Why is Kanjurmarg Becoming the new Realty Destination?
With the tremendous increase in real estate prices in Mumbai, it has now become impossible for the common man to buy a house in the heart of the city. It was recently in the news, that in Mumbai there are a lot of properties worth 2 crores and above ready, but they have no buyers. Even though there is a huge demand for housing in Mumbai, they sky-high prices make it unaffordable and unreasonable for the common man. A man has to put in his life time of savings, just for a house in the city. Owing to this there is huge development seen in the suburbs of Mumbai in the past couple of years. Thanks to the infrastructural development, reasonable prices and grate connectivity with the rest of the city, buyers are now showing interest in these areas. Developers too are flocking to these places and have come up with some beautiful and luxurious structures. One such in-demand area, in real estate Mumbai is Kanjurnarg. A lot of people are showing keen interest in this area. Let’s take a look why.
Connectivity- For any real estate area to grow in any part of the world, connectivity is of prime importance. Kanjurmarg is located in the Central Railway Lines of Mumbai and is easily connected to the rest of the city via The Railway Lines. It also has easy access to the harbor and western railway lines of Mumbai. Additionally there is great connectivity with the Easter Express Highway and the LBS road. The expansion of the Jogeshwari- Vikhroli Link Road (JVLR) has helped reduced traffic congestion at Kanjurmarg. Apart from trains one can travel within the area and outside it to the rest of the city via BEST buses, autos, taxis etc. It is close to Powai and Vikhroli, Kurla and Bandra. Bandra Kurla Complex (BKC) which is now become Mumbai’s business hub is also very close from here. It is also close to the International and Domestic Airport of Mumbai.
Infrastructure- Kanjurmarg is quite self sufficient in terms of social infrastructure. It has in its proximity quality schools, colleges and hospitals. New malls like Neptune Mall, Huma Mall and Magnet Mall have provided the area with good avenues for shopping and entertainment.
Luxurious Buildings- Seeing the potential for growth and demand in this area a lot of local as well as well known developers have taken interest in this area and a lot of projects are underway.
Interest from Corporate Companies- It is very close to Powai with holds the famous Hiranandani Township. A lot of companies are now looking at Kanjurmarg after the over flow from Powai. The lower costs in this area, has made a lot of companies shift their base from Powai to Kanjurmarg. This area now has a lot of corporate companies building their offices. Hence there is a lot of demand for housing from professionals working in these companies. It is slowly becoming a secondary business hub in the suburbs now.
Cheaper Costs- The costs of properties here are much cheaper compared to the neighboring Powai and Vikhroli. This affordability factor is the primary driver for residential property demand here. The capital values in Kanjurmarg range from Rs 10,000 per sq ft to Rs 16,000 per sq ft, whereas the rates in Powai range from Rs 15,000 per sq ft to Rs 30,000 per sq ft. additionally as per trends Kanjurmarg offers good returns on investment.
All these factors make Kanjurmarg an in-demand place for real estate investment. Be it a residential property or a commercial property that you are investing in, this a good bet in the current market scenario.