Construction Industry News
The Malad-Goregaon region, one of Mumbai's fastest growing suburbs, has been transformed into a vibrant residential, commercial and IT hub due to the various developments, especially from an infrastructure point of view.
The metro line 2A from Dahisar to DN Nagar and line 7 from Dahisar to Gundavali, Andheri (E) in the western suburbs that were operational at the beginning of the year have improved connectivity, improved ease of travel and reduced travel time by more than half. After the start of these metro lines, the Malad-Goregaon region in the western suburbs has become the most preferred residential destination among home buyers in Mumbai.
According to a recent data analyzed by Knight Frank India, the majority of sales registrations in February 2023 were for properties in the western suburbs of Mumbai city, accounting for 57% of the market share, while the majority of sales registrations in March 2023 were again for western suburban real estate representing 62 percent of the market share.
Umesh Jandial, chief business officer, Omkar Realtors & Developers, said, “The Malad-Goregaon region is strategically located with well developed conveniences and comforts; therefore the most preferred choice of modern homebuyers. This belt as a micro market is holding strong on rental yield and ROI factor. The projects here offer ease of commute to business districts like BKC and therefore this location is witnessing premium quotient and strong demand. The location is also in close proximity to Western Express Highway, Metro lines, upcoming Coastal Road along with excellent connectivity to the airport; it provides easy accessibility to various parts of the city. The region also enjoys an established social infrastructure with schools, hospitals and other lifestyle avenues. The newly launched Metro Lines 2A and 7 after getting operational have improved connectivity and enhanced ease of travel for commuters. This has resulted in an increase in demand and price appreciation for residential housing in the Malad – Goregaon region. Located close to the lush greens of the Sanjay Gandhi National Park, it offers residents an enhanced living experience with mesmerizing views.”
According to a report by PropEquity, Mumbai's western suburbs made up the bulk of demand, which outweighed new launches. In terms of new launches, the city experienced a 26 percent increase in 2022 to 46,900 units compared to the previous year.
Himanshu Jain, VP – sales, marketing & CRM, Satellite Developers, said, “The region offers the homebuyers with a mix of affordable as well as luxurious properties. The suburb has seen growth in not just residential development but also in commercial development with few corporates choosing it as their new headquarters which is the foremost reason it has witnessed a realty boom in the last few years. Nowadays, homebuyers too prefer to stay in studio apartments or compact homes if it is in the vicinity of their respective workspace which also allows them to spend quality time with their family.”
Today, Malad-Goregaon's social infrastructure is well developed. There are several educational institutions, hospitals, multiplexes, shopping malls, and restaurants in the area, along with prominent malls such as Oberoi Mall, Inorbit Mall, & Infiniti Mall.
Besides inspiring a walk-to-work culture, Malad’s very own business district Mindspace and the other major corporate hub of Dindoshi offer still another advantage to corporate professionals. Furthermore, the Malad-Goregaon belt has become the chosen destination for IT/ITES companies due to spacious office spaces and competitive rentals. However, lured by its quiet lifestyle close to nature, the new-age buyers have started to invest in these areas. Finally, Malad-Goregaon has opened up a world of opportunities for buyers looking for top-class amenities and to reap maximum benefits from their investments.
