Mulund: A property market that remains sought-after amidst the slowdown

[] While real estate micro-markets across the country have largely remained subdued, Mulund’s growth seems to be gaining momentum. We examine the reasons behind this suburban Mumbai location’s revival

Mulund, planned and designed by Crown & Carter in 1992, is one of the earliest planned neighbourhoods of Mumbai. It has been a centre of attraction, for various commercial, retail and residential activities. It has a relatively low population density and is among the most prosperous suburbs of Mumbai. Located besides the foothills of the Borivali National Park, Mulund is a favourable residential investment destination for home buyers, owing to the high standard of living and healthy lifestyle that it offers.

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Mulund: A sought-after destination among developers and home buyers

Experts attribute the revival in Mulund’s property market, to its quality social and civic infrastructure, such as educational institutes and hospitals, as well as the presence of industries in its vicinity, which fuel the demand for homes in Mulund.

“Strategically located between Thane and Navi Mumbai, Mulund houses educational institutions, hospitals, parks and gardens, shopping centres and entertainment centres. It also enjoys close proximity to the 25,000-acre Sanjay Gandhi National Park. Well-defined industrial presence, availability of social infrastructure, streamlined connectivity and increasing number of residential projects, are making Mulund a sought-after destination, both, by buyers and developers,” maintains Gaurav Sawhney, president – sales and marketing, Piramal Realty.

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“Suburbs like Mulund, have been in demand for their unique offerings and imaginative alternatives to the usual one, two and three-BHK formats, aimed at solving the space constraints faced by Mumbai’s real estate market. Therefore, we see that the 1.5-BHK formats that are available here, are definitely proving to be sought-after,” adds Dharmesh Jain, CMD of Nirmal.

Check out price trends in Mulund

Infrastructure boost revives Mulund’s property market

To boost the infrastructure in this region, the Brihanmumbai Municipal Corporation (BMC) is working on the 14-km-long Goregaon-Mulund Link Road (GMLR). Once it is completed, the travel time between Mulund and Goregaon is likely to reduce to 15-20 minutes, as compared to the present time of over one hour. Other major infrastructure projects that will positively impact Mulund in the near future, include a monorail and extension of the metro rail line.

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“The proposed GMLR will be the fourth east-west corridor connecting the suburbs. This stretch will consist of three flyovers, an underpass, a rotary and a five-km, six-lane tunnel under the Sanjay Gandhi National Park, from Goregaon Film City to Bhandup. This road will be a huge add-on to Mulund’s infrastructure and will boost real estate prospects,” says Sawhney.

Types of properties that are coming up in Mulund

Mulund has a mixed population of working class and joint families. Among the properties for sale in Mulund, studio apartments and one and two-bedroom residences are popular with millennials and first-time home buyers, whereas, the larger business families prefer the more spacious three and four-bedroom residences. The real estate market in Mulund is increasingly catering to the middle and high-income groups. Analysts point out that NRIs, service professionals and the business class, are driving the real estate demand in this micro-market.

Moreover, Mulund is expected to witness nearly 3,000 million sq ft of development, with priority towards residential realty.

Five factors that attract home buyers to Mulund’s property market

  1. Well-developed social infrastructure.
  2. Excellent connectivity and accessibility by rail and road.
  3. Increasing economic development and infrastructure projects.
  4. Open spaces with natural surroundings.
  5. Strategic location.

Table information by: Piramal Realty

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Category: Lifestyle

Debora Berti

Università degli Studi di Firenze, IT

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