Top 5 most Favored Neighborhoods in Mumbai

Mumbai maintains its leading position in the Indian real estate market in terms of fresh supply. The world-class infrastructure, career prospects, and ease of living draw homeowners from a wide range of locations, which developers capitalize on. Which regions, though, do investors still favor? The top five neighborhoods in Mumbai with the most residential transactions and price increases of between 5 and 20 percent year over year are shared by navimumbaihouses.

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Mumbai saw a remarkable increase in the number of new residential developments compared to the first half of FY 2021, with a 70 percent increase in project launches and transaction closes in the first half of 2022–2023. Approximately 17,500 home transactions were recorded annually in the quarter that ended in September 2022. With more than 20 percent of all transactions going to these five property markets—Dadar-Wadala, Andheri, Powai, Mulund, and Kandivali—remain the most sought-after neighborhoods in Mumbai.

Localities in Mumbai record the highest sales YoY

The Dadar-Wadala

Dadar-Wadala is a desirable residential zone, situated roughly 14 km from the Mumbai International Airport and 10 km from Bandra Kurla Complex (BKC), a significant commercial area. The housing hub continues to draw in developers and buyers alike thanks to its good road network, strong railway and monorail connections, and impending Mumbai Metro connectivity and ISBT. Through the Anik Panjarpol Link Road (APLR), which is close to Wadala, the Eastern Freeway also links the P’D Mello Road in South Mumbai to the Eastern Express Highway.

As preparations are made to turn Wadala into a major commercial center, prestigious builders such as Godrej Properties are stepping up to provide upscale one-, two-, and three-bedroom apartment alternatives. Nearly 60% of the area’s inventory, according to navimumbaihouses, is priced more than Rs 2 crore. Around Rs 24,000–37,000 per square foot is the average price of a residence along this stretch, having increased by up to 10% over the previous three years.

From April to September of 2022, Wadala East saw over 430 residential transactions. The area, which is in the epicenter of multiple developments such as the construction of an Interstate Bus Terminal (ISBT), connectivity to the BKC Chunabhatti Flyover, and a projected water tunnel, is anticipated to experience an increase in demand for housing due to the social-physical infrastructure enhancements.

The neighborhood has a number of educational facilities, parks, dining options, lodging options, and shopping centers. Five kilometers is the famed retail district in Dadar, a haven for shopaholics. Visitable retail destinations include the International Market and Hawker’s Plaza Market. In addition, residents of Sewri, a neighborhood that borders Wadala on the south, have access to Sewri Fort, a well-liked tourist attraction, and stunning views of Sewri Creek. The creek is a favorite spot for flamingos and features sizable mudflats.

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Powai

According to data from navimumbaihouses, Powai recorded about 650 residential transactions throughout a year. This neighborhood’s close proximity to business districts, easy access via the train station, and well-established social infrastructure distinguish it from other neighborhoods. After a 15% increase over the previous three years, the average price of a home in Powai is currently about Rs 25,200 per square foot. Approximately 45% of the available residential stock consists of 2 BHK flats, which are the most sought-after, followed by 3 BHK apartments. The area’s popularity has also been aided by the presence of reputable developers like Hiranandani Developers, Nahar Group, and LNT Realty.

Powai is anticipated to get three metro stations—Powai Lake, IIT Powai, and Kanjurmarg (West)—when the Pink Line (Line 6) of the Mumbai Metro is completed, which will accelerate the area’s expansion.

Social amenities close to Mumbai’s favored neighborhoods

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West Andheri

Together, Andheri has completed around 900 transactions this year. With more than 550 deals, Andheri West has fared far better than its eastern cousin.

Over the course of five years, Andheri West has seen price appreciation of more than five percent. About 45% of the stock consists of 2 BHK units, the majority of which are priced over Rs 2 crore. Between April and September of 2022, the neighborhood saw about eight new releases, and the average price of a property there was Rs 27,000 per square foot. Among the well-known developers offering housing societies to buyers are Oberoi Realty, Lokhandwala Construction, and Kalpataru Limited. When Metro Lines 6 and 2A are operating, the micro market’s connectivity should greatly increase. Furthermore, with the construction of a bridge connecting Versova and the Bandra-Worli Sea Link, efficient vehicle connectivity is anticipated.

Mulund West

Mulund, a suburb of Central Mumbai, experienced over 450 residential transactions from April to September 22 and offers flats ranging from mid-segment to luxury. In the same time frame, the area saw the debut of about five new projects, according to statistics from      navimumbaihouses. The average cost of purchasing a home in Mulund West is approximately Rs 19,400 per square foot, with property values rising by about 20% over the previous five years.

1, 2, and 3 BHK apartments make up the majority of the residential stock in this area, which is equally divided and priced between Rs 1 crore and Rs 2 crore. Builders in the region that provide housing societies include Runwal Developers, Srishti Group, and Piramal Realty. The consistent availability of ready units, a dedicated train station, and an anticipated metro station at Mulund Fire Station on the Lawanda-Kasarvadavali Line have all contributed to the micro market’s expansion.

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West Kandivali

The developed micro market known as Kandivali is divided into two main categories: Kandivali East and Kandivali West. Nearly 800 homes have been sold in the area year over year, and between April and September of 2022, 23 new residential developments have opened. On closer inspection, nevertheless, Kandivali West has shown to be a popular location with over 450 transaction closures.

Kandivali West, which is home to the renowned Charkop Industrial Estate and has its own metro station called Dahanukarwadi on Metro Line 2A, is well-liked by both renters and buyers. Property prices in this area have increased by almost 20% over the past five years, to approximately Rs 18,000 per square foot. The majority of the apartments here are priced between Rs 50 lakh and Rs 1.5 crore, with 1 BHK and 2 BHK units accounting for over 85% of the total inventory. Investor confidence is anticipated to increase further as a result of the anticipated Coastal Road development, which will enhance the region’s connectivity to Marine Lines.

With nearly 900 areas, it is not surprising that Mumbai’s micro markets see a lot of activity all year long. In addition to the previously listed areas, Sardar Nagar, Malad West, and Kanjurmarg West have each recorded over 300 transactions. The majority of organizations have embraced a mixed work model, which may have contributed to the rising home demand and the consistent sales momentum. However, before making an investment in a neighborhood that suits their wants and lifestyle, purchasers must conduct the required research.

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