The residential real estate market in Mumbai and the Mumbai Metropolitan Region (MMR) has shown strong demand, of late. According to an article released by Outlook India, the second quarter of 2022 saw as many as 20,000-plus new residential units being launched across the region. And the overall demand for residential units had seen an upswing for the second straight quarter of FY 22. This clearly states that Mumbai’s real estate market is going to see an overall rise in demand-&-supply of household & commercial projects both. Which, in turn, will accelerate the overall trade game of the real estate market. So, let’s catch the early flight & learn which are the best areas that one can consider to buy a property in Mumbai in 2023. 

Where to Invest In Mumbai In 2023?

Ghatkopar

Ghatkopar is one of booming places with the introduction of the metro lines. One of the benefits of living in Ghatkopar is the availability of public transportation, which makes your to-& fro journey very convenient.  Major workplace destinations of Mumbai like Thane, Powai, and Andheri are within a short distance and well connected to the area. The overall development in Ghatkopar promises an excellent infrastructure with wide roads, hospitals, schools, & shopping malls. It also hosts many restaurants, cafes, parks, and cinemas around the area, so you have ample places to enjoy your evenings and weekends. So, if you are planning to buy a residential property in Mumbai, Ghatkopar can be considered as one of your preferred choices.   

Chembur 

Located near Mumbai’s prime industrial locations like Kurla, Deonar, Mahul, Ghatkopar, Chembur is one of the most preferred locations to rent and buy a residential property.  It has been home to landmarks like R K Studios, The Bombay Presidency Golf Club, Diamond Garden, & Vivekanand Education Society. Recently, Chembur has seen a rise in the developments of housing projects & high-rise towers like the Luxe Legacy, Shilpadutta by Sandu Developers. Other prominent real estate builders like Hiranandani Group, Godrej Properties, Tridhaatu Group, too have pinned their projects in Chembur. You will find multiple convenient stores, local markets, shopping malls, social clubs, gyms, movie theaters, all within a few miles. 

One of the key reasons Chembur has gained a lot of attention is because of its central connectivity to several areas & the recent development of metro lines offering multiple stops throughout its stretch. If you’re someone looking for affordable housing then Chembur is the place for you. 

Panvel

Meet affordable housing with good infrastructure & seamless connectivity in Panvel. Panvel has come a long way & has transformed into the most sought-after realty destinations for affordable homes, high-rise towers & business parks. This town effectively links the main and western lines. Apart from connectivity advantages, Panvel is also a place for industrial hubs & will soon become one of the closest areas to the proposed International Airport which is expected to be fully operational by July 2024. Many developers are building projects in Panvel with world class amenities & facilities that home buyers can’t resist. Like the Kalpataru Park Riviera is one of those projects which offers luxury living in the tranquil countryside of Panvel. So, if you’re looking for an attractive investment destination with potential market & rental returns, Panvel should definitely be on your watchlist. 

To learn more about investing in Panvel, you can read our blog ‘5 Reasons Why Panvel is the Next Residential Hotspot’.

Ulwe

Situated beside Belapur and Nerul, Ulwe is a node of Navi Mumbai & has of late emerged as a hotspot for real estate investment offering promising returns in the long run. Ulwe’s property prices in future are expected to rise as the on-going and proposed projects such as the Navi Mumbai International Airport, Trans Harbour Link and Seawoods-Uran railway line are close to completion. The area is in close proximity to the Mumbai-Pune Expressway and the proposed Mumbai Trans-Harbour Link which will connect Navi Mumbai to the main city via a 22-km road bridge. It’s also a hub to prominent schools & educational institutes, hospitals, shopping malls, restaurants & recreational spots. If not for living purposes, one can definitely consider Ulwe as an investment opportunity that promises higher & lucrative rental returns in the long run. And if you’re planning to invest, the time is now as currently the property prices are quite affordable & are expected to see a rise because of the employment opportunities created in the Thane-Navi Mumbai area. 

Thane

Thane is an emerging cosmopolitan city in the Mumbai Metropolitan Area and one of the most preferred real estate investment destinations. Thane has a perfect mix of commercial and residential real estate. Its affordable lifestyle with necessary amenities at value-oriented pricing and Infrastructural development has been the key differentiation factors that has set Thane apart from the other real estate markets in the adjoining areas.  According to an article released by Times Property, economists and analytic advisors suggested an estimated 40% increase in employment opportunities in the MMR, which included Thane. This naturally creates an increasing & constant supply-demand for the residential market in Thane. With its excellent geographical and social infrastructure,  the presence of major shopping complexes and malls, affordable housing with luxury living, scenic landscapes & greenery, Thane has become a preferred choice for home buyers looking for an ideal place to live, work, and play. 

To explore properties in Thane, click here. 

Mulund

Mulund at present has become a phenomenon in the real estate market. It’s enhanced living with world-class amenities that caters to those who want to lead their life in a grand manner. High-rise towers, gated-communities & townships are being constructed in Mulund that will change the way real estate is perceived. According to the Property Index, Mulund’s real estate has shown 40% appreciation in the past two years. With infrastructure projects like Metro & MonoRail developments flourishing in the area, property prices in Mulund are bound to shoot up. The proposed Goregaon-Mulund Link Road will be a game changer & will give a massive infrastructure & connectivity boost to Mulund. Though this project is yet to see its first phase of development, once completed, it will definitely lure higher appreciation rates in the future on your invested property(s). 

Own a lavish 3 BHK in Mulund by paying 10% now and no EMI till Possession, Kalpataru Elitus By Kalpataru Pvt. Ltd.

Dombivali, East. 

Dombivli East is a fast growing area in the Mumbai Metropolitan Region (MMR) and is currently considered one of the best investment options in the entire region. It’s a fairly developed neighborhood with decent infrastructure & mostly consists of residential projects surrounded by beautiful greenery, making it an ideal choice for peaceful living. The overall infrastructure of Dombivali is excellent, with good civic facilities. Apart from offering a decent infrastructure, it also offers a diverse network of public transit options like buses, trains & metros that allow you to seamlessly connect to different parts of the city. The most commonly available property types include 1, 2 and 3 BHK apartments & the overall area is close to several IT Parks, industries and companies which is mostly preferred by working professionals. Renowned developers such as Lodha Group, and others have previously built complexes here & are still coming up with beautifully-designed living spaces like the Lodha Crown by Lodha Group, equipped with world-class amenities. So, if you aspire to buy a dream home with modern-day amenities at affordable rates, Dombivali is definitely an option to consider as its fast growing infrastructure & affordable housing offers  good investment options both in terms of rentals as well as purchases.

Final Takeaway
“Location, location, location” is a common mantra in real estate. The location creates desirability, desirability creates demand, and demand raises real estate prices. Investors have understood this very well by now & have started taking a smart approach when it comes to investing in real estate. So whenever deciding which location to invest in, always consider the accessibility, appearance, and amenities of a neighborhood as well as future plans for development. Finally, a good location can mean different things to different people, & will eventually depend on your personal needs & preferences. Choose wisely. Invest smartly using the right market knowledge. 

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