Mumbai Real estate has been considered a safe investment in India for many years. You can always rely on the value of land to appreciate it at some point. Regardless of how remote a place might seem right now, there’s no telling how soon it becomes a major commercial hub. More often than not, land parcels declared slums and vacant have erupted into bustling marketplaces. The scenario has been no different in the financial capital of India.
Divided by islands but a thriving port nonetheless, the MMR has been the center of attention in the continent. Being one of the most valuable regions in the country, everyone appreciates the significance of owning real estate here. There is little to no argument against the demand for properties in Mumbai and its surrounding peripheries as well.
While it’s true that the central localities such as Altamount Road are significantly more valuable, other areas can’t be discarded. Flats for sale in Byculla, Thane, Powai, Mulund, Sewri, and other localities will soon witness dramatic appreciation in their values. Especially if you invest in 2021 when the whole region is due for a major infrastructural change in the upcoming years. Needless to say, the times to come already paint a valuable picture of real estate options everywhere in the MMR.
Let’s look into the details of why it’s a great idea to invest in Mumbai real estate in 2021:
The Government Wants You To
It’s true. The government has made it very clear with its loan schemes and financing options on real estate inventories that it supports investment, especially if you’re a first-time buyer, NRI, or an OCI. There are several programs that are aimed at providing relief to buyers. With lower interest rates encouraging investors to increase their inventories and loan tenures going up to 20 years, the market is rooting for buyers.
One of the most obvious schemes in this regard has been the PMAY program. Although it was introduced in 2015 and envisioned to help housing projects reach completion, the credit-linked subsidy schemes that were introduced alongside it have helped buyers with much-needed financial support. The scheme targets people belonging to the following classes:
- Economically Weaker Sections (EWS)
- Low Income Groups (LIG)
- Middle Income Groups (MIG)
Whether you’re categorised as the EWS, LIG or the MIG, you can get a loan to construct, renovate, purchase or extend a house. The scheme’s interest subsidy offers benefits up to 2.67 lakhs. Moreover, there are no caps on the amount of loan you can get.
The Demand is Evergreen
Mumbai has been a prosperous metropolis for a long time and nothing seems to change this fact. Regardless of what the scenario is around the country, the demand to live in the financial capital of the country never diminishes. Whether it’s the landmark attractions, state of the art facilities and amenities, educational institutes, or anything else, the fact remains that Mumbai is a famous city. Every year, millions of people migrate to the city in hopes of being able to settle in and earn a living. Although most come in with offer letters or hopes of employment, others bring in their families because it’s simply better than other places.
Mumbai Real Estate Infrastructural Developments
The most compelling reason to invest in the MMR in 2021 is obviously the notable infrastructural changes that the region is soon to witness. Already underway are some of the biggest projects in scale and size in terms of revolutionising the landscape.
Before we get into the details of the project, let’s take a look at the circumstances that prompted the immediate completion of these projects.
As it’s apparent, pollution and overpopulation have been a huge problem in India, particularly in the MMR. It’s no secret that the city was ranking among the worst in the air pollution index. Moreover, there’s an abundance of land parcels classified as slums that are spread across Mumbai. These are not only a sore sight amidst the metropolis but they also contribute to the overall pollution in the city. Finally, the problem of providing a good transportation infrastructure was of considerable significance.
All in all, these reasons contributed to the planning and the ongoing construction of the following projects:
Firstly, take a glance at the metro lines that are to be placed around the MMR to provide better connectivity. Not only will these provide easy commuting access to residents around the region but they will also cater to vacant land parcels along the way. The slums and empty masses that have yet to witness development will soon be crowned as the latest additions to the metropolis’ bustling market.
These metro lines promise property value appreciation in all the places that the metro lines will come across. Every place where there is a metro station will experience a surge in property prices and whether it’s a cause or effect of this, the demand will inevitably see a spike as well. Suffice it to say, these metro lines spell out one of the most lucrative opportunities in the country for real estate investors.
Metro Line 2A – Dahisar <-> DN Nagar
This metro line will provide access to safe and faster travel across the region to almost half a million people every day. Offering to reduce travel time by up to 50-75% over this 19km long elevated line, the project will connect:
- D N Nagar
- Shastri Nagar
- Adarsh Nagar
- Goregaon Metro
- Bangur Nagar
- Kasturi Park
- Malad Metro
- Kamraj Nagar
- Mahavir Nagar
- Don Bosco
- I.C Colony
- Rushi Sankul
- Anand Nagar
Metro Line 7 – Dahisar <-> Andheri East
This metro line hopes to connect the following areas:
- Dahisar East
- National Park
- Mahindra & Mahindra
- Pushpa Park
- Pathan Wadi
- JVLR Junction
- Andheri East
Metro Line 3 – Colaba <-> Bandra <-> SEEPZ
This metro line will connect:
- Cuffe Parade
- Vidhan Bhavan
- Hutatma Chowk
- CSMT Metro
- Grant Road
- Mumbai Central
- Science Museum
- Acharya Atrey Chowk
- Domestic Airport
- Sahar Road
- International Airport
- Marol Naka
- Aarey Depot
As it’s clear, the key impact markets of this project will well-noticeably be:
- Ekta Nagar
- Malad metro
- Katsuri Park metro station belt
- Mahanand Metro Station
- Malad East
- Kandivali East
- Marol-MIDC Belt
These land parcels are home to slums and undeveloped or underdeveloped plots that have the potential of becoming prosperous markets. As soon as the metro stations are in place, developers will make sure to start working on projects to provide investors with opportunities to profit, thereby encouraging further development of residential as well as commercial sectors around the stations.
As it’s clear from the above-mentioned points, the MMR is due for a makeover that is going to change the market landscape. Every area that is going to be affected by the infrastructural projects will appreciate in value and become even more valuable in due time. This means now is the perfect time to secure flats in Byculla, Dharavi, Dahisar or any of the other places that are going to be near a metro station.
We recommend that you take full advantage of the financing options offered by the government. And finally, hire professional help to make the whole transaction process easier.