The development of an emerging location plays a key role in attracting new residents. There are numerous advantages that existing and future occupants of housing projects enjoy as the process moves forward. Connectivity is a key factor influencing these decisions.
The railway lines across the Mumbai Metropolitan Region (MMR) play an essential role in providing a certain level of confidence. The central line in particular has been favoured by first-time home seekers with the projects coming up near those stations gaining preference.
Again, it is not just the four walls and a roof that draw new residents. Over the years MMR’s real estate have experienced a shift in purchase decisions.
The buyer mindset has switched from necessity to aspiration-driven. The ultra-modern home buyer will not consider the property as a mere shelter after retirement or a space to sleep after returning from work.
Similarly, the requirements of those investing in a particular property have also transformed drastically. The changing situation globally could be one of the reasons for the shift. Trends like ‘walk to work,’ which was still prevalent, started losing their charm when ‘work from home’ took over. The modern home buyer is always ready to adapt with the changing situations and follows an updated checklist for the ultimate purchase decisions. Hence the developers started focusing on emerging locations and planned projects in sync with the new mindset that satisfactorily cater to the aspirations of modern buyers.
With work from home, joint families moving into nuclear ones and each one of us still demanding their own private space, the need for bigger homes has become a new trend amongst the home buyers. It may seem like a distant dream in a city like Mumbai, especially with budget constraints, but then that is precisely why peripheral locations are being developed even further.
If we observe the real estate development happening since the millennium change, development patterns have been moving a step ahead, after each passing year. Locations like Goregaon, Malad in the western suburbs, Mulund, Thane, Vikhroli, Ghatkopar in the central suburbs were once termed as distant locations where buying a property was considered affordable. But now these locations have been termed as premium hotspots. This transformation has been shaped by a vision. A futuristic vision of residential projects by real estate developers working in tandem with the government, which has been coming up with infrastructure projects and further fast tracked the process.
Once a certain amount of development has taken place at a particular location, the focus shifts further outwards, towards the emerging satellite cities. For instance, Thane was once an entry-level home buyer location and now it has evolved into a premium destination with skyscrapers and major infrastructure projects, attracting people from the western and central suburbs. The satellite cities are evolving largely due to the real estate developers and their projects across the residential, commercial and retail segments. By identifying the growth prospects and taking a long-term vision, they are able to facilitate the process for home seekers across the spectrum.
Just as it happened with Thane, today the extended suburbs of Dombivli and Kalyan are already witnessing the emergence and multiplying of swanky high rises with balconies or decks to have your morning cup of tea, sufficient car parking space, open areas and amenities. As reputed developers explore the satellite cities like Ambernath and Badlapur, the real estate projects coming up there are also of similar quality with lifestyle amenities at par. Since these locations are easily connected via road and railways with AC trains already available and metro in future, connectivity is no longer cause for concern where home seekers are concerned.
These rapidly evolving locations are being favoured by first-time home seekers as they provide an opportunity to enjoy all the comforts of life and fulfil their aspirations by buying now at a reasonable price, so that they can gain from the value appreciation that takes place going forward as well. Now that’s the definition of an astute home buyer!
Access and social infrastructure matter
Is there any perfect definition for a developed city? Take Ambernath for instance. Contrary to what some people may perceive, it is not at a nascent stage of development anymore
The area has been experiencing good road infrastructure, decent dining options, good co-working spaces, entertainment zones and shopping centres. International brands letting out their franchisee to set up shops, supermarkets, coffee shops etc
Ambernath is accessible from Mumbai via the Eastern Express Highway, Kalyan-Shilphata Road, Badlapur Katai Road and accessible from Navi Mumbai via Mahape Road, Taloja Bypass Phata
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