Mumbai Suburbs Will Rise And Shine: Haware Builders MD

Mumbai, the financial capital of India, is one of the most expensive real estate markets in the world. Fringe areas of the city no less expensive, considering the demand for housing in the island city has been consistently rising. Aniket Haware, managing director, Haware Builders, is of the same view. In an interview with Sneha Sharon Mammen, Haware shares his insights on how the outskirts of Mumbai are now becoming a sought-after real estate destination.

Edited excerpts.

Mammen: What is keeping Mumbai outskirts in the news?

Haware: Recent announcements about infrastructural developments have propelled the real estate market of Mumbai. According to recent market reports, these announcements have improved the customer outlook towards the market. This has led to a rise in property sales in the areas in the outskirts of Mumbai, including Thane and Navi Mumbai. Real estate in Mumbai's suburbs has been witnessing a rise in prices and a growing demand for affordable housing. A proposal to expand the Navi Mumbai Metro rail to Kalyan, too, has fuelled the growth of housing in these areas.

Mammen: Which localities are faring well?

Haware: Since the real estate law and the Goods and Services Tax have come into force, the homebuyers seeking homes are showing a wait-and-watch approach and are looking forward to making investments in areas that offer good quality infrastructure and effective connectivity. Ghansoli, in Navi Mumbai, is one such locality. Due to its enhanced connectivity to Thane, the Maharashtra Industrial Development Corporation (MIDC) area, the Santacruz Electronics Export Processing Zone (SEEPZ) and the Ghansoli-Palm Beach Road, the area is witnessing renewed demand.

Though these localities may not be the top destination for investment, they have a good potential in the future. The fact that the property prices here are yet to increase, value makes these markets even more attractive. The region has seen a rise in population, consequently increasing demand in the last few years.

The primary factor driving the real estate growth in the Navi mumbai–Thane belt is the skyrocket prices in Mumbai suburbs, coupled with the growing demand for affordable housing. Another factor driving demand is the presence of industrial belts and improving infrastructure around the area. This provides ample job opportunities for people residing around.

Mammen: What infrastructural developments do you feel would benefit Mumbai, Navi Mumbai and Thane real estate?

Haware: Prime Minister Narendra Modi in December last year gave a green signal to many infrastructure projects in Mumbai. This included the Metro-2B connecting DN Nagar-Bandra-Mankhurd, the Metro 4 connecting Wadala-Ghatkopar-Thane-Kasarvadavli, the Chhatrapati Shivaji Maharaj Terminus-Panvel elevated rail corridor and the Bandra-Virar elevated rail corridor. One of the key developments was the laying of foundation stone for the Mumbai Trans-Harbour Link (MTHL) connecting Mumbai with Navi Mumbai from Sewri –Wadala to JNPT-NHAVA SEVA and Pune Expressway, besides providing easy access to the new upcoming Navi Mumbai international airport coming up in Panvel. Such projects ensure appreciation in property prices, especially in residential localities of Wadala and Navi Mumbai.

Mammen: Is livability being worked upon?

Haware: Corporate giants such as Raymond and Cadbury have set shop in these areas. Additionally, a central business district (CBD) similar to that of the Bandra-Kurla Complex for Thane is on the cards. Malls such as Viviana and Hypermarket have also emerged in the locality. All these factors will improve the social infrastructure of the area. 

New residential projects, equipped with superior amenities, have come up in Thane. This makes Thane an upcoming investment as well as a residential destination.

The future holds great potential for realty market in these areas. Proposed projects like the 11-km Thane-Borivali tunnel and the proposed monorail line connecting Thane and Wadala, will make these regions some of the most well-connected suburbs in the Mumbai Metropolitan Region (MMR).