[ecis2016.org] Byculla is rapidly transforming into one of south Mumbai’s most preferred residential destinations. We examine the properties on offer and whether it makes sense to invest here
Byculla, in south Mumbai, is blessed with tree-lined avenues and several heritage buildings, which were built mostly during the Portuguese and British rule. The area was an extension of Mazagaon, one of the seven islands that originally formed the city of Mumbai. It has iconic historical monuments such as Bhau Daji Museum, Magen David Synagogue, the Byculla Club and Gloria Church, among others.
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Reasons to invest in Byculla
Proximity to employment hubs
Byculla is easily accessible from commercial districts like Bandra-Kurla Complex (BKC), Lower Parel, Worli, Nariman Point and Fort.
Connectivity and transportation in Byculla
It is well-connected to south Mumbai via the JJ Flyover, while the Eastern Freeway has boosted connectivity to the northern suburbs and Navi Mumbai. The Eastern Freeway and Lalbaug Flyover on the west are within one kilometre from Byculla. The Jacob Circle monorail station is 2.2 kms away and the domestic airport is at a distance of 16 kms. With upcoming metro rail projects and flyovers, experts feel that this area is likely to see an increase in the demand for residential developments.
Gaurav Sawhney, president, sales and marketing, Piramal Realty Pvt Ltd, predicts that “With several new developments in the area, Byculla will once again emerge as the cultural nerve centre of the city. We foresee it becoming the new hub for Mumbai’s elite.”
[ecis2016.org] Byculla: South Mumbai’s new property hotspot
Social infrastructure in Byculla
Byculla enjoys proximity to the Mahalaxmi Racecourse and the Arabian Sea. It also has international schools, colleges, multi-specialty hospitals and restaurants, which have transformed this hub into a prime property market for end-users. The Byculla Zoo provides an oasis of greenery in south Mumbai.
Recently, the Mumbai Port Trust (MbPT) announced plans for a major redevelopment, which includes a seven-km-long promenade between Mazagaon Docks and Wadala, an ecological garden that will be five times the size of the 8.9-hectare Oval Maidan and a marina that will offer parking space for around 300 yachts. This is likely to further boost connectivity and investments in the area.
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Development of the eastern coast of Mumbai, is likely to lead to a massive revamp of Byculla, into a luxurious destination. The mega infrastructure developments coming up in Byculla and Sewri, the Marine Drive 2.0 and the Trans-Harbour Link that connects Mumbai to the mainland and the Navi Mumbai Airport, would also add to the connectivity of the area, says Sawhney.
Luxury housing in Byculla
Due to its serene environment, amidst the hustle and bustle of the city, Byculla is being targeted as a destination for luxury real estate, which has also preserved its historical elements. The area has witnessed strong real estate growth, particularly in the Motisha Lane, where many residential buildings have come up in the past few years. Rajiv Dasani, a resident of the area shares how “We started witnessing development, after commercial and residential structures started coming up in the mill lands. Even the growth of Lower Parel in the past few years, had a positive impact on the residential market of Byculla. Today, many executives and businessmen, who want to enjoy a luxurious lifestyle in premium residential apartments, amidst the old-world charm of south Mumbai, are choosing Byculla.”
Check out properties for sale in Byculla
Property prices in Byculla
Projects in Byculla command a certain premium, owing to the presence of constructions from many prominent builders. Property prices in Byculla range between Rs 21,955 and Rs 38,862 per sq ft. “We expect the property prices to substantially increase in the next few years. Byculla will emerge as a preferred residential hub, as it is centrally located and has easy accessibility to commercial hubs and other parts of Mumbai,” concludes Nandan Piramal, director, sales and marketing, Peninsula Land Ltd.
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