Witness 13% Growth in Property Registrations for first 10 months of 2024
Mumbai’s real estate landscape is witnessing a notable shift, with the Central suburbs emerging as a sought-after hotspot for residential and commercial developments. This growth is driven by factors such as available land for development, competitive affordability, and superior connectivity to key areas within the Mumbai Metropolitan Region (MMR), Thane, and Navi Mumbai.
As per Knight Frank India, Central Suburbs saw a growth in market share in October 2024, rising from 29% to 31%, reflecting a shift in buyer preference towards these areas. According to the data, the Mumbai Central Suburbs recorded 1,18,537 property registrations during the first ten months of 2024 (January to October 2024), marking a 13% increase compared to 1,04,916 registrations in the same period last year (January to October 2023).
Mr. Navin Makhija, Managing Director of The Wadhwa Group, remarked, “The Central Suburbs of Mumbai are rapidly transforming into a coveted investment destination, driven by significant infrastructure developments such as the Metro expansions and improved road connectivity. The area’s evolution is marked by an influx of upscale residential projects of large scale where community living is the biggest focal point which western suburbs have limited projects which also offer a lucrative blend of luxury and convenience. Central suburbs have close proximity to BKC, Navi Mumbai and South Mumbai via the Freeway has helped the location immensely. In particular, Mulund and Nahur in eastern suburbs stand out as a micro-market with its unique blend of urban charm and green living. We recognized the untapped potential here, making it a focal point for our future developments. As infrastructure enhancements and lifestyle amenities continue to evolve, the region’s appeal is increasingly becoming synonymous with both luxury living and promising investment opportunities.”
The Central suburbs’ affordability, compared to the skyrocketing prices in South Mumbai and western suburbs, has positioned the region as a preferred choice for middle-income homebuyers and investors. Properties in Mulund and Chembur, for example, offer significant value at more reasonable rates, making the area accessible for first-time buyers and attractive for rental investments.
Mr. Nishant Deshmukh, Founder and Managing Partner of Sugee Group, shared, “The emergence of the Central Suburbs as a prime investment hub is a testament to its robust growth in both the residential and commercial sectors. The region’s transformation, fueled by comprehensive redevelopment projects, is turning it into one of Mumbai’s most desirable investment destinations. Our redevelopment initiatives, especially in Mulund, not only enhance the housing stock but also bolster the region’s real estate value, making it an attractive investment hub for long-term growth.”
A spokesperson from Chandak Group commented, “Mumbai’s Central Suburbs are increasingly becoming a sought-after real estate destination, offering excellent connectivity, modern infrastructure, and significant growth potential. Areas like Chembur with their strategic location and robust development stand out as a promising micro-market. As demand for residential and commercial spaces rises, we are excited to be part of this dynamic transformation, delivering quality developments that cater to the evolving needs of the market.”
Connectivity remains a cornerstone of the Central suburbs’ appeal. The area is well-integrated with rail, road, and metro networks, offering seamless access to commercial hubs such as Bandra-Kurla Complex (BKC), Lower Parel, and Nariman Point. Upcoming projects like Metro Line 4 promise to further enhance this accessibility.
Mr. Govind Krishnan Muthukumar, Managing Director & Co-Founder of Tridhaatu Realty highlighted, “The transformation of the Central Suburbs into a premier real estate investment destination is fueled by the area’s continuous infrastructural enhancements and its strategic location. This suburb offers a compelling blend of cultural heritage and contemporary lifestyle, making it an excellent choice for real estate investments. Our developments, especially in Chembur, are centered around creating communities that are self-sustaining, with ample amenities and facilities that cater to the diverse needs of our customers, making every investment worthwhile.”
Mr. Samyak Jain, Director of Siddha Group commented, “Central Suburbs’ rise as a prime investment hub in Mumbai is driven by its evolving landscape and the burgeoning demand for quality housing. The area’s excellent connectivity to the commercial hubs and upgradation of social infrastructure, with spacious apartments at competitive prices, make it ideal for families and professionals alike. This makes it not just an ideal place to live, but a prudent investment opportunity that promises substantial appreciation in the near future.”
With continued infrastructural enhancements and government focus on developing economic corridors, the Central suburbs are on the brink of further growth. Their strategic location and robust connectivity make them ideal for investors looking for high returns and homebuyers seeking value-driven living options. As infrastructure projects materialize and lifestyle amenities flourish, the Central suburbs are positioned to become the nucleus of Mumbai’s real estate growth.
