Mira Road Becomes Most Anticipated Real Estate Hubs of Mumbai
Being the part of Mumbai Metropolitan Region, Mira Road is positioned on the north of Mumbai. It has become one of the leading investment destinations in MMR. Mira Road is located on the western route of Mumbai suburban rail network and it enjoys close connectivity to Thane, Navi Mumbai and Mumbai. It is operated under Mira Bhyandar Municipal Corporation. Bhayandar and Mira Road have been developing frequently into residential suburbs as several manufacturing industries are closely located and Mira Road has great connectivity to Mumbai. A lot of developments have been done on the eastern part of railway line and the western part is well covered with salt pans and mangroves.
Naya Nagar, Lodha Complex and Shanti Nagar are some of the well known residential locations in Mira Road. On average, the apartments are priced around Rs. 7300 per sq. ft. in Mira Road. Despite the inferior investment sentiments in residential real estate, Mumbai has still managed to grow. A lot of infrastructure projects are planned to develop across MMR by the Maharashtra Government. These projects also include Coastal Road Project to extend from Kandivali to Nariman Point along with Navi Mumbai Airport and they have been driving the real estate prices in such areas.
The plans of state government to build Mumbai a gaming and animation hub will give huge impetus to employment creation and opportunity. It would lead to huge upsurge in housing demand. From April to June 2015, there was a significant drop in the number of individuals buying homes in Mumbai Metropolitan Region. Mumbai has always been the market where real estate prices have been appreciated well and they have witnessed the decline in the investment sentiment. Despite poor sentiments and sales, the housing prices have been unaffected. In fact, the properties are going unaffordable for most home buyers.
According to a recent research, a lot of homebuyers choose Navi Mumbai and western suburb to live in. A lot of prospective buyers are looking forward to see reduced housing prices. There are several home buyers settle in the range of Rs. 20 Lakh to Rs. 40 Lakhs.
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