Mumbai’s Real Estate: The Growing Appeal of the Eastern Suburbs

Mumbai, the bustling financial capital of India, always catches the attention of people from various walks of life for its growing economy, cultural richness, and diverse demographics. As a result, the real estate market in Mumbai is one of the fastest-growing and most prominent markets in India.

Traditionally, South Mumbai or the central business district (CBD) has been the preferred location for real estate investment. However, the scenario is changing. Eastern suburbs such as Chembur, Ghatkopar, Vikhroli, Mulund, Kanjurmarg, and Bhandup are getting traction among developers, investors, and homebuyers. These areas have fast emerged as the new middle-class hub and are attracting a significant share of homebuyers, looking to capitalize on lower land rates, better connectivity and infrastructure, proximity to commercial hotspots, and greener surroundings.

The burgeoning infrastructure of the eastern suburbs, proximity to commercial hubs, and upcoming connectivity projects have proven transformative to Mumbai’s Eastern Suburbs. Mumbai Metro, which is expected to be extended to the eastern suburbs of Ghatkopar, Kanjurmarg, and Bhandup, and the upcoming Goregaon-Mulund link road, are some of the infrastructure projects that have infused immense growth in this area.

According to a report by real estate developer and consulting firm Knight Frank India, the eastern suburbs are witnessing a significant demand for residential properties owing to the focus on infrastructure development, improving the overall livability of the area. The report also stated that several educational institutions and healthcare facilities have undergone significant expansion in the eastern suburbs, making the area more desirable for real estate investments than ever before.

Moreover, the rental yields of the eastern suburbs are consistently attracting potential investors. Areas like Mulund and Ghatkopar offer a rental yield return of 3-4%, which is relatively higher compared to the rental returns of other locations in Mumbai. The affordable real estate rates in areas like Bhandup and Vikhroli are also attracting millennials, who are looking for dream homes in the pocket-friendly price range.

In conclusion, Mumbai’s Eastern suburbs are slowly emerging as a lucrative hub for the potential homebuyers and investors, providing better living standards, lower real estate rates, infrastructural developments, and upscale residential projects that cater to every stratum of society. With excellent transportation links, excellent healthcare infrastructure, and impetus on education and business, the eastern suburbs are poised for a brighter real estate horizon.