South Mumbai Real Estate: An Overview

[ecis2016.org] Mumbai South or South Mumbai as it is popularly known as is one of the posh areas of Mumbai and is probably one of costliest areas in the world to buy a property. It comprises the main business localities of Mumbai and its adjoining areas. Infact the localities here are constantly compared on the global property index and house some of the billionaires of the world. The area has good civic amenities and is very well connected to the other parts of the greater city of Mumbai and it goes beyond mentioning that it has been one of the major hubs of real estate as well.

There are many premier residential areas in South Mumbai which is located in the southern corner of Salsette Island. Nearby South Mumbai localities include many famous areas of the city of Mumbai such as Colaba, Mahim, Altamount road and Malabar Hill etc. Some of the noted localities are

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• Colaba– It is one of the premiers residential and a commercial area of Mumbai located to the south of the city and is very well connected to all the major landmarks of the city. It is also one of the oldest areas as well. It has the famous Taj hotel of Mumbai. The Gateway of India is also located here.
• Mahim – It is a premier residential area located in the southern suburbs of Mumbai and is one of the seven islands which originally made up Mumbai. The Mahim fort and the Mahim bay are notable areas of the locality.
• Malabar Hill– It is one of the posh localities of Mumbai with many residential and commercial complexes which are being developed here. The area has the official residences of many VVIPs including the CM of Maharashtra state.
• Altamount Road– It is one of the areas which houses a lot of VVIPs as well. The consulates of various countries are located here. Mukesh Ambani of the Reliance Group also has his house in this area.

Owning a property here is a dream which many people have. There are a lot of reputed builders like the Indiabulls Group, Mahindra Lifespaces Housing, and Lodha Group who are working with their different projects in South Mumbai. Some of the premier projects in South Mumbai include Lodha World Crest, Indiabulls Blu, and Tata Peregrine etc.

The area is one of the business hubs of Mumbai. As a result of this there has been a surge in the demand for residential apartments in South Mumbai. The prices of the flats in South Mumbai are always on top. The residential projects which are developed here are ultra luxurious and one of the most costly in the world, let alone India. The connectivity which is present is also top class. Autos don’t ply in this part of the city. Only cabs provide the local transport service. Round the clock power backup is provided to the entire area and the government is planning a coastal road to be built which will link the area to the northern parts of the city.

Connectivity options for residents in the area

Demand for apartments in South Mumbai has reached the sky due to the connectivity advantages for the residents. Here are some of the key connectivity factors:

• There are a few major roads which run through the area – Dr Annie Besant Road, Dr E Mosses Marg and Dr Baba Saheb Ambedkar Marg and Khan Abdul Gaffar Khan Marg.
• The area has an extensive bus service and the major bus stands of Mumbai city are connected to the area.
• There are railway stations at Elphistone road and Lower Parel from which the railway services can also be availed. There are other railway stations also which can be accessed from South Mumbai.
• The international airport is located at a close vicinity

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Major business destinations nearby

There are several employment hubs in the vicinity, Infact many business areas are located in this area only:

• Lower Parel and Elphistone road are located within the area.
• Sunshine Tower in Dadar is also located in South Mumbai.
• Urmi Estate Lower Parel and the Ruby Dadar are another two hubs located on the road.
• Worli is at a distance of about 2 kms from the area.

Top class social infrastructure in South Mumbai

Social infrastructure is a major booster contributing to the huge growth of South Mumbai along with the various business offices.

• Educational Institutions – the Cathedral and John Connon School, Bombay International School, and JB Petit School
• Hospitals – Jaslok Hospital and Research Centre, Breach Candy Hospital, and Lokmanya Tilak Hospital
• Shopping Malls – Atria The Millennium Mall, High Street Phoenix Lower Parel, Zaveri Bazaar

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A look at the South Mumbai property rates

The average property rates in this area is about INR 38024 per sq ft as per Q4 2016 though buyers can also find residential properties at both lower and higher ends of the average price in this regard.

Why invest in property here?

Buying property in this part of Mumbai is prestigious based on the growth potential of this locality, as per experts. There are many housing spaces here and one should see a healthier appreciation of property rates with the upcoming infrastructural developments. There is excellent appreciation of property rates and with a number of projects which are being developed. The area has some of the premier business districts of the country and is listed among the global property index. Demand for residential spaces will always continue to rise so it also makes for a good investment option. Infact investing in a property in South Mumbai probably has got no alternatives.

Connectivity along with access to all world class social infrastructures and competitive property rates are the major attractions traffic congestion during rush hours is still considered to be a pet peeve in this stretch. However, this will definitely ease out with the passage of time as the government is coming up with projects under its sleeve.

Source: https://ecis2016.org/.
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Category: Lifestyle