Mumbai Real Estate: Decoding Factors That Drive Home Purchase Priorities

Mumbai Real Estate: Decoding Factors That Drive Home Purchase Priorities

Mumbai’s exurbs along the western railway line have also been gaining popularity over the past decade

S. SudarshanUpdated: Thursday, January 04, 2024, 08:49 PM IST
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When travelling along the western line by the local train, after crossing Bhayandar station, there is a long bridge that comes across a creek. You get the feeling of actually having moved out of Mumbai while travelling in the northern direction, whereas the experience reverses on approaching this station while travelling towards Mumbai. A vast creek divides the

Mumbai suburban zones (in which Bhayandar falls) and the next railway stations in the Vasai-Virar region. The Mira Bhayandar region lies just outside Mumbai suburban district limits, under the aegis of the Mira Bhayandar Municipal Corporation (the exurb’s name is spelt in three different ways including Bhayandar).

Bhayandar was once considered to be a quiet area, before the millennium shift. Historically, Bhayandar was known for its serene environment, open spaces, and relatively affordable property prices compared to Mumbai’s congested urban areas.

The extended suburb or ‘exurb’ of Bhayandar is easily accessible by road, with a flyover connecting Bhayandar east with west and further connectivity to the Western Express Highway via Mira Road. Travelling to Bhayandar is also possible without accessing the Dahisar Checknaka. A short launch ride from Borivali West to Gorai followed by a road journey presents a rather circuitous route, with the lush greenery providing a slightly rural feel.

During its early days, the real estate market in Bhayander primarily consisted of standalone houses, small-scale residential buildings or complexes, and a few commercial establishments catering to the local population. Since then over the years, Bhayandar has emerged as a bustling residential and commercial hub, attracting investors, developers, and residents alike.

The Western Express Highway and the Mumbai suburban railway network have been the key linkages, played a crucial role in bridging the distance between Bhayandar and other parts of Mumbai, making it a viable residential and commercial destination. The area has attracted individuals and families looking for a tranquil residential setting while remaining connected to the city’s amenities.

Shopping malls, office complexes, and commercial hubs started to emerge, transforming the area’s economic landscape. Additionally, the demand for residential properties surged, leading to the development of modern housing societies, gated communities, and luxury apartments catering to diverse market segments.

This was a key factor that influenced the decision of Niti and Vinod Nagori, to move into a newly constructed apartment building in Bhayandar west, instead of an old building in Andheri west near the RTO Office.

While the area was considered to be having a large Gujarati and Marwari population, today the area is home to a mix of middle-class families, professionals, business owners, and individuals seeking affordable housing options coupled with lifestyle amenities.

Explaining their rationale for choosing this exurb, Niti says, “Familiarity to the area was the first decision, coupled with the fact six of Vinod’s cousins stay in Bhayandar, so for family bonding purposes we preferred not moving out of Bhayandar. Our move was from east to west with the intention of upgrading to a better location and so we bought a 2 BHK apartment in a complex.” Vinod added, “The area’s proximity to employment hubs, educational institutions, healthcare facilities, and recreational amenities, makes it a comprehensive destination comparable to many prominent localities in the suburbs.”

The evolving real estate landscape in Bhayandar has created lucrative opportunities for real estate stakeholders. The area’s strategic location and connectivity advantages, have made it a preferred destination for real estate investment.

Looking ahead, Bhayandar’s real estate market is poised for continued growth and expansion. With ongoing infrastructure projects, planned developments, and a focus on sustainability, the area is set to attract more residents and businesses in the coming years.

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

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