VMPL
New Delhi [India], August 16: Mumbai, India's premier real estate market, is bustling with infrastructure growth and urban expansion making it the perfect place for residence and investment. Amid this vibrant metropolis, the eastern suburbs have significantly changed in recent years. Statistics show that 61 per cent of quarterly sales activity in Q1 2023 occurred in the eastern suburbs [1]. Previously renowned for its industrial belts, the region is now witnessing a surge in residential construction, business expansion, infrastructural upgrades, and comprehensive urban planning.
The eastern suburbs have become more desirable to live in due to their access to the Eastern Express Highway and Eastern Freeway, along with their proximity to important residential and business centres such as BKC, Powai, Nariman Point and Seepz Economic Zone. Meanwhile, the Jogeshwari-Vikhroli Link Road (JVLR) has significantly enhanced connectivity between the eastern and western suburbs. Furthermore, the metro connection between Ghatkopar and Andheri has further boosted housing development in the area.
Another reason to choose the eastern suburbs is their easy access to the Thane-Belapur area, a growing office destination where enterprises are thriving outside of traditional commercial premises. The Thane-Belapur belt has evolved into Mumbai's new business district owing to the lower leasing rates, availability of Grade A floor spaces, and proximity to the upcoming Navi Mumbai International Airport. Additionally, this stretch has seen growth in retail and hotel spaces. This boom in commercial real estate has driven the development of nearby residential communities. The planned Belapur-Kharghar Complex (BKC II) is expected to further boost housing demand in the region.
Furthermore, A-grade luxury developers with a pan-India footprint, including Godrej, Lodha, and K Raheja Corp Homes, are targeting emerging markets like JVLR, central Mumbai, and the Eastern Suburbs. They are rolling out impressive projects, featuring exceptional infrastructure and amenities to attract new audience. The maiden launch in Kanjurmarg by K Raheja Corp Homes, the curators of 'Artesia' and 'Vivarea' in South Mumbai and 'Maestro' and 'Valletta' in Juhu, underlines this strategic shift.
With ongoing development, expanding infrastructure, and thriving residential and commercial spaces, the eastern suburbs are poised for sustained growth. The area is expected to attract a significant number of homebuyers in the near future.
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