Construction Industry News
Kalyan has been emerging as an attractive residential destination in the Mumbai Metropolitan Region (MMR). In a recent study of the real estate market in Kalyan, Anarock highlighted some crucial factors that are behind this transformation. Its strategic location, robust infrastructure, and accessibility with numerous upcoming projects are some aspects shaping the real estate landscape of Kalyan. Here is a look at the reasons behind Kalyan’s metamorphosis into a sought-after destination in luxury real estate.
Key factors making Kalyan an attractive residential destination *Established connectivity: Kalyan has excellent connectivity with Mumbai and Thane. With a vast network of trains and highways, Kalyan enjoys seamless travel to neighboring regions. *Improving connectivity: Kalyan is in a phase of transformation with many infrastructure projects being planned to boost connectivity with Mumbai, Thane, and Navi Mumbai. These include metro rail development, expressways, elevated roads, and connectivity corridors. *Social infrastructure: Kalyan has a range of amenities including modern malls for shopping, well-equipped hospitals for healthcare needs, reputable schools for education, and retail spaces catering to diverse preferences. These ensure a good quality of life and convenience for residents. *Proximity to industrial areas: Kalyan is situated close to major industrial areas attracting various skilled and unskilled professionals. This is a major catalyst in boosting the demand for housing in the region. Being a hub for job opportunities, Kalyan’s real estate market has been growing turning it into an economic hub.
Residential demand-supply dynamics in Kalyan Kalyan has been witnessing a harmonious intersection between demand and supply of real estate properties. This stands as a testament to its ability to meet the diverse housing needs of homebuyers. Here are some interesting observations: *Around 29,500 new residential units were added from 2017 to Q1 2023 with sales of approximately 27,600 units, resulting in a sales-to-supply ratio of around 1. *Shift towards larger unit configurations (2 BHK and above) with over 40% of launches in this segment.
Residential market price movements: *Price appreciation since 2020 due to infrastructure development and large real estate projects. *Average property prices in Q1 2023 were INR 11,269/sq ft (carpet area).
Residential market configuration-wise supply segmentation: *Maximum units launched in 1 BHK configuration, followed by 2 BHK and 3 BHK. Upcoming developments in the Virar-Alibaug Multimodal Corridor and Western Dedicated Freight Corridor are also expected to have a significant impact on the real estate market in Kalyan. Overall, Kalyan’s strategic urban development is turning it into a preferred destination for luxury living. The trajectory of its growth, pivoting around excellent connectivity and a range of other factors is in the direction of becoming a highly sought-after luxury living destination in the MMR.
