WHICH ARE THE NEW AND EMERGING RESIDENTIAL MICRO-MARKETS OF MUMBAI?
In recent years, some key micro-markets have emerged in the Mumbai Metropolitan Region (MMR), viz. Thane, Wadala, Worli, Lower Parel, Sion, Airoli and Kalyan Shil Road. This can be attributed to factors like proximity to commercial hubs, social infrastructure, high rail and road connectivity and lucrative employment opportunities.
THE REASONS FOR SECONDARY BUSINESS DISTRICTS COMING UP TO MUMBAI AND THE PREFERRED AREAS.
Secondary business districts (SBDs) are rapidly gaining popularity in the buyer market due to the influx of retail, industrial, and commercial activity and the growing cosmopolitan population. Additionally, these areas also offer compelling price options which are lower than the prices in primary markets of the regions and large land parcels that can be developed for housing.
WHAT ARE THE NEW RETAIL LOCATIONS AND FORMATS FOR THE MUMBAI REGION?
Retail malls with a leasable area of 2.5 to 3 lacs square feet with hypermarket and multiplex facilities are ideal for growing neighbourhoods. We have observed a rise in preference among people to reduce their commute time for work, easily access social infrastructure and upgrade their lifestyle. These have fueled the demand for multiplexes and hypermarkets. The areas coming up as new retail locations in the MMR are Kalyan Shil Road, Ambernath, Badlapur, Nashik, Thane, Palghar, and Ulhasnagar. This can be attributed to their significant growth and infrastructure development.
CAN RATIONALISING CHARGES FOR CONVERSION OF LEASEHOLD INTO FREEHOLD, SPUR REDEVELOPMENT AND UNLOCKING OF ASSET VALUES IN MUMBAI?
This will offer more land that can be used for the development and redevelopment of the existing property. By utilising this approach, we will be able to unlock the value of the city's housing, commercial, and industrial assets. Also, this will help give a true sense of "Ownership" in the buyers' minds, thereby making the development more meaningful.
“Mumbai has continued to be a highly-favoured residential destination.”
