[ecis2016.org] The Madh-Marve stretch in Mumbai, which was considered as a weekend/holiday destination, is now attracting first-home seekers. We look at the reasons for this transformation and the future prospects for investors
Madh and Marve islands, situated on the north-western coast of Mumbai, have been a popular second home choice for Mumbaikars. However, over the last five years, these sleepy islands are emerging as a hub for first homes. Actress Manjari Fadnis, who bought a flat in Madh island three years ago, attributes the change to the balance that the region offers, between the city and a quiet lifestyle close to nature.
You are reading: Madh-Marve: Emerging as much more than a weekend home destination in Mumbai
“I saw many flats between Andheri and Malad. When I saw this sea-facing building in Madh, I instantly fell in love with the greenery, peaceful locality and the recreation options that it offered. The property was within my budget, compared to others I saw in Andheri. Madh island is well-connected by ferry services from Versova and it takes an hour by road, to reach Malad. It is an ideal area for people who prefer a calm atmosphere and have to commute to nearby places like Malad and Goregaon, for work. Property prices have increased in the last five years and many people are investing in Madh-Marve, to earn good rental income,” says Fadnis.
Neighbourhoods in Malad like Orlem, Chincholi, Marve and Madh offer various housing options for property seekers. Madh island, due to its lower property prices, compared to the other parts of Malad, is a good investment destination for investors to reap returns in the short-term horizon, maintains Ashutosh Limaye, head, research and REIS, JLL India.
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“End-users can choose to stay in a green and serene environment and commute through a ferry that connects to Versova in about 20 minutes. Madh island is also ideal, for those who wish to strike a good work-life balance with improved quality of living and commute daily to their offices in Andheri, Malad or Goregaon. The upcoming elevated bridge, connecting Versova and Madh island, will boost property prices in Madh island. Currently, home prices are 35-40 per cent lesser than the prevailing rates in Lokhandwala, Andheri,” Limaye explains.
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Affordable market but infrastructure still to develop
Madh, which is almost 12 kms away from Malad railway station, is still developing in terms of infrastructure and connectivity. Madh has the potential to become a premium residential market, akin to Lokhandwala in Andheri west, feels Ashok Mohanani, chairman of Ekta World and vice-president NAREDCO (West). “Two upcoming infrastructure projects – the Versova-Madh sea bridge and coastal freeway – are likely to have a major positive impact on this locality,” says Mohanani.
Check out properties for sale in Madh
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With improving connectivity, the Madh-Marve region has also witnessed a mushrooming of educational institutions, hospitals, entertainment hubs, etc. Such facilities, in turn, will attract more home seekers to invest in residential properties.
“The major attractions of this island are Madh Fort, Essel World and Aksa Beach. As developers obtain more land for building residential homes, it will further lead to other recreational options in that locality. Moreover, people’s choices are changing from flats to luxurious homes and villas. Property rates here, are between Rs 14,000 and Rs 18,000 per sq ft and is expected to increase to Rs 26,200 per sq ft by 2020. This sleepy resort location, hence, will turn into a vibrant residential hub,” adds Mohanani.
Check out price trends in Madh
Madh-Marve: Future growth prospects
“The proposed Versova-Madh sea bridge will make the region accessible by road and cut down the travel time from Malad to Marve, from one hour to five minutes. The Mumbai Draft Development Plan 2034, has also proposed construction of affordable homes in the Madh region. Connectivity from other parts of Mumbai will get better, with the upcoming Nariman Point-Kandivali coastal freeway,” states Ashish Raheja, managing director, Raheja Universal. “The upcoming Versova-Madh sea bridge and the coastal freeway, will also reduce the travel time to office areas such as BKC, Lower Parel, Worli and Nariman Point. The scope for luxury lifestyle residential developments along the sea, coupled with seamless access to premium office markets, will drive housing demand in Madh-Marve locality,” adds Mohanani. If location, proximity to the city, space, beautiful views and amenities, are what buyers are looking for, then, Madh-Marve properties are a promising asset class for the next five years, concludes Raheja.
Source: https://ecis2016.org/.
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Source: https://ecis2016.org
Category: Lifestyle
