The last few months seemed to have worked well for Mumbai’s office market. Many transactions have taken place. The demand from the corporates are not limited to under construction buildings only. This development in turn seems to be slowly influencing the residential market as well.
To name a few transactions in the office real estate market that have taken place in the recent past are Dot Solutions and DCT Infotech. The demand for office space in this node of Mumbai is increasing consistently. Not just conglomerates, start-ups are also finding its way into the suburban areas.
Shantanu Chakraborty, a sound engineer who has several popular tele series’ background scores under his credit says, "The line I am in does not follow any schedule. Until recently, I was working with a well-known sound effects professional. I have now decided to open my own studio and work independently. I am looking at Lower Parel for some space and will eventually move to the locality along with my family."
The strong growth in Navi Mumbai's office leasing activity (close to 8 lakh sq ft of absorption in 2015) has generated substantial demand for residential apartments.
Consumer demand
According to a report, localities such as Lower Parel and Wagle Estate, Thane might witness more consumer demand due to the increase in office demand. Apart from this factor, suburban areas are offering attractively priced properties and noteworthy infrastructure developments like the upcoming airport, metro corridor and ease of connectivity with Mumbai and Thane, have attracted the attention of consumers.
Yogika Sharma, a HR senior executive of a finance company based in Thane says, "Most of the employees reside in nearby areas. We have employees who have moved from Mumbai. Thane offers good residential options at a cheaper budget. Therefore, it is becoming a common practice for people to move closer to their offices especially single working professionals and the ones who have joined the company from other parts of the country."
Houses in Lower Parel and Wagle Estate, Thane
Manish Thakre writes on the Magicbricks Forum, "How is the infrastructure developing in areas like Lower Parel and Thane? I want to buy a property for my own use." The real estate of the former is already developed and sought after while the latter is still developing.
The residential inventory of Lower Parel consists of new properties, co-operative societies, under-construction properties as well old existing buildings. The most common property type in the area are apartments of different configurations. The residential market offers 1, 2, 3 and 4BHK units to potential buyers. The first three options are easily available.
The size and price range of these properties are:
The residential inventory of Wagle Estate, Thane consists of co-operative societies and existing buildings. The most common property type in the area are apartments and builder floors of different configuration. The residential market offers 1 and 2BHK units to interested buyers and investors. The size and price range of these properties are:
Experts project an increase in prices for Lower Parel. Accoding to Magicbricks data, the residential supply is low in the market. The rental market performs better than the capital market in this locality. In Wagle Estate, there has been a rise in property prices. Consumer demand has also increased though currently supply is limited. The market has been performing better than last year because of the advent of office hubs. The annual rental yield of Lower Parel is 2.9 percent.
The social infrastructure of Lower Parel is developed as it is a commercial business centre in South Mumbai. Its proximity to Worli Sea Link makes it one of the most sought-after areas. The Worli Sea Link has not only opened the road for good connectivity between Bandra and Lower Parel, it has also brought new opportunities in luxury housing as well. While it has the high class charm of South Mumbai, its location makes it very convenient - 20 minutes from Nariman Point, 15 minutes from BKC and 20 minutes from the airport.
Wagle Estate on the other hand houses many industries, including engineering, electrical, textile, pharma, rubber and electronics companies and more recently IT. Its infrastructure is developed and its proximity to Mumbai city is a major advantage. The social fabric is fairly developed.
Before choosing a locality, make a list of your needs. The locality should be able to cater to them on a daily basis and at the same time should bring you good returns in case you wish to sell off the property. Check, research and read about the areas before putting in your money.
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