Mumbai’s Wadala Becomes Hottest Realty Investment Suburb: Report Says
The Chembur and Wadala suburbs of Mumbai and Ulwe in Navi Mumbai are some of the hottest residential suburbs of India for realty investment. The property rates in these suburbs are expected to rise up by 125%, 133% and 145% over the five years, according to Knight Frank India. The property consultants have recognized 13 locations across the cities of NCR, Mumbai, Chennai, Bangalore and Pune as the hottest investment destinations in India. The property rates are ranging from Rs. 3200 per sq. ft. to Rs. 15000 per sq. ft. and the appreciation of prices are estimated to rise up by 91% to 145% and residential real estate will be emerging as the leading asset class over the next five years to come, according to a report released by Knight Frank.
The western region of India has great number of promising options for residential investment in four areas in Pune and three in Mumbai. The performance of IT industry in India will have great bearing in real estate markets of Chennai, Bangalore and Pune. The direction of employment opportunities and infrastructural growth in the city are the major factors affecting the growth of real estate market. The report of Knight Frank is estimated on the assessment of several real estate factors like physical infrastructure, employment opportunities, and land availability, access to social infrastructure and connectivity to several major and upmarket locations.
When it comes to locations, the realty market of the city would significantly grow in the north east and Chembur, Ulwe and Wadala are going to be the largest beneficiaries of this significant growth. The growth in property prices in these suburbs would definitely exceed the growth in other major regions of the country. Both Chembur and Wadala will be benefiting with their proximity to premium commercial markets and forthcoming projects like eastern freeway project and monorail project. Ulwe will be benefiting with the upcoming Seawood-Uran rail network, according to the reports. The city will enjoy huge commercial activity which will give 63% rise in office stock over the next five years to come. The largest residential market in India, NCR is the tough competitor of Mumbai when it comes to leading residential suburbs for investment.
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