Mumbai's Sewri and Wadala can be your pick if earning rental income is on your mind. Here the rental yield ranges between 1.83.31 per cent. Industry experts suggest that it is because of growing connectivity towards Chembur from Wadala through Monorail, which is working in favour of the location. “The travel time between Bandra-Kurla Complex (BKC) and Chembur from Wadala is now reduced, which is attracting tenants to this location,” says Ravish Sharma, owner, Mumbai Realty Solutions, a property consultancy in the city.
The Eastern Freeway is another transit development that has added advantage to the location, as it connects the locality with Ghatkopar-Mankhurd Link Road, linking it to Navi Mumbai.
In fact, the Mumbai Metropolitan Region Development Authority (MMRDA) is planning to make Wadala an international business centre as it boasts of swift connectivity to the existing Central Business District of BKC and Navi Mumbai. However, the Monorail Phase-II, which will connect it with the south city has been delayed, adding speculation to the commercial and residential real estate here.
As per the data with Magicbricks, Wadala has properties priced in the budget range of Rs1-Rs2 crore. The rental value of the same apartment ranges between Rs30,000-Rs50,000 per month.
For Sewri, availability of fresh supply has brought opportunities for landlords to earn high rents. “Majority of the properties in Sewri are under re-development. Those projects, which have been completed, demand rentals upto Rs75,000 for a 1BHK flat,” says Ali Jawed, a local broker active in the area.
However, the traffic congestion between Worli and Sewri is a major concern for the residents, which is expected to ease once the Worli-Sewri Elevated Road gets completed. As per the data with Magicbricks, a 2BHK apartment in Sewri is available in a price range of Rs2Rs5 crore, which carries a monthly rental value of Rs55,000 to Rs1.5 lakh, depending on the amenities offered.
Several new projects are slated to come up in Sewri, creating new stock in the real estate here. Sewri also witnesses spillover demand from South Mumbai localities such as Worli and Parel. Most home seekers here are employed in the banking sector and belong to the upper-middle class segment.
Navi Mumbai: Nerul is one of the planned townships developed by City and Industrial Development Corporation (CIDCO), which is also evident from locality’s framework. Traffic lights on road junctions, LED displays to avoid traffic snags and stringent traffic monitoring are easily found in the area. Like other areas of Mumbai metropolitan region, water supply is constant more or less throughout the year.
For afterwork life, avenues for recreation, food joints, libraries, open parks are available in plenty. As per Magicbricks data, over 500 properties are available on sale while 35 new projects currently active here. Expected rental income ranges from Rs1-4 lakh for a 3/4BHK flat. Majority of home seekers are nuclear families and single professionals.
Ghanosli is another area in the list, segmented into two regions — Ghansoli village, which has a rural setup, and the Ghansoli sectors, where private builders are developing apartment projects. The area has further scope of development as some of the sectors are still not developed and lack the basic infrastructure. However, because of the planned initiatives by CIDCO and the Navi Mumbai Municipal Corporation (NMMC), investment is still flowing in. Over 600 options are available while the expected rental income is Rs50,000-Rs60,000 for a 3BHK flat. Most residents here are local businessman, traders and locally employed professionals.
Airoli has seen tremendous development in terms of residential and commercial in recent times. With 28 sectors and two residential areas, the area has seen demand from well-to-do socialites of Mumbai and Navi Mumbai. The area has upmarket infrastructure, connectivity to the Eastern Express Highway and the presence of some well-known educational institutions in the locality, which makes it one of the most desired places in Navi Mumbai.
Thane: Majiwada is located off Thane-Ghodbunder Road where the residential real estate market is riding high on connectivity. Experts say that the area is expected to drive significant residential demand in the coming years. Apart from enhanced connectivity, social infrastructure and comparatively lower prices has rendered Majiwada a prospective residential option for home seekers.
Another reason that makes this location popular is the availability of social amenities. The locality is popular for malls such Viva City Mall and R Mall, that attract people from various neighbouring localities. Moreover, the locality has several educational institutes, hospitals and neighbourhood markets. As per Magicbricks data, the expected rental income is up to Rs2 lakh for a 3BHK apartment, while for a 2BHK apartment, it can range from Rs50,000-Rs80,000 per month, depending upon the amenities and location of the property.
Usually, these properties are fully furnished. Haware Citi is another locality along Ghodbunder Road where rental income can range up to Rs1.5 lakh for a new property of a plush 3BHK property. With rising demand for rental accommodation, the value is expected to go up further if cost of buying further increases. However, with lending rates coming down, the future seems hard to predict.
Source : content.magicbricks.com
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