The Union Budget 2024-25 prioritizes urban development under the Viksit Bharat initiative, aiming to enhance infrastructure and reshape urban living. Mumbai's western suburbs are benefiting from significant infrastructure improvements, with these areas accounting for 31% of the city's registered home sales value-INR 14,467 crore out of INR 46,833 crore from April to June 2024. Enhanced connectivity and amenities are driving demand, especially in Borivali, Kandivali, Malad, and Goregaon. CREDAI-MCHI and CRE Matrix report a 13% increase in housing sales but a 35% decline in new launches for FY 2024. Key projects like Metro Line 3 and the Coastal Road are expected to boost property values and attract further investment.
The recent Union Budget 2024-25 emphasized urban development as a crucial component of the Viksit Bharat initiative. Improved infrastructure is essential for advancing the housing sector by enhancing connectivity, simplifying travel, and bringing amenities closer to residents, thereby reshaping urban living.
Mumbai's western suburbs are undergoing significant changes due to various infrastructure projects. According to Square Yards, these suburbs held the largest share of registered home sales value at 31%, amounting to INR 14,467 crore out of a total of INR 46,833 crore from April to June 2024.
"Homebuyers often look for connectivity, easy access to metro lines or highways, quality social infrastructure, and nearby parks. Mumbai's western suburbs excel in these aspects, making them very attractive," said Mr. Rohan Khatau, Director of CCI Projects.
Areas like Borivali and Kandivali are benefiting from improved infrastructure, enhancing their appeal and attracting residents from other parts of Mumbai. This shift underscores the growing prominence of the western suburbs as preferred residential locations.
Mr. Umesh Jandial, Chief Business Officer of Omkar Realtors & Developers, noted, "The western suburbs provide well-developed conveniences, making them a top choice for modern homebuyers. The Western Express Highway micro-market is strong in rental yield and ROI. With excellent connectivity to the airport, metro lines, and the upcoming Coastal Road, areas like Malad and Goregaon are experiencing high demand for residential properties."
A report by CREDAI-MCHI and CRE Matrix revealed that housing sales in Mumbai's western suburbs surged by 13% in FY 2024. However, housing launches declined by nearly 35% compared to the previous year. The average value of housing units in the area increased by 3% in FY 2024.
Mr. Vedanshu Kedia, Director of Prescon Group, highlighted the impact of upcoming projects like the Coastal Road and Metro Line 3 (Colaba - Bandra - SEEPZ). "These projects are expected to drive up property prices along their routes. For instance, areas like Mahim, due to its proximity to the Western Express Highway, Bandra-Worli Sea Link, and Metro Line 3, are seeing increased demand for luxury housing. This area, with its aging housing stock, is well-positioned for substantial growth."
The expansion of Mumbai's Metro network, including Metro Line 2A (Dahisar to DN Nagar) and Metro Line 7 (Andheri East to Dahisar East), is transforming daily commutes by reducing traffic congestion and improving travel times. These developments enhance residents' quality of life and productivity.
Additionally, the Coastal Road Project will introduce a high-speed, multi-lane road along the coastline, easing traffic congestion and offering scenic views and recreational spaces. Major redevelopment of the Western Express Highway is underway, including new flyovers, widened lanes, and dedicated bus lanes, further supporting economic growth and accessibility.
As these infrastructure projects advance, they are significantly improving connectivity and functionality, setting new standards for urban living in Mumbai's western suburbs.
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