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Sion, the centre-stage of Mumbai's realty attraction

Saturday, November 17, 2018

Realty destination

Post the RERA reforms, when branded developers are busy chalking out plans of their upcoming projects, various belts of Mumbai are bustling to positive market sentiments. Amid this, Sion, a strategically located central part of mainland Mumbai, is one region, which is hitting City’s realty charts due to increased realty activities.

By Hiral Sheth, Head - Marketing, Sheth Creators

How Sion Got into the Game
Sion, a perfect city junction that connects an island city from the east to west, has remained the most-wishful location for residential buyers. An upward price movement of residential realty in Sion is the result of its geographical advantage. Be it gated communities of cosmopolitans, higher income groups or non-residents all find solace in investing into various residential realty projects located in Sion. The trend has shown that the residential realty investment in Sion has always offered better returns due to its location supremacy.

Sion has always shown a rising pricing trend. Thanks to the connectivity factor it boasts. It provides the ‘Living on the Highway’ advantage to homebuyers as it falls on the Eastern Express Highway that opens up Mumbai to the corridors of Pune and Goa. Sion has always been the preferred location for corporate homebuyers, who want to enjoy a ‘walk-to-work’ culture with business districts of Bandra–Kurla Complex and South Mumbai.

Best Social Infrastructure
It also serves as a centre of excellence in terms of social infrastructure viz. healthcare, education, retail and everything else necessary to sustain life and make it, in every sense of the word, superior. It has reputed educational institutes like Trinity International School, SIES, etc. and reputed hospitals too. To fill the entertainment quotient, there are many up-market restaurants, malls and movie halls, in Sion or in a periphery of five kilometres.

No wonder then that the residential property rates in Sion in the primary market for a pre – launch or an under construction project starts anywhere from Rs.16,500 per sqft to Rs.23,000 per sqft. Sion has shown a good resilience in the re-sale property market depending upon the factors. The region also has tremendous potential to unlock space through redevelopment, many of which can be formalised soon once the SRA reforms are completely in place.

Sion has risen rapidly on Mumbai’s realty circuits being the first choice of many corporate, higher income groups and NRI homebuyers. Its central location, improvements in physical and social infrastructure, proximity to major business districts of Mumbai has given an edge to homebuyers ensuring the highest return on investments. The next phase of development of the area is likely to be in terms of redevelopment of older societies and slums; which will take place gradually over the coming years and also due to the existing and upcoming infrastructure projects. Further, considering the price trends, this place will prove to be a game changer in the Mumbai’s real estate market.

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