The former low-profile eastern suburb of Mumbai, stretching from Kurla to Thane on the LBS Marg, is soon turning into the next profitable hub of the city with major office complexes and lush residential towers. There is a rise in property developers in Thane & Mulund due to the escalating demand in the eastern suburbs of Mumbai. This is gradually giving strong competition to its southern and western counter areas such as Cuffe Parade, Nariman Point, Peddar Road, Worli-Lower Parel, Andheri and BKC, among others. Although Mumbai’s real estate souk witnessed a general slowdown in 2015, there was a sound shift of housing and office sectors towards the eastern suburbs, as per survey done by Puneet Developers.
Previously, the eastern region was well thought-out as an unorganized industrialized zone but with the speedy infrastructural development, the areas of Thane, Mulund, Bhandup, Kanjurmarg, Ghatkopar, Vidyavihar, Kurla and Chembur, have undergone noticeable changes.
As per official statistics given by Puneet Developers- one of the top property developers in Thane, the eastern suburbs and tangential areas, conventionally seen as the inferior cousins of the plusher isle city and western suburbs, are the most favored locations to establish homes and offices this year.
Records explain that while average property rates in some of Mumbai’s more “well-known” pockets in the island city and western suburbs hardly shifted, several pockets in the eastern suburbs such as 2BHK flats in Tagorenagar Vikhroli jumped by around 20-25 per cent. Mumbai is recognized as the India’s most pricey real estate market.
A Punit Group spokesperson talking about the development said, “With the availability of terrain, places like Vikhroli, Mulund & Thane have turn into a hotspot for residential markets. Thus, Punit Group has started off with potential projects in Vikhroli & Thane such as Sanjiavni tower in Tagore Nagar Vikhroli and Kanchanganga in Vartaknagar Thane.
The upcoming Sanjivani tower in Tagore Nagar Vikhroli by 2018 will all set to be offer affordable & resident-friendly homes. Buyers can invest in 1 BHK & 2BHK flats in Tagorenagar Vikhroli at rates that are comparatively less than those in the other localities of Mumbai. Besides offering top-notch & spacious 2BHK & 1BHK flats in Tagorenagar Vikhroli, buyers can also take advantage of the major infrastructural developments like the Eastern Express Highway and the Eastern Freeway, which have made it trouble-free to connect with Mumbai City. While the Mumbai metro rail and other monorail projects, will further improve connectivity”
Another booming real estate market in Mumbai’s prominent eastern suburbs is Thane. There are many real estate developers in Thane such as Punit Group in Thane offering investors a variety of reasonable & high ROI options. These real estate developers in Thane believe that the most infrastructure development in the last 5 years and prime projects such as Kanchanganga in Vartaknagar Thane are making the suburbs gleam more and a lot of interested investors in the area are grabbing these investments as they find major amenities & comfort.
By the end of 2018, it is estimated that a large number of buyers will be cashing on 2 bhk flat in vartaknagar, ghodbunder road & kolshet in Thane