Buying a home in Mumbai, one of the most expensive real estate markets across the world, is a far-fetched dream for many. However, certain areas have recently emerged as the preferred housing hubs on account of affordability and higher returns on investment.
InformationsOnly.com is sharing the list of these top 10 emerging areas to invest in Mumbai.
Mumbai, the financial capital of the country, attracts people from far and wide who come here to make a living. The rising population has resulted in a permanent realty space crunch.
But, there are some areas, such as Kanjur Marg West, Malad East, Bhayander East, Vikhroli West, Kurla West, Marol, Gokuldham, Goregaon East, Thakur Village, and Chandivali, among others, that have emerged as the top areas to invest in Mumbai. Their relative affordability and steady price appreciation have garnered interest from both buyers and investors alike. Let’s look at the factors driving the realty growth and the investment potential in these areas.
Kanjur Marg West, Mumbai
While the commercial and industrial units in Andheri East and Bandra-Kurla Complex (BKC) are about 10-15 km away, properties in Kanjur Marg West are priced relatively lower than neighbouring Powai and Kanjur Marg East. The current property prices in the locality average around Rs 20,350 per sq ft, while it has witnessed an almost 30 percent price hike in the last one year.
Locational benefits, such as the Bhandup Industrial area and Kanjur Marg Railway Station at 3-5 km, add to the high rental demand, garnering around Rs 40,000 per month for a 2 BHK unit.
Malad East, Mumbai
Most of the professionals working in offices in Andheri-Borivali region prefer Malad East as a housing destination because of the ease of access it offers. There are well-maintained parks and the public transportation facility is also good in Malad East. Besides, various markets are at a walkable distance. However, water-logging is a common sight during monsoons due to improper road maintenance.
Malad East enjoys various connectivity benefits, as does Malad West. However, Malad East is comparatively affordable than its counterpart. Buy rates hover around Rs 18,500 per sq ft, and the average monthly rentals for a 2 BHK are Rs 38,000. The area has witnessed a price appreciation of almost 20 percent in the past one year.
Bhayander East, Mumbai
While Bhayander East has numerous locational advantages, the two major parameters that make it a favourite among homebuyers are its closeness to Bhayander Railway Station and availability of small and medium scale industries, such as metal, textile, and fabric, offering employment opportunities to thousands of people. The current property prices in the area stand at approximately Rs 10,000 per sq ft, but with the rise in housing demand, it has witnessed a price appreciation of 13 percent in the last one year. The area has an abundance of 1 BHK units, which can earn a rent of Rs 12,000-15,000 per month.
Social infrastructure along the emerging areas to invest in Mumbai
| Locality | Educational institutions | Healthcare facilities | Shopping complexes |
| Kanjur Marg (West) | St. Xavier’s High School and Jr. College, IIT Bombay, Little Angels School | Naval Hospital, ECHS Polyclinic, Sai Samruddhi Hospital | Neptune Magnet Mall, Huma Mall, Galleria Shopping Mall |
| Malad (East) | St. George’s High School, St. Sebastians English School, Universal High School | Suvidha Hospital, Dr Sharik’s Asha Maternity Hospital, Sai Krupa Hospital, | Shagun Mall, Malad Mall, Express Zone Shopping Mall |
| Bhayander (East) | Father Joseph’s English High School, RBK International, Mother Teressa High School | Saibaba Hospital, Life Line Hospital, Mangal Murti Hospital | Maxus Mall, The Meet Mall, Sheetal Shooping Centre |
| Vikhroli (West) | Orchids – The International School, St. Joseph’s High School, Oxfo English School | Samarth Hospital, Godrej Memorial Hospital, Atul Lok Hospital | Lifestyle Stores, Westside, R City Mall |
| Kurla (West) | Holy Cross High School, Orchids: The International School, Karthika High School | Noor Hospital, Kohinoor Hospital, City Hospital and Research Centre | Phoenix Marketcity, Kurla Metro Mall, Sayba Palace Shopping Centre |
| Marol | Narayana e-techno, Prime Academy, St. John The Evangelist High School | Seven Hills Hospital, Sugun Multispeciality Hospital, Medicare Hospital | R City Mall, Powai Plaza, Tandon Mall |
| Gokuldham | Lakshdham High School, Gokuldham High School, Ryan International School | Vidya Hospital, Prime Hospital, Radha Krishna Hospital | City Square Mall, Gokuldham Shopping Centre, Gagan Arched |
| Goregaon (East) | Oberoi International School, Pahadi High School, Williez Pre-School | Shalyak Hospital, Radha Krishna Hospital, Prime Hospital | Oberoi Mall, The Hub Mall, Orchids Mall |
| Thakur Village | Thakur Public School, Chatrabhuj Narsee School, Thakur Shyamnarayan School | Aditi Hospital, Tirupati Hospital, Shree Sai Hospital | Thakur Mall, Vishnu Shivam Mall, Centrium Mall |
| Chandivali | Pawar Public School, Nahar International School, Bombay Scottish School | Balaji Hospital, Powai Polyclinic, Asmira Hospital | BMC Market, Mumbai 72 Mall, Dreams The Mall |
Vikhroli West, Mumbai
People working in the business district of Bandra-Kurla Complex or Marol MIDC Industrial Area in Andheri East ( 1 km) prefer to have a home in Vikhroli West. It offers excellent road connectivity via LBS Marg, Hiranandani Link Road, and Jogeshwari-Vikhroli Link Road. Plenty of 1 BHK and 2 BHK residential options are available in the area, with average prices hovering around Rs 17,500 per sq ft, a relatively lower price point than in the neighbouring Powai, Ghatkopar, and Vikhroli East areas. Average home values in Vikhroli West have surged by almost 12 percent Year on Year.
