MMR’s Top Transacted Property Site is Mira Road East
Mira Road East, as being one of the fastest-growing neighbourhoods in the Mumbai Metropolitan Region (MMR), has seen its real estate prices fluctuate throughout the years.
Nonetheless, by 2021, it had become MMR’s most popular residential area. So, what’s the story behind this sudden increase in residential activities during the period? Allow me to explain.
Buying a home has risen in importance in the aftermath of COVID. People would be willing to stretch their finances and move from rented apartments to their own homes. Mira Road East offers reasonably priced alternatives without sacrificing accessibility in MMR, wherein property prices are astronomical.
The area is becoming a hub for real estate investment due to better proximity to essentials, transportation, and recreation. Mira Road East is located away from the hustle and bustle of the city and offers relaxing vistas and solitude, making it a great location for homeowners looking for peace.
Furthermore, with the continuing building of the coastal road extension from Nariman Point to Kandivali, as well as the anticipated Metro Line 7’s link, Mira Road East is poised for continued development and economic growth.
According to Square Yards analysis, there were 4,410 real estate transactions on the ground in H1 2021. Given COVID-19’s devastating influence on numerous areas of the economy, this is a substantial amount. In the first half of 2021, property prices increased by 0.6 percent (approximately) over the same period in 2020.
How Much has the market Valuation of Mira Road Property Changed Over The years?
Each alteration has a backstory to it. Below is a quick look at Mira Road’s background.
Mira Road East had a long time to develop as a residential neighbourhood after 1947. Many builders were hesitant to expand it as a residential or business area because it was primarily agricultural terrain.
Builders, on the other hand, began creating townships around 1980. After a decade of planning, the Mira-Bhayandar Municipal Corporation (MBMC) completed a critical plan in Mira Road that connected highways, railroads, healthcare facilities, universities, and other essential amenities. Residential demand as well as quick development were drawn to Mira Road as a result of these initiatives.Often fluctuating real estate price patterns in the suburbs reflect the city’s expansion and socio – economic changes.
During 2016 to 2019, average capital values in Mira Road East increased by over 13%, between Rs 7,400/Sq. Ft. to Rs 8,500/Sq. Ft. A rapid rise in the suburb’s facilities, combined with rising real estate demand among homeowners, resulted in an upward movement in property rates. Furthermore in contrast, Mira Road East’s real estate prices have increased as a result of the low cost of living.Instead, the COVID-19 epidemic caused a significant drop in the real estate market in 2020 and 2021. Overall average real estate prices per square foot in Mira Road East fell by almost 2% in 2019 compared to the previous year. Specify the time frame.
Aspects of Development
Mira Road East is rapidly developing and expanding economically as a result of its manufacturing industry and proximity to future townships. Whereas the suburb has anticipated the transformation, the west side remains engulfed in salt pans and mangroves. As a result, there are still new opportunities for commercial real estate rates to rise in tandem with residential property rates.
Along Mira Road East, there are numerous ongoing core initiatives. Physical interconnection among stations, highways, and roads would be improved as a result of these developments. In fact, universities, major universities, and institutions are all within 8–10-minute walkable distance (approx.).
A budget of Rs 19,000 crores was also approved by the state cabinet for significant metro projects. The MMR will be covered by these metro developments.
Some stations out of which metros will depart are listed below.
- Metro 7 (through Mira Road) connects Dahisar and Bhayandar.
- Metro 9 – Subhash Chandra Bose Stadium to Dahisar East
- Metro 10 connects Thane’s Gaimukh and Shivaji Chowk via Mira Road.
- Wadala to Chhatrapati Shivaji Maharaj Terminus (Metro 11)
- Metro 12 connects Kalyan and Taloja.
- These initiatives are projected to have a positive impact on Mira Road’s real estate price trends.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.