Western Suburbs constitutes 62% of market share of the sales registrations in March 2023
The Malad-Goregaon region, which is one of the fastest growing suburbs of Mumbai has transformed into a vibrant residential, commercial and IT hub owing to the various developments, especially from the infrastructure point of view.
The Metro Line 2A from Dahisar to DN Nagar and Line 7 from Dahisar to Gundavali, Andheri (E) in the western suburbs that were operational in the beginning of the year have enhanced connectivity, improved ease of travelling and reduced travel time by more than half. Post the commencement of these metro lines, the Malad-Goregaon region in the western suburbs have become the most preferred housing destination among home buyers in Mumbai.
According to a recent data analysed by Knight Frank India, bulk of the sales registrations in February 2023 were for properties in Western suburbs of Mumbai city constituting 57% of the market share whereas bulk of the sales registrations in March 2023 was again for properties in western suburbs constituting 62 per cent of the market share.
Describing about the demand in the region, Mr. Umesh Jandial, Chief Business Officer, Omkar Realtors & Developers said, “The Malad – Goregaon region is strategically located with well developed conveniences and comforts; therefore the most preferred choice of modern homebuyers. This belt as a micro market is holding strong on rental yield and ROI factor. The projects here offer ease of commute to business districts like BKC and therefore this location is witnessing premium quotient and strong demand. The location is also in close proximity to Western Express Highway, Metro lines, upcoming Coastal Road along with excellent connectivity to the airport; it provides easy accessibility to various parts of the city. The region also enjoys an established social infrastructure with schools, hospitals and other lifestyle avenues. The newly launched Metro Lines 2A and 7 after getting operational have improved connectivity and enhanced ease of travel for commuters. This has resulted in an increase in demand and price appreciation for residential housing in the Malad – Goregaon region. Located close to the lush greens of the Sanjay Gandhi National Park, it offers residents an enhanced living experience with mesmerizing views.”
Malad-Goregaon is seamlessly connected to the CBDs of Andheri, BKC via the western express highway as well as to the upmarket areas of Powai and Vikhroli through the Jogeshwari-Vikhroli Link Road. Hence, the highway-netizens, mainly the business community, are tremendously saving on their travel time.
According to a report by real estate data and analytics firm PropEquity, Mumbai’s western suburbs made up the bulk of the demand, which outweighed new launches. In terms of new launches, the city experienced a 26 percent increase in 2022 at 46,900 units compared to the preceding year.
Commenting about the real estate growth in the area, Mr. Himanshu Jain, VP – Sales, Marketing & CRM, Satellite Developers Pvt. Ltd. said, “The region offers the homebuyers with a mix of affordable as well as luxurious properties. The region is one of the most upcoming and prominent residential and commercial hubs that most property buyers are now moving towards. The suburb has seen growth in not just residential development but also in commercial development with few corporates choosing it as their new headquarters which is the foremost reason it has witnessed a realty boom in the last few years. Also, owning a house near to the workplace is a dream for the homebuyers especially millennials due to the hustle of traffic. Therefore due to the commercial advantage, many developers are coming up with projects in this region that intend to reduce the office travelling to zilch. Nowadays, homebuyers too prefer to stay in studio apartments or compact homes if it is in the vicinity of their respective workspace which also allows them to spend quality time with their family.”
Today, the social infrastructure of Malad-Goregaon is well-developed. There are several educational institutions, hospitals, multiplexes, shopping malls and restaurants in the area along with prominent shopping malls such as Oberoi Mall, Inorbit Mall & Infiniti Mall.
Besides inspiring a walk-to-work culture, Malad’s very own business district Mindspace and the other major corporate hub of Dindoshi offer still another advantage to corporate professionals. Furthermore, the Malad-Goregaon belt has become the chosen destination for IT/ITES companies due to spacious office spaces and competitive rentals. However, lured by its quiet lifestyle close to nature, the new-age buyers have started to invest in these areas. Finally, Malad-Goregaon has opened up a world of opportunities for buyers looking for top-class amenities and to reap maximum benefits from their investments.