Marol, Mumbai
Marol consists of a major chunk of ready-to-move units, mostly by premium developers, such as Kanakia Group, Sheth Realty and Crescent Group. It enjoys excellent metro connectivity via a dedicated metro station on the Versova-Andheri-Ghatkopar Metro Line 1. Proximity to Marol Industrial Area (one km), Chhatrapati Shivaji Maharaj International Airport (four km), and the commercial hub of Andheri (six km), add to the rising demand for rental properties here. The current property prices average at Rs 20,000 per sq ft, post more than nine percent price growth witnessed last year.
Kurla West, Mumbai
Kurla West is situated right next to Bandra-Kurla Complex (BKC), the top business district in Mumbai. While it is priced slightly higher than Kurla East at an average of Rs 18,000 per sq ft, it witnessed over 10 percent price growth Year on Year and hence is preferred by people looking to gain out of their real estate investments. As per experts, A major chunk of the available inventory in Kurla West is for 1 BHK and 2 BHK units priced between Rs 50 lakh and Rs 1.5 crore. For people who wish to rent their properties, a minimum of Rs 25,000 can be earned monthly from a 2 BHK home.”
Gokuldham, Mumbai
Situated along Goregaon East, Gokuldham is a prominent housing market, majorly comprising of multi-storey residential units. It is located at a distance of 5-10 km from major commercial centres like Oberoi Commerz, Nirlon Knowledge Park, Mindspace Malad, DLH Park, Infinity IT Park, Lotus Corporate Park, and NESCO IT Park. The upcoming Oshiwara District Centre is also just six km away. Other commercial hubs such as Bandra Kurla Complex (18 km), SEEPZ SEZ (10 km), Kensington SEZ (13 km), MIDC Andheri (10 km), and Hiranandani Business Park (13 km) are also close by, making it a sought-after residential hub in Mumbai. While the prices are slightly higher at around Rs 20,500 per sq ft, the Year on Year growth has been approximately eight percent.
Goregaon East, Mumbai
Goregaon East is strategically situated between Andheri and Borivali. With current average property prices hovering around Rs 20,500 per sq ft, Goregaon East is considered an ideal destination for those looking for pocket-friendly homes in Mumbai. It is linked with Jogeshwari-Vikhroli Link Road (JVLR), Western Express Highway and Chhatrapati Shivaji Maharaj International Airport. Nitin Kumar, Proprietor, Amogh Realty, Goregaon, avers, “Its proximity to the commercial belt as well as the famous Film City acts as a catalyst to rental demand. Investors and property owners here can earn an average monthly rental income of Rs 40,000-48,000 for a 2 BHK unit.”
Thakur Village, Mumbai
Thakur Village is a densely populated locality just one km from the Western Express Highway (WEH). Priced at an average of Rs 20,000 per sq ft, this mid-income locality offers a mix of high-rise and low-rise housing complexes, attracting professionals working in Andheri, Goregaon, and Malad. Moreover, it is only about seven km from IT Parks, such as Interface IT Park, DLH Park, Synergy Business Park and Nirlon Knowledge Park. Most of the residential projects are by developers, such as Oberoi Realty, Kanakia Spaces Realty and Courtyard Real Estate Pvt Ltd. Average rentals for a 2 BHK start at Rs 36,000 per month, making it a preferred choice among investors.
Chandivali, Mumbai
As Discussed with Real Estate Experts “An upscale central Mumbai locality, Chandivali is surrounded by Andheri in west, Vikhroli in east, Sakinaka in south, and Powai in north. It is an obvious residential choice for people working in Powai and Andheri and along the LBS Road. Prices here average between Rs 17,000 per sq ft and Rs 22,000 per sq ft. It has shown consistent price appreciation to the tune of 7-10 percent in the last five years. Further, the Powai Metro Station on Mumbai Mtero Line 6 is under two km from Chandivali, adding to its quotient of advantages”. The availability of public transportation is praiseworthy, “water shortage is irksome”. However, efforts have been made to address the water issue in the area.
While these areas offer residential units at relatively lower prices, assuring better returns, in the long run, it is advised to conduct site visits and check the property thoroughly before proceeding ahead with the transaction.