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Reasons To Buy Property In Mira Road

Posted by Admin on January, 07, 2014

With well developed connectivity, infrastructure and availability of residential properties within a budget range of Rs 40-50 lakhs, Mira Road has been on the radar of several home buyers. So, what drives the realty market in this suburb? Let’s delve a little deeper to find out the reasons that prompt home seekers to flock towards this location.

Affordability

At a time when residential prices are going beyond the purchasing power of the common man in Mumbai, Mira Road offers respite to thousands who dream about owning their own home in the city. As per our study, maximum availability in the locality is for properties between Rs 40-50 lakhs, followed by Rs 50-60 lakhs budget range. “These are far less, as compared to the prevailing residential values in neighbouring localities of Andheri, Malad, Kandivali and Borivali. People who can’t afford to buy a property in these areas, shift their interest to Mira Road,” says a Leading Associates. Data also shows that the prevailing property prices in Mira Road hover around Rs 6,000-7,000 per sq ft whereas in localities such as Andheri, the property values have gone beyond Rs 15,000 per sq ft.

Location

As per the Reasearch & Survey , localities in the western suburb are in vogue amongst home buyers. Thus, any locality that forms a part of the western suburb, commands high interest from the buyers. Mira Road scores on this aspect as well.

Connectivity

Being located in the suburbs can sometimes act as a dampener for the real estate development and occupancy in the locality. However, due to the well established connectivity to all parts of the city, be it Mumbai, Thane or Navi Mumbai, residential demand in Mira Road has never experienced a dip. Mumbai, Thane and Navi Mumbai, are easily accessible through the Western Express Highway, Ghodbunder Road and the western line of Mumbai’s suburban railway.

Infrastructure

The existing social infrastructure in the locality, adequately takes care of the basic needs of the residents. For instance, several schools such as the Seven Square Academy, Sardar Vallabhbahi Patel Vidyalaya, Niranjanlal Dalmia High School, etc., hospitals such as Sidhivinayak Hospital, Shiv Om Hospital, Bhakti Vedanta Hospital, etc., are present that cater to the basic needs while malls offer respite to shopping freaks. Physical infrastructure in the locality is also well developed.

a Leading Property Analyst, says, “The metro is coming up in the locality and the drainage system is going through a major change. There are plans for setting up a new sewage treatment plant, upgrading storm-water drain systems, increasing water supply and slum rehabilitation in this area.”

The proposal of a four lane road connecting Gorai and Bhayandar has been an important development. The widening of the existing road by the MMRDA is another development. Also, the Mahim Mira Road Bus Corridor, which is a part of the Bus Rapid Transit System of Mumbai, is another feather in the cap for the region that lures property buyers. The MMRDA has also developed a skywalk near Mira Road railway station to offer more convenience to residents.

What is available?

The housing inventory in the locality largely consists of multi-storeyed apartments, forming nearly 95 per cent of the supply. This indicates that out of every 10 housing units in the locality, at least nine, are within a multi-storeyed project. 2-BHK units are the most supplied configuration, followed by 1-BHKs. “1-BHKs are mostly in demand and range between Rs 35-50 lakhs for unit size of 500-650 sq ft. 2-BHKs cost above Rs 50 lakhs for unit sizes ranging between700-1050 sq ft,” says statistics, Mira Road offers the second highest supply of 1-BHK units, second only to Kandivali east.



This entry was posted on January, 07, 2014 at 20 : 10 pm and is filed under mira road realestate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response from your own site.


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