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Emerging micro markets around Mumbai

Saturday, October 06, 2018

By Dr. Niranjan Hiranandani

Real estate development in Mumbai is directly proportional to the Urbs Prima indies being a global business center. As the quantum of business grows, the real estate scenario also evolves – we now have new hubs across the Mumbai Metropolitan Region (MMR) developing in terof ‘affordable residential’ or ‘work/ office spaces’ and so on. As new locations evolve in line with land for new development growing scarce and pushing up price-points, the evolution of real estate is all about new micro-markets coming up as alternatives.

If the one major aspect all of these ‘alternatives’ is the need to have is not just connectivity to existing CBDs, but also the potential to evolve as an independent CBD or an EBD. I would look at Panvel as the future center point of Mumbai’s real estate – and Thane’s Ghodbunder Road as the present-day center point. Both of these are micro-markets which offer residential as also commercial real estate for a wide variety of requirements, meeting the need of property seekers across not just Mumbai city and suburbs but also across the MMR. Infrastructure and connectivity development are the key drivers which will redesign and uplift both locations’ potential.

These new hubs are not just well planned but also ‘smart’ locations, with good road networks, better drainage system, lower air pollution index, civic infrastructure and a good social fabric which give a thrust to these micro markets as a preferred destination of choice.

The biggest positive for any new hubs to develop in the Mare the new regulatory environment - RERA and GST are major reforwhich have had a positive impact on the economy in general and the industry in particular. Transparency, accountability and a simplified, single taxation system are among the positives which are a major factor driving the success stories of these new hubs.

Let us look at the future first - business hubs within Mumbai and the MMR, in sync with trends seen in India’s real estate, are moving to new locations, and these ‘Business growth’ locations, which can offer large office spaces are the Emerging Business Districts (EBDs). It is the paradigm shift in movement of commercial spaces towards central/north peripheral areas of Mumbai like Ghodbunder Road, Thane and Panvel, which has lead to an upward trend in home buying in both regions.

As a micro-market for both, commercial and residential, Panvel has evolved into the ‘next big happening location’ in Maharashtra’s real estate.
Positioned ‘just right’, when one looks at not just commercial as also a residential real estate destination, it enjoys planned connectivity linkages, which include the Mumbai Trans Harbour Link (MTHL); the railway passenger terminus at Panvel station; starting of passenger traffic on the Karjat – Panvel section of the Central Railway as also the Navi Mumbai international airport. As an evolving micro-market, Panvel will always be ‘future perfect’.

Let us look at the evolved micro-market: Thane’s Ghodbunder Road. Along with corporate office consolidation and growth as an IT and ITeS hub, economic activities here include organized retail as also back-end offices for the finance sector. Ghodbunder Road offers the entire spectrum between the two ends, affordable and high-end housing. And, it provides all these options away from the notion that it is all about a concrete jungle.

Among the most popular among the micro-markets in Thane, Ghodbunder Road is located in a picturesque location, with the verdant green Yeoor hills and the Sanjay Gandhi National Park on one side, the Ullhas River and Thane Creek on the other sides. Mumbai’s ‘sister city’ Thane is blessed by Mother Nature. Add to that infrastructure of Thane which enhances lifestyles; be it shopping malls, auditoriums, art galleries, top-notch medical facilities, entertainment complexes, academic institutions, hypermarts and multiplexes, and you have a residential destination that claithe sobriquet of the evolved micro-market.

So, from the perspective of the changing landscape of real estate development and growth in Mumbai and the MMR, Ghodbunder Road, Thane fits in perfectly in the ‘present-day success story’ segment – truly, the successful micro-market of today, while Panvel remains the future-perfect micro-market.

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