A study of Ghodbunder residential property boom

By the hillside, Ghodbunder road was once a forest land. A few years ago, the view was breathtaking as the rainwater stream passes through the hills, charming many nature lovers. A closer view of the hill, less traffic movement, and tranquility drew many residents to Ghodbunder road area.

From a farmland to a residential area, over the years, the locality has bloomed into a beautiful colony with tastefully built houses, residential towers, swanky malls and multiplexes, air conditioned schools and colleges and, of course, ample stretches of greenery.

Except a row of buildings that line the 80-ft. road, most lanes in the colony have a sloping terrain.

12 years back the cost of a 500 sq ft residential flat was just Rs.5 lakh here. Today, the price of a one BHK is above Rs.45 lakh.

“We never thought that the land value would shoot up so much over the years. The place gained popularity when former municipal commissioner T Chandrashekhar developed the infrastructure along the road. He was instrumental in getting the layout approved. A few years ago; the view was breathtaking as the rainwater stream passes through the hills, charming many nature lovers.

“It was like a dream come true for us to stay close to nature and enjoy the scenic beauty of hills along with the watercourse. However, due to the land reclamation by the builders, the stream has eventually disappeared,” says Rajaram Patil, who has been residing in Brahmand colony for the last 16 years.

The TMC is taking care of the colony’s maintenance and people have no complaints as far as water supply and streetlights are concerned. “For a person like me, the locality is most preferred as I don’t have to commute much to procure any kind of stuff outside. But for those who have to move around frequently, the scenario is different, as they have to navigate through the steep lanes says G. Padma, one of the residents.

Ghodbunder road residential area which now falls in Thane municipal limits is attracting hordes of people from in and around Mumbai since decades due to its calm and serene locales. People love to buy residential spaces here as the locality is self-contained and lacks nothing.