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Matunga: The Booming housing market of Mumbai

Saturday, April 06, 2019

By Farshid Cooper, Managing Director at Spenta Corporation

While Mumbai has grown both vertically and in its expanse over the last few decades, it is natural for parts of the city to lose some of its old world charm. Matunga, while continuing to grow like the remainder of the city, has somehow managed to retain its quaintness and appeal. Its midtown location, and easy access to both the Western and Centrallines by rail and road, has made this locality an extremely attractive hub for real estate developers and homeowners looking to invest in properties. Matunga sets itself apart from the rest of Mumbai due to its serenity and tranquillity, something that is hard to come byin most other parts of the city. Its proximity to commercial hubs like lower parel and BandraKurla complex and iconic educational institutions like the Bombay Scottish school, Khalsa College, VirmataJijabai Technical Institute, and the University Department of Chemical Technology (UDCT) make this area a homeowners delight.

The infrastructural splendour of the area, and development projects like the Mumbai Regional Transport Scheme, have made Matunga a bastion of Mumbai's middle class. While the bustling King’s Circle and the iconic Palladium mall make Matunga a shopper’s paradise, the famous Shanmukhananda hall hosts some of the most magnificent dance, drama, and music concerts. With a volley of theatres and multiplexes like Inox, Adlabs, and PVR scattered around the area, moviegoers have a plethora of options to choose from, as well. Matunga is also well known for its wide range of culinary establishments, offering a variety of cuisines including South Indian, Gujarati, Chinese, Continental, Konkani, and more. The iconic Madras Cafe and Koolars Café, located in Matunga, also attract people from all over the city, who flock to them to enjoy their various gastronomic delicacies.

In terms of connectivity, the Eastern Express highway connects Matunga to Mumbai’s southern areas and the Bandra-Dahisar Link Road and the arterial SV Road provide easy access to Mumbai's suburbs. Besides taxis, trains to town and the suburbs are also available from the Matunga Road station on the Western line, and the Matunga station on the Central line, while BEST and NMMT run suburban bus services and AC buses to and from Matunga to all parts of the city. As a result, Matunga has become a testament to Mumbai's cosmopolitan spirit, home to people of all faiths, creeds, and communities. From Tamilian Brahmins and Gujaratis to Maharashtrians, Iranis, and Catholics, Matunga is home to people belonging to a vast range of cultures.

Matunga is also located close to Mahim and Dadar, two of Mumbai’s hotspots for shopping and entertainment, where you can find everything from garments, accessories, authentic Maharashtrian snacks and seafood,and more. Boasting of being one of the city's green lungs, Matunga is also home to the famous 5 gardens park, located right in the heart of the Parsi Colony. The park is a nature lover’s delight, rife with lush green trees and shrubs, perfect for a leisurely evening stroll with friends or loved ones. A number of churches, temples, and shrines are also located nearby, including the Guruvayoor shrine, which is visited by devotees all year round.

Owing to all these factors, Matunga has now emerged as an excellent residential hub for families and investors alike. Additionally, the vast number of infrastructure projects set to take place is an indicator of the property rates in Matunga rising drastically in the years to come, making it one of the most sought after real estate centres, right in the heart of the city.

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