Mumbai’s real estate didn’t undergo major policy changes or reforms but it continued to be India’s most desirable place for millionaires, housing over 2000 of the richest people on earth.
In fact, Magicbricks data also indicated the same as it continued to be the most preferred city for outright purchase and rent across India throughout the year. At the same time, affordable property options in the city moved towards the peripheries, causing disappointment among the middle-class segment.
However, the good news is that positive sentiments hovered around Mumbai realty, anticipating reforms from the BJP government. What else impacted the realty here? Here’s a roundup of the year that was:
Land unlocked
From the coastal zone to private forest land, Mumbai city saw new land being unlocked for real estate development, majorly for residential projects. The recently revoked ban on Powai’s ‘No development zone’ for building convention centres and entertainment hubs is expected to relieve pressure on existing resources in Bandra West. Similarly, coastal regulation zone in Mahim will be bringing new sea facing homes to the city. Nahur, Mulund and Bhandup are other areas which had private forest land that got released for construction.
What to look for: The soon to be announced Bombay Port Trust land is also expected to be freed for development. However, it is still not decided whether it will be utilised for residential or commercial purposes.
Infrastructural improvements
The Santa Cruz-Chembur Link Road (SCLR), Versova-Andheri-Ghatkopar Metro, Eastern Freeway and Wadala-Chembur Monorail are four key infrastructural developments which improved the travelling experience of Mumbaikars. This resulted in increased pricing in the Eastern Suburbs. Moving towards South Mumbai became easy through the Eastern Freeway while SCLR eased the traveling experience towards the Bandra-Kurla Complex. Similarly, the Versova-Andheri-Ghatkopar Metro connected the Western Suburbs to the eastern and the Wadala-Chembur Monorail brought life back to central localities of Mumbai.
What to look for: Expansion of the Monorail Phase II which will connect Jacob Circle to Chembur, once again changing the dynamics of the Central Line regions.
About Us
MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.
Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.
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