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MOVING NORTH TO MIRA ROAD

Saturday, December 08, 2018

As Northern Mumbai shines on realty map, Mira Road stands as one of the most preferred location for best ROI

By Deepak Nair, Head-Marketing, JP Infra Mumbai Pvt.Ltd.

ost demonetization and GST, as Mumbai’s real estate, is revitalizing and as new launches have been a success in recent times especially on the Northern corridor of Mumbai, another promising belt which is coming up in Mumbai Metropolitan Region is Mira Road. As the entire North corridor of Mumbai is proving to be a promising belt for Mumbai’s realtor's fraternity, their attention on Mira road is equally increasing due to the upcoming infrastructural developments like metro, coastal roads, and other social infrastructure. In past two quarters, Mira Road alone has witnessed umpteen number of new residential project launches and the micro market has observed a continuous and ever-growing price appreciation from 2007 to date. Various parameters responsible for the same are great connectivity to central and southern Mumbai, Social and physical infrastructure, Open space, Price quotient and the residential development in and around the micro market

Governed by the Mira Bhayandar Municipal Corporation, Mira Road, and Bhayandar started developing rapidly into residential hubs mainly because of the manufacturing industries close by as well as the easy connectivity to Mumbai. It connects tow major cities Thane & Mumbai. With a variety of commuting options, people are taking a keen interest in properties available in the area. Located on the western line of the Mumbai suburban railway, it has easy connectivity to Navi Mumbai, Thane, and Mumbai.

The state government has also announced a number of projects to develop infrastructure across the MMR. These projects include a Metro corridor from D. N. Nagar to Dahisar (Metro 2A) and Andheri to Dahisar via WEH (Metro 7). The Coastal Road Project too will extend from Nariman Point to Kandivali and the Navi Mumbai Airport driving up the property prices in these areas. With close proximity to the Western Express Highway, the Mira-Bhayandar Municipal Transport (MBMT) also makes traveling convenient with its bus transport services.

Most of the development has been on the eastern side of the railway line while the western side is covered by mangroves and salt pans. However, the going rate for apartments in Mira Road stood at INR 8500 per sq. ft. on average, very affordable in comparison to other parts of Mumbai.

Besides the favorable rate and good connectivity, the locality has an increasing number of healthcare centers, public garden, clubs, shopping malls and educational institutes, which are all important decision-making factors for buyers. More builders are now catering to the rising demand in the region and spurting the growth and increasing the buying options for buyers to cherry pick from.

As more corporates move towards the suburbs, Mira Road is quickly becoming a sought-after place for white collared employees to shift base too. Besides zooming to work on the Western Express Highway, the upcoming metro projects are sure to offer a quick alternative to ferry from work and back home.

With a plethora of newly launched and upcoming projects available at affordable rates, the northern part of Mumbai is now the new destination for people looking to invest money in property. Located in its heart, Mira Road has emerged as one of the top investment destinations in the Mumbai Metropolitan Region (MMR).

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