Mumbai's Suburbs Witness Price Escalation

Bangalore:  The residential market in Mumbai is showing signs of growth after going through a sluggish market.  Prices in the residential sector are seen rising especially in suburban areas like Chembur, Malad, Bhandup, Mira Road and Kandivili. And other places where prices are still affordable to the upper middle class people and working professionals, as per an article in TOI.

The reason behind the price rise in these suburban areas are because of new developments offering modern lifestyle and better amenities and also the areas are well connected with suburban railway lines which is considered to be an additional benefit.

A new trend is also catching up in the city where the consumers rate certain areas as unfavorable destinations due to the overpriced properties which are way beyond affordable standards. Andheri West is one such example that has unaffordable pricing.

Bandra west , which was beyond the limits of maximum buyers, is now witnessing drop in prices as the growth of localities around Bandra west is offering cheaper options resulting in the locality witnessing a fall in prices in its average value. The reason behind the shift in rental preference from Bandra West to East is because of sad traffic condition. As Bandra East has trouble-free and faster connectivity to the commercial hub of Bandra Kurla Complex.

The city has most of the residential hubs along the major road links to commercial areas. And this trend is likely to prolong. The trend was more prominent in areas like Parel, Prabhadevi and Worli, which have posted an increase in price and demand.  The silver lining however here is that, the real estate market in Mumbai is recovering from the sluggish state which the city was going through in 2011.