Decoded: What homebuyers look at while buying residential properties

Decoded: What homebuyers look at while buying residential properties

Each residential purchase decision is based on varying parameters

S. SudarshanUpdated: Friday, July 21, 2023, 06:15 PM IST
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The evolution of Mumbai has been fascinating over the years, especially with regard to real estate. It was a city that was typically linear with offices and markets spread around South Bombay and residences scattered over a 60 km area. Areas in those days were popularly known on the basis of the concentration of particular communities, which almost created the concept of gated communities then.

Just imagine Mumbai as a single circle, and visualise the then railway network as the diameter. What mattered was the centre and access to areas around and that stage, Dadar was seen as the central point. However, over the years, with the development of the railway line, and now the metro, Mumbai has evolved to become an intersection of so many circles with many new centres.

Offices have spread to different parts of the city and decongested South Mumbai. This redefined commute times, accessibility, and relevance to the location of the residents. Areas, earlier considered far and inaccessible have become much sought after, with the development of infrastructure, new construction, redevelopment, and mixed development has created new pockets of attraction.

Dr. Brillian SK, Vaishali and Ved in their new home

Dr. Brillian SK, Vaishali and Ved in their new home |

While most residents have moved farther away from the city to identify a location in the periphery of the suburbs or extended suburbs in the quest for additional space, there are several exceptions to the rule as well. This is quite evident from observing trends in a rise in real estate over the years.

Dr. Brillian SK, originally a resident of the extended central suburb of Ambarnath living in a 600 sq. ft house, used to travel all the way to Dindoshi near the western suburb of Goregaon for work. The commute was a real challenge then, as there was no metro, and one would have to get off at Dadar, change over to take a train to Goregoan, and then take road transport to get to Dindoshi.

In 2007, he shifted to a 700 sq. ft apartment in Ghatkopar. While the commute challenge continued to some extent, as one would still get stuck on the Andheri Kurla Road, the biggest plus was that commute time was reduced by 45 minutes and life looked more peaceful.

Dr. Brillian was further elated with the starting of the Versova-Andheri-Ghatkopar metro, as one could get off at Western Express Highway station, and take a suitable road transport to reach the office in Dindoshi.

Explaining the rationale behind shifting to Ghatkopar, he recounts, “If I had bought another house in Ambarnath that would probably have been twice as large compared with the house in Ghatkopar. But time is of prime importance to Mumbaikars. I have been able to extract two hours a day extra with this location shift.”

“With the recalibration of Mumbai, I am happy that Ghatkopar has evolved into a centre for access to the entire Mumbai Metropolitan Region (MMR). Travelling to Thane, Navi Mumbai, western suburbs or south Mumbai is now far easier.”

Dr. Brillian recently moved into a 1000 plus sq. ft. flat in Ghatkopar itself with his spouse Vaishali and son Ved, affirming his preference for the location.

The evolution of real estate in Ghatkopar is closely linked to the improvement of infrastructure and connectivity. Most of us in Mumbai pride in narrating the origins of the name of Ghatkopar as the other side of the mountain. Located in Mumbai, this suburb has undergone significant evolution in real estate development over the years. Initially, it primarily consisted of standalone houses and older apartment complexes. However, with increasing urbanization and demand for housing, the area has seen the emergence of modern high-rise buildings, gated communities, and luxurious apartments.

Ghatkopar has also seen the establishment of shopping malls, multiplexes, and commercial complexes, attracting various local and international brands, leading to a significant increase in business and commercial activities in the region. The way Ghatkopar has evolved over the years, is by witnessing a shift from stand-alone houses to modern high-rise apartments, along with the establishment of commercial complexes and mixed-use developments. Improved infrastructure and connectivity, coupled with sustainable development practices, have contributed to the growth and attractiveness of the area for both residents and businesses.

(The writer is a Trend Science, Communication & Marketing Consultant)

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