Mira Bhayander stretch on a high, appreciation expected
Oct 23, 2013
Source : The Times of India


MUMBAI: Prices of residential properties on the Mira-Bhayander stretch – the suburban location in Thane district, have doubled in the past three years on the back of growing connectivity and infrastructure and there is scope for further appreciation in the near future. The locality is administered by the Mira-Bhayander Municipal Corporation (MBMC). A 1,000-sq ft apartment in a multi-storeyed building is available in the range of Rs 75-80 lakhs at present.

Thanks to the western railway and the Western Express Highway, the locality, situated in northern Mumbai, enjoys seamless connectivity to the island city as well as Navi Mumbai. Bhayander is further divided into two parts by the Mumbai suburban railway – east and west. Mira Road has mainly developed on the eastern side. The BEST Undertaking runs an intensive network of buses under the 700 series, which connect Mira-Bhayander with several western and central suburbs of the city. There is also a provision of AC buses plying from Mira Road railway station (east) to the Nehru Planetarium.

According to Vyomesh Shah, managing director, Hubtown, “The prices in the Mira-Bhayander stretch may appreciate by 20-30 per cent in the near future.” He feels that since areas such as Dahisar have touched Rs 10,000-11,000 per sq ft and Kandivali has touched Rs 15,000-16,000 per sq ft in certain pockets, the Mira-Bhayander stretch will enjoy the spillover impact. So, what is the growth potential of this area? Located in Thane district, the location is well-planned, encompassing wide roads and decent physical infrastructure. It is home to more than 8 lakh people, as per the 2011 India Census. As far as economic activity is concerned, the area is led by the manufacturing units.

The presence of a number of projects by prominent developers ensures that there is a wide availability of properties for anyone who is searching for a home. According to Rajesh Goyal, a realtor, this stretch is more of an end-user market and since it is not dominated by investors, the prices rise due to fundamental reasons and not due to speculation. As has become a general trend for areas in and around Mumbai, home buyers mainly look for smaller size apartments – 1-BHK and compact 2-BHK apartments in multi-storeyed buildings. The ratio between end-users and investors has been estimated at 70:30.

“If you are looking for a residential property from an investment perspective, you should look at buildings and multi-storeyed apartments with all amenities and facilities, as that is probably what can be resold faster and at a premium,” Shah signs off.

Latest Realty News

Businessman booked for selling land with forged documents
Oct 23, 2013
AURANGABAD: The Satara police have booked a city-based businessman for allegedly selling a piece of land admeasuring four gunthas located at a prime location in the outskirts of Satara to a Jalna businessman by forging documents of the land.
Opt for Tingre Nagar, for apartments priced Rs 20-40 lakhs
Oct 23, 2013
PUNE: If you have a budget of Rs 20-40 lakhs and you are looking to invest in the eastern suburbs of Pune, then Tingre Nagar could provide you with a number of options. Tingre Nagar, which has a large number of properties available within this budget, is ideal for home buyers who cannot afford nearby locations such as Viman Nagar, Koregaon Park and Kalyani Nagar, where the property prices are relatively higher.
Property owners oppose Greater Mumbai civic body’s tax formula
Oct 23, 2013
MUMBAI: Mumbai-based Property Owners Association is going to challenge the Municipal Corporation of Greater Mumbai’s recently revised basis and method of property tax computation
LIC HFL reduces home loan rates by 0.25%
Oct 23, 2013
MUMBAI: Housing finance company LIC Housing Finance (LIC HFL) today said it has reduced home loan rates by 0.25% with effect from October 15.
NSEL accused face attachment of property
Oct 23, 2013
MUMBAI: National Spot Exchange Ltd’s promoters, directors and defaulters now face attachment of movable and immovable properties from the economic offences wing (EOW) of the police here, in connection with the Rs 5,600-crore payment disputes case.
Know the tax benefits of house rent
Oct 23, 2013
MUMBAI: As the real estate prices in metro cities continue to remain high, many salaried individuals either prefer or are compelled to stay in rented houses. Many are postponing their decisions to purchase a house, given the increasing interest costs. In such cases, tenants should know the tax exemptions they can avail of by staying on rent.
Poor quality retail space affecting retail real estate: Experts
Oct 22, 2013
MUMBAI: The poor quality of retail space, regulatory issues and subdued economic growth are holding back international retailers from expanding their presence in the country, say experts.
22nd property expo comes to an end
Oct 22, 2013
MUMBAI: Deepak Vasantrao Kesarkar – Member of Legislative Assembly, Govt of Maharashtra visited the MCHI-CREDAI 22nd Real Estate and Housing Finance Exhibition earlier today.
Kalpataru Group, Oberoi Realty, Runwal Group and Lodha Group in final lap for Clariant's plot
Oct 22, 2013
MUMBAI: Speciality chemicals maker Clariant Chemicals has shortlisted four Mumbai-based real estate developers for selling its 87-acre land parcel in Thane, three people familiar with the development said.
Bombay High Court tells Centre, FMC to inform whether they can regulate NSEL
Oct 22, 2013
MUMBAI: The Bombay High Court today asked the Union Ministry of Consumer Affairs and commodities regulator Forward Markets Commission (FMC) to inform it if they had powers to regulate the scam-hit National Spot Exchange Ltd (NSEL), by Friday.

Latest Realty News Of State

Realty Talk's