Mumbai's peripheral realty locations have always performed well, even at the time of the slowdown in the property market. During this festive season, peripheral locations are displaying immense promise, say experts.
Shailesh Puranik, MD, Puranik Builders Pvt. Ltd says, "Mumbai's peripheral locations have proven very attractive in the recent past as far as housing sales are concerned. Infrastructure development has played a major role in bringing these peripheral areas into focus. Mumbai has only limited land available for development unlike some other major cities of the country."
Hence, real estate prices have skyrocketed in the recent years. Prices have soared so high that homebuyers in the middle and upper middleclass segments can't afford them. Affordable and quality lifestyle projects are currently only available at locations such as Thane, Virar, Kalyan-Dombivili, Badlapur and other such places. The development of infrastructure such as the Santacruz Chembur link project has reduced the travel time between Thane Mumbai to 25 minutes from the earlier 40-45 minutes," he adds.
Home-buyers find properties in the peripheral regions to be affordable; in addition, these areas also provide advantages such as a more peaceful environment as compared to Mumbai, less congestion and a great ambience.
Hence, a large number of home-buyers are flocking to these regions. To cater to this demand, property developers are coming up with innovative offerings and discounts to tap home-buyers during the festival period such as the upcoming Diwali.
Experts revealed that for the peripheral locations, builders have come with various strategies to attract prospective buyers. These strategies include attractive offers. People are already in a mood to buy property and such offerings make even peripheral properties an attractive option.
The checklist
Mainly people are attracted to peripheral projects because of their low costs but it is absolutely necessary to exercise caution and be thoroughly prepared before buying properties in such areas. Factors like land ownership, blueprint of the project and delivery timelines of the project need to be evaluated.
Primarily, the peripheral areas offer buyers affordability, coupled with more open spaces and a luxurious lifestyle. Properties located in these areas are insulated, even during the slowdown. Before investing in a property, one needs to check the amenities provided, connectivity and social infrastructure development in and around the area. Price, location and good connectivity (to schools, colleges, hospitals, restaurants and shopping malls) are key parameters home-buyers generally look at before purchasing their house. Before making that final decision, home-buyers do seek projects that have a good brand name attached along with an address that they can proudly flaunt," recommends Samujjwal Ghosh, senior vice-president marketing, Lodha Group.
"Presently, property prices are stable, thus making it attractive for home-buyers. Home loans have become cheaper in the last two weeks following the Reserve Bank of India (RBI) slashing its repo rate by 0.50 percent. This will also be of benefit to home-buyers, who wish to purchase a property this festival season, suggest realty experts. With festivals round the corner, market sentiments regarding home-purchase have become stronger and buyers are looking to book flats," adds Jain.
Peripheral destinations, under focus
"Areas like Kalwa, Kalyan, Karjat, Ambernath and Badlapur are in the forefront of development. Even Navi Mumbai is a hot destination for realty properties where Ghodbunder Road leads the pack. Properties in Ulwe are also in demand among buyers seeking abodes in peripheral destinations. With rap id improvement in transportation and connectivity, distant properties are considered as an attractive buy; also, more and more options are being provided by the developers," informs Dharmesh Jain, president, MCHI CREDAI.
According to property experts, Thane and Ghodbunder Road have also emerged as favourite peripheral destinations for home buyers. Thane is the fastest-growing market in the entire Mumbai Metropolitan Region (MMR) and possesses an excellent infra structure besides being cosmopolitan in nature. Thane has registered a robust infra structural growth in recent years with the state government giving a special thrust to development in this region. This has enabled the location to emerge as an ideal residential destination in recent times.
Source : content.magicbricks.com
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