Infrastructure and connectivity, these two have become the primary aspect for every homebuyer in Mumbai before looking for a property. Ready-to-move-in homes with the best infrastructure and amenities along with good connectivity are taking over the other key aspects like pricing and area of the apartment, when it comes to customer preferences. However, with the rise in Mumbai’s population density along with the rise in residential real estate, there is a growing need for developers to scout for projects that could be developed in emerging micro-markets.
The entire belt from Ghatkopar-Chandivali to Bhandup - Mulund in the central-east corridor, has emerged as a bustling business hub, leading to an increased demand for homes for people to live closer to their workplaces. Apart from being centrally located, these suburbs now boast of corporate parks, commercial centers and a healthy cultural and social infrastructure among other things. These essential amenities are a powerful tool for developers to attract new customers. Some of the key elements that the customers are always on the lookout for are:
In a hectic and ever-expanding metropolis like Mumbai, proximity to amenities and accessibility of transportation are key factors in deciding where to live. The newly developed metro lines have the ability to completely transform Mumbai's real estate market by connecting these micro-markets to other suburbs of the city. Considering the rapid growth in infrastructure projects, these emerging micro-markets are growing fast as realty hotspots. Both residential and commercial properties near strategic connectivity points tend to command a higher valuation, as that is what consumers are precisely looking for.
Micro-markets have also witnessed an influx of educational institutions which can have a profound impact on the overall evolution of children. Healthcare facilities such as hospitals, medical clinics, and laboratories are also spreading into these pockets, which benefits the overall health of family units. In addition to this, there is an abundance of open spaces and parks for residents to live a life as close to nature as possible.
The ever-increasing time spent traveling between work and home is one of the major pain points of the citizens of Mumbai. Corporates can no longer accommodate huge estates or enormous/multiple office branches in key city locations. Many established and up-and-coming enterprises are investing in these emerging locations hoping to set up hubs for their new ventures, with no space crisis and affordable rents and/or rates.
Apart from offering great connectivity, accessible amenities and a holistic lifestyle, micro-markets also address the obvious issue of high housing costs. Houses in these markets are significantly less expensive than those in prime locations, with average prices roughly one-third of those in prime locations.
However, there are a few strategies that a real estate developer must also take into consideration:
- Know the buyer
Understanding who the target customer is tailoring one’s strategy, interactions, and services to match that mold is the core of effective real estate. It's crucial to consider the demographics of your usual consumer base, such as age, wage, education, and occupation. For homeowners, there is an emotional component; it should feel organic and natural to the buyer.
- Know their lifestyle and what they value
The home must generate an emotional response from potential buyers. Developers should channelize their ideas towards understanding the property's yield and other important factors. They should focus on the lifestyle of the micro-market and sell it to ensure the listing stands out from the crowd. A property with a certain flare will appeal to a certain type of buyer, whilst a more modest, classic property will appeal to a different type of buyer.
Emerging micro markets are an accommodation that caters to a variety of socioeconomic classes in Mumbai, making it an appealing investment option for individuals looking to increase their capital or make the city their home. With decreased commute time for office workers, easy access to the marketplace for shopping, and facilities for a healthy lifestyle, it is a great location for everyone in the family.