Are peripheral areas driving growth in the commercial capital of India
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Are peripheral areas driving growth in the commercial capital of India

Peripheral cities and satellite towns such as Panvel and Navi Mumbai are seeing surge in transaction volume driven by availability of affordable under construction and ready to move in projects. With large number of new launches falling in the range of Rs 40 lakh to 1 crore, large volumes of discerning buyers are looking forward to such markets. 

BT Online   
  • July 11, 2016  
  • |  
  • UPDATED   17:49 IST

Mumbai Metropolitan Region (MMR) constitutes of Mumbai, Navi Mumbai and Thane. Like other realty markets in India, the 1st half of 2016 has seen the market bottoming out in MMR with capital appreciation observed in tune of 1- 7 per cent over the last 12 months.

Peripheral cities and satellite towns such as Panvel and Navi Mumbai are seeing surge in transaction volume driven by availability of affordable under construction and ready to move in projects. With large number of new launches falling in the range of Rs 40 lakh to 1 crore, large volumes of discerning buyers are looking forward to such markets.  

In the Mid-Luxury and Luxury segment although price movements have been flat in the recent times; properties in Worli, Andheri and Mahalakshmi are seeing interest from the NRIs and HNI buyers.

Micro Marketwise Analysis

The overall MMR can be split into near around 10 Micro markets. Mentioned below are micro marketwise price movement in the last 12 months, according to data revealed by Square Yards Global Intelligence Cell (GIC).


New Launches

With positive sentiments coming back to the Mumbai real estate, developers are floating new launches with exciting payment plans to lure the buyer fraternity. Interestingly new launches are observed in various price segment as well micro-markets indicative of the diverse profile of the buyers.

Leading developer Puraniks has launched, Puraniks Tokyo Bay in Ghodbunder road,Thane with a booking amount of Rs 1.5 Lakh.

Ghodbunder Road on account of its connectivity to other parts of Mumbai & upcoming business parks and employment hubs is one of the most sought after locations in the MMR. In the Kandivali East location, ShapoorjiPallonji has launched Episilon, a signature project consisting of 2,3 and 4 BHK apartments, starting from Rs 1.5 crore and which would be ready for possession by early 2019.

In Borivali East, Rivali Park has been launched which will be ready for possession by the end of next year. The project consists of 2 and 3 BHK units with prices starting from 1 crore. More new launch projects are expected to follow in the second half of the year.

Growth Factors and Future Outlook

In the coming time micro markets such as Beyond Thane, Thane and Navi Mumbai will constitute a significant part of the residential transaction in the MMR. These new upcoming micro markets are capitalizing not just on economical prices but increased status on account of host of new business parks, shopping malls, education centers and much more.

The commercial market will also drive growth in the MMR. In Airoli, the American computer hardware company NCR has leased out a space of 90,000 Sq. Ft. Similarly, in Thane Pharmaceutical company Quintiles Research India Pvt. Ltd has leased out a space of around 74,000 Sq. Ft.

Such major deals in the commercial space will add more vigor to its residential counterparts as well.