PNN
Mumbai (Maharashtra) [India], March 29: In the bustling metropolis of Mumbai, the demand for residential properties has seen a remarkable surge, particularly along the Western Express Highway (WEH). This golden corridor, stretching through the heart of the city, has become a hotbed for real estate development, attracting buyers and investors alike. The highway's strategic location and unparalleled connectivity to key city zones have played pivotal roles in this development boom. The phenomenon is not just a testament to the city's ever-expanding urban landscape but also highlights the strategic importance of location in the real estate sector.
The Western Express Highway, serving as a vital north-south artery, offers unparalleled connectivity to several key areas of Mumbai. It links the suburbs to the city's commercial hubs, making it an ideal location for professionals who seek to minimize their commute times. The proximity to the airport, along with easy access to the Mumbai Metro and local train networks, enhances its appeal, providing a seamless travel experience for residents.
Speaking on the factors that are driving the demand along the Western Express Highway, Umesh Jandial, Chief Business Officer, Omkar Realtors & Developers said, "The western suburbs comes with well-developed conveniences and comforts; therefore, is the most preferred choice of modern homebuyers. The belt along the Western Express Highway as a micro market is holding strong on rental yield and ROI factor. The infrastructural enhancements and connectivity it offers are unparalleled. The location is also in close proximity to Metro lines, upcoming Coastal Road along with excellent connectivity to the airport; it provides easy accessibility to various parts of the city. Therefore, this belt is witnessing a premium quotient and strong demand for residential housing, especially in the Malad-Goregaon region. Our project Omkar Alta Monte on the WEH aims to encapsulate the essence of Mumbai living, offering tranquility and accessibility."
The investment potential of properties along the Western Express Highway cannot be overstated. With property values appreciating and the promise of high rental yields, investors are keenly eyeing this area. Additionally, the corridor is seeing a proliferation of modern amenities, from high-end shopping centres to lush green parks, catering to a contemporary lifestyle that many Mumbaikars aspire to.
Commenting from the demand perspective, Rohan Khatau, Director, CCI Projects said, "The corridor along the Western Express Highway is experiencing a surge in housing demand driven by several factors, including enhanced connectivity and improved social infrastructure. Prospective home buyers now seek residences located near Metro stations, malls, schools, and hospitals for added convenience, while also considering areas with potential for capital appreciation. The response to our project, Rivali Park, situated along the Western Express Highway, has been remarkable. Homebuyers are not only prioritizing luxury but also demanding seamless connectivity and comfort. In response, we are committed to crafting environments that seamlessly blend comfort with connectivity, meeting the evolving needs of discerning homebuyers."
Independent studies state many people moved from their 180-300 sq ft. congested apartments in South Mumbai and Central Mumbai towards the western suburbs, especially in areas such as Malad, Goregaon, Kandivali, Borivali and Mira Road. As per a recent study by ANAROCK, Mumbai emerged as MMR's undisputed champion in 2023 with the highest year-on-year jump in housing sales compared to 2022. Mumbai's peripheral western suburbs are seeing a protracted housing boom, with sales skyrocketing by a whopping 82% compared to last year.
Despite the upscale amenities and strategic location, residential projects along the WEH offer a range of options that cater to various budget segments. From luxurious apartments to more affordable housing options, there's something for everyone. This affordability, coupled with the potential for high returns on investment, makes it an attractive proposition for both end-users and investors.
The government's focus on improving infrastructure and fast-tracking developmental projects along the WEH has significantly boosted confidence among buyers. Upgrades in road quality, expansion of the highway to reduce traffic congestion, and enhancements in public transport facilities have made living in this area more appealing.
As Mumbai continues to grow, the WEH stands as a testament to the city's dynamic evolution, offering a blend of luxury, convenience, and sustainability to its residents. With such dynamic growth, the future of this corridor looks brighter than ever, set to redefine urban living in Mumbai.
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