Why eastern Mumbai suburbs have burgeoning real estate potential?
Real estate development across Eastern suburbs
Eastern Mumbai suburbs are among of the fastest growing residential centres in Mumbai metropolitan region. This area is advantageously located in proximity to other industrial sub-markets such as Bhiwandi, Badlapur, and Dombivli-Kalyan. Situated in Mumbai Metropolitan Region, these eastern suburbs have attracted a lot of heavy investments from established builders and developers.
The Mumbai Metropolitan Regional Development (MMRDA) authority has developed several residential zones that have led to this sub-market’s emergence as a major residential hub. The demand for homes from workers employed in these industries is therefore considerable and constantly rising. This provides eastern suburbs with all the attributes of an ideal real estate investment market, offering low entry points and high appreciation potential. Developers have already acquired large land parcels in eastern suburbs, while others are actively seeking such parcels for development. Some residential projects by elite developers have already been launched. This sub-market has especially high potential for integrated township projects and affordable housing undertakings. The eastern suburbs will continue to attract demand from the large existing workforce as well as additional manpower that will migrate there over the course of the next few years. The government of Maharashtra has already extended the jurisdiction of the MMRDA for the eastern suburbs up to Kasara and Karjat. The planned infrastructural initiatives in this region will further aid the emergence of these suburbs as a major real estate growth node. There are plans to set up a cargo airport, with industrial firms from abroad showing keen interest in establishing their manufacturing facilities in the area. With industrial growth acting as a pull factor for this sub-market, real estate development across the eastern suburbs’ various segments will find increasing traction going forward. The real estate story has just begun for Mumbai’s eastern suburbs. Residential prices in these areas are already up and give every indication of healthy rise in the future. This is a market that is especially appealing for large plot investments, and long-term investors who value the success formula of its unique combination of growth drivers.
