The current real estate scenario in Mumbai and the Mumbai Metropolitan Region (MMR) is making a paradigm shift in the similar manner as we witnessed after a Tsunami of reforms were launched in quick succession from the implementation of The Real Estate (Regulation and Development) Act, 2016 (RERA), the Goods and Services Tax (GST), to Insolvency Bankruptcy Code, among others. The RERA Act brought in transparency and accountability to real estate sector and boosted home buyers' confidence not just in Mumbai and the MMR, but across the country. So far as Mumbai and the MMR are concerned, these regulatory changes brought in consumer protection and fairness in the way property is bought and sold.
In sync with these transformations, the emerging focal points of the future real estate market is also evolving and changing, so suburb locations like Powai, Andheri are becoming "premium pin code destinations". Thane is the 'happening' real estate hot-spot in the present-day scenario while Navi Mumbai's peripheral areas, including NAINA and Panvel are already making their mark as center-points of the future. It is a story being scripted with a slew of mega infrastructure projects like Mumbai Trans-harbour link, the Navi Mumbai International Airport, Metros and CSMT-Panvel fast lane railway linkages, which along with expressways, freeways and waterways will enhance the connectivity, and make the daily commute a breeze. The new RORO all-weather craft connectivity will effectively extend South Mumbai across the harbour to Alibaug, creating a new business and socio-cultural hub in South Mumbai.
Among the categories of real estate, Affordable Housing is the new buzz. Even in a luxury real estate destination like Powai, demand for boutique luxury homes that are unique, elegant and compact in size is fast moving, while in Thane's plush market, Studio Apartments and 1 BHK apartments are among the fastest moving in below Rs 1 crore segment.
The new economic growth driver in the form of retail and commercial realty in Thane has resulted in the city gaining in terms of attractiveness to investors, given the relocation of Mumbai's BFSI and IT sector as also corporate entities to the city. As an evolving Global City within the MMR, Thane has experienced a comprehensive makeover, backed by a series of infrastructure development and economic growth opportunities. A clear winner when it comes to being the choice of aspiring home buyers, Thane rightly tops the league in terms of residential, commercial and retail spaces, offering the right mix of socio-civic infrastructure and plush amenities, which are reflected in its standard of living and the enriched quality of life.
Among the leading Emerging Business Districts (EBDs) in the MMR, which are making their presence felt, Panvel is ideally located at the Mumbai - Pune IT corridor. Fast emerging as the favorable 'future perfect' office location for many Indian industry leader companies including MNCs, BFSI, IT and ITeS companies, Panvel also offers residential options which are ideal homes for those having an aspiration-based lifestyle.
From just being a sleepy town situated at the tri-junction of roads that connect Mumbai Goa and Pune, Panvel has fast morphed into a 'central location' in the MMR, and with planned infrastructure, all is set to enhance transport linkages. It is well on its way to becoming the real estate hot-spot of Mumbai's peripheral areas. From capital value appreciation to rental income, also a combination of both, the residential segment in Panvel offers some lucrative investment opportunities. Township projects from reputed real estate developers offer a wide array of options and the investor will most likely have a tough time selecting which project to opt for.
That said, Mumbai's vibrant real estate will continue to grow and evolve across newer locations, that too with the same level of safety and confidence that property buyers are expecting in the new regulatory era.
The writer is Co-founder & MD of Hiranandani Group