MUMBAI: Situated in the Western peripheral area of Mumbai, Mira Road and Bhayandar East are amongst the fastest growing suburbs of the city.
Mira Road offers a host of project choices to the middle and upper middle segment of home buyers. Data with MagicBricks.com indicates that maximum demand and supply of properties are in the range of Rs 20-50 lakh followed by
Rs 50 lakh to Rs 1 crore during the Jan-Mar 2013 quarter.
Mira Road and Bhayandar East offer residential properties at lower values compared to areas such as Andheri, Kandivali and Borivali. Corroborating this, Manoj John, Vice President (Corporate Planning and Strategy) at RNA Corp says, “The demand in Mira Road is a spillover from the Kandivali-Borivali cluster which offers more of upper-mid to high-end housing. Property values on Mira Road are still reasonable and vary from Rs 4,000 to 6,500 per sq ft. Therefore, Mira Road appeals to the middle and upper middle segment of home buyers who look for quality at a convenient price.”
Devang Shah of Arihant Associates says, “In line with the demand, 90 per cent of the builders in this region are offering 2BHK units. There are several residential projects being offered in varying budget ranges. One can get a 2BHK apartment for Rs 60-65 lakh as well as for Rs 1-1.2 crore.”
Developers are quoting prices depending upon the amenities offered. Shree Ostwal Builders Ltd, who have seven running residential projects on Mira Road, is offering 2BHK units for approximately Rs 60-65 lakh. However, Ashish Group is selling a similar unit for Rs 70-80 lakh. Projects by Kalpa Taru and Lodha Builders are valued at Rs 1-1.2 crore for a 2BHK unit.
Those looking for 1BHK units will have to wait for another year or two. “Not many 1BHK units are currently available for ready possession. However, developers such as Gujarat Annapurna Properties, Amar Group and Arcade Group have started cashing in on the demand for these units. Next three years will see fresh 1BHK stock coming into the market,” adds Shah.
While the stretch easily fulfills the needs of a home buyer looking for 2BHK units, 1BHK and premium home buyers will still have to look at other areas in the city to find the right property for them.