India’s real estate market will continue to thrive due to strong consumer demand despite significant economic uncertainty on a global scale, inflationary pressures, and a decline in the country’s economy. This is especially true for Mumbai, the nation’s financial hub, where property registrations steadily increase monthly. At a time when rising mortgage rates are stressing household budgets and rising property costs are making homes less accessible; the high registration numbers are timely. Customers are also buoyant about the industry and are actively looking at reserving their homes before the price increases, thereby increasing the demand for houses between 500 and 1,000 square feet and those between 1,000 and 2,000 square feet.
The Andheri-Chandivali belt is leading the real estate market in Mumbai because of growing infrastructural projects, easy access to contemporary conveniences, excellent connectivity, and a long history of reliable developers in the area. These factors have caused Andheri-Chandivali to experience a steady increase in development activities and a flurry of investments from local and NRI clients. As a result, Andheri-Chandivali has undergone a complete metamorphosis over the past five years, with growth in luxury flats, gated communities, and township projects. These projects are thoughtfully planned, considering the demands of today’s high-income earners seeking a cosmopolitan lifestyle.
In addition to creating world-class structures, Chandivali developers emphasize renewable energy sources during the building’s lifecycle and environmentally friendly building materials during construction. In addition, many purchasers, particularly millennials, are unwilling to sacrifice features like adequate storage space, modern kitchens and baths, energy-efficient equipment, a round-the-clock security system, and stylish decor. Gated communities and townships, particularly in Chandivali, have been popular with families since they offer a variety of amenities like senior centres, gyms, child care facilities, schools, and sometimes even clinics.
Mumbai residents spend the majority of their time travelling back and forth between work and home. However, Chandivali provides them with a perfect position in the middle of the city. The Mumbai Metro, Eastern and Western Express Highways, and Chandivali’s numerous connecting points have made this area a prime location for corporate real estate. Residents may wind up working close to where they live in addition to cutting down on commuting time. These days, there is a lot of talk about finding a work-life balance, Chandivali is outstanding in that regard as well. The region boasts of its accessibility to crucial social infrastructure, retail markets, restaurants, malls, cafés, and social hangouts within a radius of 3 km. It also boasts many recreational paths, eateries, social and nightlife, and entertainment. Given that Chandivali is close to R City Mall and Phoenix Market City, leisure time combined with shopping is a fantastic option. In addition, modern medical facilities like the Nahar Medical Centre and other renowned hospitals are available in Chandivali.
Considering the growth and development potential of this locality, it is becoming a prominent micro-market not only from buyers’ but also developers’ perspectives. Looking at all the above-mentioned factors, this strategic micro-market is a great place to spend your accumulated savings in reputable real estate companies, whether you’re looking to buy for investment purposes or to move into immediately.
Source: This article is contributed by Ms. Manju Yagnik Vice Chairperson, Nahar Group Senior Vice President of NAREDCO- Maharashtra