Property prices in Mumbai and its metropolitan region have increased by 35% in the last two years, says a study conducted by a real estate portal. Dombivli and Ghodbunder Road in Thane region witnessed the highest price rise of 66% and 54%, respectively while South Mumbai received a lukewarm response.
The study conducted by 99acres.com revealed that all prominent localities in Mumbai and its peripheral region witnessed double digit percentage price rise between 2010 and 2012.
According to the survey, Dombivli (E) registered almost 66% price rise while Ghodbunder Road, Thane (W) and Kalyan (W) witnessed 54%, 50% and 49% rise, respectively. Kamothe and Nerul in Navi Mumbai saw 54% and 45% price rise, while Panvel witnessed 29% appreciation in its property prices.
Shailesh Puranik, managing director of Puranik Developers, said, “Thane and Ghodbunder Road is the central point in the Mumbai metropolitan region. It connects the western and eastern suburbs resulting in high demand of houses and rise in property prices. At Ghodbunder Road and Dombivli a buyer can get good quality houses at reasonable prices with ample amenities. The civic infrastructure has also improved significantly. Therefore these locations are most sought by buyers.”
On the other hand, properties in south Mumbai saw only a marginal rise. Parel and Worli witnessed just 17% and 12% increase. Juhu registered a 39% price rise while Bandra (W) and Khar witnessed 28% gain.
Atul Nemade, a real estate expert said, “South Mumbai will not see the price rise. They will remain stable or see marginal growth. If more redevelopment projects gets approved, then prices may decrease slightly. The Navi Mumbai airport which has been delayed is affecting the growth of Navi Mumbai.
Further, there is no clarity on the redevelopment policy of Navi Mumbai’s dilapidated houses and the aviation ministry is also spending a lot of time to issue the approval for its adjoining site projects. Nevertheless, Navi Mumbai will remain one of the best locations for buyers in the future,” he said.
Bhandup (W), Mulund (W), Powai and Mira Road witnessed price appreciation within the range of 44% to 49%. Vineet Singh, business head of 99acres.com, said, “The survey clearly indicates that high investment return corridors are slowly shifting towards the north end of the city. With better infrastructure and connectivity, areas located in the northern belt of the city are giving better returns.”