Is high property cost loosing charm of Mira Road

The real estate market in Mira Road is on the cusp of recovery buoyed by the boost from the MMRDA policies linking the suburban area with the rest of the metropolitan. The high property costs in and around Mira Road-Bhyandar region is not likely to die down soon despite experts suggesting against the trend. The twin city of North Mumbai will continue to benefit from the boom in the real estate market.

Flourish in two years

The new projects that are focussing majorly on the apartments and townships are driving the real estate market with a sizeable investment opportunity even for the first-time home buyers. The prices of houses between Borivali and Andheri have sky-rocketed between October 2013 and April 2015. Mira Road too has witnessed the rise but at a much steadier pace. In all likelihood, the high property costs won’t pose much hurdle in Mira Road’s growing stature as a leading investment destination, together with Dombivali, Kalyan and Panvel.

Current Trends

The residential real estate in Mira Road is driven by the end-users as well as the investors as most of the projects fall under the category of the under-construction and ready-to-occupy status. The current property rates are reeling around a sales price figure of INR 7403 per square feet. The average price expected from rental units is close to INR 14000 per month for a 2BHK unit. If you book a 2BHK unit in Mira Road today, you can expect am average sales price appreciation of 1.3 per cent within a year. Together with Mira Road, the investors are also keeping a flourishing business around Dahisar, Ghodbunder, Vasai-Virar and Ulhasnagar.

Despite the prices ranging between 6500 and 7500 per square feet depending on the builder’s name and reputation, new funding policies and government regulations will continue to drive the momentum in the favour of the real estate market. By the late quarters of 2015, the overall estate market in Mira Road is likely to grow further, benefitting both investors and end-users.

The growing impetus sowed by the Mira-Bhayandar Municipal Corporation (MBMC) towards developing infrastructure and new societies around the Salcette Island have also smoothened the hysteria on the costs. Road accessibility and Western Railway corridor will grow further. Mira Road is becoming the hot spot of business activities, mid-scale commercial avenues and tourism resorts owing to its proximity to Mumbai, Vasai and Thane.

Matching Prices with Benefits

At INR 7000 per square feet, you can enjoy all top-grade facilities and amenities. Water supply, electricity and general food inventories are available with better infrastructure compared to the rest of the mid-scale suburbs of Mumbai. Electricity is provided by TATA Power and Reliance Power supported by impeccable telecom services.

Costs in Mira Road are backed by schools, hospitals and upgraded sewage and Storm-water draining system. Not to forget the abundant greenery and safe roads that makes Mira Road a great destination to put capital into. Expect rise in the average annual growth in your real estate investment by at least 4.3 per cent despite Mumbai’s dismal rating in the last decade.

Gsv Naresh is a real estate blogger who blogs about India's realty market and also gives advice on buying residential projects and flats in India.For More Information about Real estate Visit CommonFloor.