Wadala Residential Real Estate Hotspots

By Author: Cyberworx
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There is no getting around it – Mumbai’s property market is legendary. However, the focus of real estate investors has been constantly shifting in tandem with the changing dynamics in India’s most glamorous super metropolis. Three factors drive the property investment pattern in Mumbai – demand, price points and growth prospects. From the point of view of these three factors, some of the hottest investment destinations in Mumbai today deliver to varying degrees.
Infrastructure projects have always had significant positive implications for the real estate market, especially in an infrastructure-challenged city like Mumbai. Wadala is one example of multiple infrastructure initiatives driving an areas’ real estate market. Initially, Wadala gained prominence as a residential destination because of its proximity to Bandra Kurla Complex (BKC). However, with several infrastructure initiatives such as the Chembur-Wadala monorail and the Eastern Freeway, Wadala saw a rapid increase in residential demand, resulting in the doubling of property values over the last three years. ...
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Proximity to BKC and the development of the locality into a major commercial area have been the main demand magnets at Wadala, which has seen massive spill-over demand from the more expensive central locations around it. Improved connectivity through the Kurla-Santacruz Flyover, Anik-PanjarpolLink Road, Byculla Bridge and Masjid Bridge are added advantages for the residents of Wadala.
The mono rail project has improved much-needed accessibility to the Eastern and South-Eastern regions of Mumbai. Until recently, only the western region of Mumbai had attracted significant infrastructure and real estate development. However, the commencement of mono rail coupled with the Eastern Freeway have now put paid to this limited trend. The planned roll out of phase II of Monorail will help in improving connectivity of this area with Lower Parel, the other emerging CBD of Mumbai. This phase, which should become operational in 2016, will provide very effective connectivity between Wadala and Lower Parel, Jacob Circle and Mahalaxmi and will play a big role in price appreciation.
Apart from being excellently connected with key localities of Mumbai, the presence of numerous quality educational institutes such as Veermata Jijabai Technological Institute, Khalsa College, The University Institute of Chemical Technology, Dr. Ambedkar Commerce & Law College and SNDT Women’s University around Wadala drives demand for residential properties to this region. Wadala also houses some renowned hospitals like BPT Hospital and Aditya Jyoti Eye Hospital. On the retail and entertainment front, IMAX, Star Mall, Inox and Manish Mall are very close at hand.

For investors and developers, Wadala has become one of the most lucrative locations in Mumbai. Over the past five years, the property market here has been increasingly on property buyer’s radar. A decade ago, property prices at Wadala were as low as Rs. 2,800/sq. ft. and rose to Rs. 14,000 a few years ago. With the announcement of development projects for this region, many people from South Mumbai started relocating to Wadala. Families expanding in or seeking to relocate from South Mumbai find Wadala the perfect destination. Today, property prices here range between Rs. 19000-21000/sq.ft., which means that residential property prices at Wadala have appreciated by 133% over the last half decade.
With the announcement of various infrastructural initiatives, Wadala witnessed increased interest from reputed developers. Developers such as DostiGroup, Lodha Group and Ajmera Developers have large land banks in this region, and are now rolling out residential projects catering primarily to the premium segment. Wadala is no longer a destination that scores only on its proximity to civic amenities; today, Wadala is providing a lifestyle shift to Mumbai’s aspirant property buyers with many premium high-rise buildings featuring all the accoutrements.
Source: indiainfoline