rs. 13,000 to 20,000 per sq. ft. with excellent appreciation chances due to seamless connectivity and superior social and physical infrastructure.
3. Andheri (East)
Andheri East is a hub of residential and commercial real estate projects. It is one of the most sought-after localities in Mumbai which has many offices; schools; restaurants, cafes and eateries; colleges and hospitals, the most famous one being the Seven Hills Hospital in Marol.
The employment centers around Andheri (E) include BKC or Bandra-Kurla Complex, MIDC or Maharashtra Industrial Development Corporation, and SEEPZ. It is very well connected to many other localities in Mumbai through the Western Express Highway, Local Railway Network, Jogeshwari-Vikhroli Link Road or JVLR, and even the National Highway 8 (through which people from the outskirts of Mumbai can easily reach Andheri (E)). The metro line which is currently under construction, upon completion by June 2021, is expected to greatly increase the prices in the area.
Andheri East is also in close proximity with many film production companies’ offices such as Dharma Productions, Yash Raj Studios, etc. which are located in Andheri West. This makes Andheri (E) a sought-after location for upcoming actors, directors, or writers who find the area more affordable than Andheri (W). Therefore, there’s never a shortage of renters in this area and it forms a good area for investment.
The cost of residential apartments in this area ranges around Rs 18,200 per sq ft. However, with existing and upcoming infrastructure, scores of employment and hubs, and proximity to educational institutes and 5-star hotels, the properties generate excellent ROIs.
4. Mira Road
Mira Road is an upcoming neighbourhood in the Thane District, outside of Mumbai. It is exactly 12 km north of Central Mumbai, in the northwestern part of the city. It was once a suburban area but now it isn’t far from being a full-fledged urban locality.
The area is well-connected with the different localities in Mumbai through the western line of the Mumbai Suburban Railway. In order to further improve connection, the Gaimukh-Mira Road metro line is under construction and is expected to be completed in 2022. Mira Road is being actively developed by big private builders of the Real Estate Market of Mumbai and is hence receiving Government help for faster growth.
Mira Road provides for some of the most affordable homes around the city. The area already has over 3,200 housing units established and a huge number of schools, hospitals, restaurants, and malls are in the vicinity. The current price range of properties in Mira Road is Rs. 6,000 to 8,000 per sq. ft. and therefore, the renting cost is relatively lower now with demand on the higher side.
5. Malad (West)
Malad West, despite being one of the prominent business hubs in the city, is famous for its proximity to other employment hubs such as Bandra Kurla Complex or BKC and Andheri.
The connectivity of Malad West with other localities in Mumbai depends heavily on bus stops, which forms the main mode of transport for residents and the working class of the area. However, the ongoing Metro line construction, upon its completion by June 2021, is said to further augment the residential and commercial demand of Malad (W) along with its renters’ demand.
The area has a number of schools, over a thousand restaurants or cafes or eateries, many hospitals, banks and several malls, of which the most famous are Inorbit and Infiniti Mall.
When it comes to the residential projects in Malad, the average price ranges between Rs 14,000-17,000 per sq ft. Apart from Bhoomi Group, KP Realty and Shreeji Group are some of the developers who have numerous properties on offer in Malad West, the most promising localities in Mumbai.
6. Kanjurmarg
Kanjurmarg is an underrated neighbourhood in Mumbai which is now coming up after its closest neighbourhoods, Powai and Vikhroli, recently reached its saturation point. Powai is a commercial as well as a residential hub which provides numerous employment opportunities in all sectors and hence has drawn out a clear path of demand and growth for Kanjurmarg.
Kanjurmarg has a local train station of its own which connects the area to other localities in Mumbai quite easily. It is also close to the International Airport of Mumbai and is easily accessible through the Eastern as well as Western Express Highways, LBS or Lal Bahadur Shastri Marg and JVLR or Jogeshwari Vikhroli Link Road.
The construction of the Metro line, upon completion, will further increase connectivity to Kanjurmarg and contribute to the property price appreciation in the near future. In fact, the prices are expected to grow by 10 to 12% (source: Report by Runwal Group), making the area a very good, rewarding, and lucrative option for investment and financial growth.
7. Kandivali (East)
Kandivali (East) is one of the oldest residential localities in Mumbai and thus houses a cosmopolitan population. Located in the North-western part of the city, it is well-connected to other areas in Mumbai through the Western Express Highway, Swami Vivekananda Road, Link Road and Goregaon-Mulund Link Road.
Although Kandivali has its own railway station, it is only 4 km away from the Borivali station, which is one of the major railway stations in Mumbai. The International Airport is also only 30 minutes away from Kandivali (E). Due to its close proximity to Malad, Goregaon, Lokhandwala, Thakur Complex and so on, a number of employment hubs are located very close to the area. Kandivali (E) also has a number of schools, including the famous Ryan International School; some hospitals, among which Kokilaben Dhirubhai Ambani Hospital is noteworthy; and a number of malls, of which Oberoi Mall stands out.
All these factors add to the increasing price growth at Kandivali East, which currently stands at a crisp price range of Rs. 14,000 to 16,000 per sq. ft. This range is currently volatile, and it may go only upwards as the investment opportunities in Kandivali (E) are being increased by developers such as the Godrej Properties, Kalpataru Group, Acme Group, and Keystone Realty.
8. Vasai and Virar
Vasai and Virar are located beyond the borders of Mumbai. Although not technically in the city, these two localities are considered to be the most affordable housing destinations around and in close proximity to Mumbai.
The average property rates range from Rs 5,000-6,000 per sq ft, which is marginally lesser than almost all localities in Mumbai. These areas are a good option for those homebuyers who are looking for cheap, affordable, low-cost homes away from the exhausting business of the city. Apart from historical temples, the Vasai-Virar region is also famous for Suruchi and Bhuigaon beaches.
Vasai and Virar are projected to become the next Mulund of Mumbai, or at least, reach the development level of Mira Road very soon. Hence, it might be the right and absolutely rewarding time to invest in properties in this area.
Even though it may seem, on the offset, to a lot of people that there is no further scope for development of Mumbai or its areas, or that the localities in Mumbai have reached their saturation, it is not true. There is a lot of scope for real estate development of areas in and around Mumbai which may be very rewarding modes of investment in a few years. The rapidity of growth in real estate property prices in Mumbai should be used to its advantage, as can be done by investing in the properties above.
