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Eastern Mumbai gives birth to luxury homes

Saturday, October 20, 2018

By Nandan Piramal, Director, Sales & Marketing, Peninsula Land Ltd.

In real estate lexicon, market drivers are developments in an area that increase the value of living there. It is a well-established fact that infrastructure is by far, the most important driver for real estate demand and property appreciation. These are crucial factors that boost real estate development of any city. This is visible in the recent developments in Mumbai, for instance, the Eastern Freeway has ensured easy connectivity between Chembur & South Mumbai which has surged residential developments in and around Chembur.

Infrastructural development not only improves the livability quotient of the city but also makes housing and working conditions comfortable. While investing in residential or commercial properties, a buyer looks for these factors as they play a vital role in the decision making process. A good infrastructure has good connectivity, healthcare and educational facilities coupled with social infrastructural development.  To ensure fast-paced growth, the government is now providing a thrust to infrastructure through various initiatives that will provide a huge push to the residential developments.

Mumbai is one such city that has the presence of massive infrastructural development that has not only improved connectivity to other cities but also unlocked many untouched pockets. With these infrastructure upgrades, it will change the face of Mumbai in the coming years which will further change the standard of living of its residents. Some ambitious infrastructure projects in the pipeline include the Marine Drive 2.0, Mumbai Trans Harbour Link (MTHL), Navi Mumbai airport, Metro Rail etc. which will not only change the skyline of the city but also give a lift to Mumbaikars livability quotient.

With these infra developments, there would be easy connectivity to Mumbai and other parts of the city. Also, with these upcoming infrastructural developments in the areas like Byculla, Sewri, Mazgaon, pockets of Navi Mumbai, Uran etc. will emerge as preferred residential hubs. We also believe that these developments will result in the surge in property prices in these locations in the next few years. Considering the massive infrastructural developments, we are coming up with two luxury projects i.e Salsette 27 in Byculla and Celestia Spaces in Sewri that are likely to transform these locations into luxury home buying destinations.

Being dotted with good infrastructural development and serene environment amidst the hustle and bustle of the city, the eastern front is becoming an unprecedented destination for a luxurious life in Eastern Mumbai. Besides, offering easy connectivity to major commercial hubs like Parel, Nariman Point, BKC, and Colaba, it also has the presence of international schools, colleges, multi-specialty hospitals, restaurants etc that has transformed this area into a prime property market for end users. The area is witnessing a rapid transformation to SoBo’s most revered residential destination — one that provides a quality lifestyle and an ideal location for home buyers.

Also, the Mumbai Port Trust (MbPT) announced a master plan which proposes a major redevelopment: a 7km long promenade between Mazagaon Docks and Wadala; an ecological garden that will be five times the size of the 8.9-hectare Oval Maidan; and a marina which will offer a parking space for around 300 yachts that will further boost connectivity and investment in the area. Marine Drive 2.0 aims to completely revamp the land along the eastern waterfront. It is estimated that in the coming five to six years, we can witness a completely new city developed on the eastern coast of the Mumbai.

It can be felt that with cities growing more populous and more congested, residents will find themselves time-constrained and difficult to move around. With these infra developments coming in Mumbai, it is believed that it will create a boost for residential homes in and around this area providing homebuyers the choicest homes with great connectivity.

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