MUMBAI: Back in 1992, when Basesh Gala, director-marketing and sales, Ravi Group, launched the company’s first project in Mira Road, the suburb was an ignored, passive and a far-flung region of Mumbai. Today, there are several projects which have come up in this area. He explains that “The flats in Mira Road are currently listed in the most wanted residential destinations of Mumbai city.
It is one of the most popular residential destinations on account of its affordability, good connectivity, improving infrastructure and availability of facilities that are needed for a modern day lifestyle. Space crunch and skyrocketing property prices in the city have prompted people to look for affordable housing beyond Borivali. In Mumbai, the belt between Mira Road and Virar has now become a great residential destination for middle-income groups.”
According to Manoj John, VP-corporate planning and strategy, RNA Corp, Mira Road was once known for agricultural land and has eventually transformed into a rapidly developing town. He explains, “The profile of development now also includes premium properties, integrated townships, malls with supporting social infrastructure like schools, hospitals and transport hubs. Mira Road is in close proximity to shopping centres, multiplexes, branded outlets, etc. Today, it has emerged as a hot destination for real estate due to its ever increasing demand for homes and improved civic facilities.”
The demand for housing in Mira Road is a spill over from the Kandivali-Borivali cluster, which has more upper-middle to high-end housing. The belt now appeals to the middle and upper-middle segment looking to buy quality housing at affordable pricing. The average price range of residential property in the Mira-Bhayandar belt is between Rs 6000-8000 per sq ft.
One of the major reasons for the development of Mira Road is the active Mira-Bhayandar Municipal Corporation (MBMC). The belt was once deprived of basic facilities including water supply and electricity. Fortunately, it now enjoys all the facilities including 24-hour electric power from companies like the Tata Group and Reliance and telecom facilities from MTNL, in addition to the private mobile network operators. The development in Mira Road increased multifold when a lot of municipal hospitals and schools started coming up here.
The promising part about the belt is that it has shown substantial growth in commerce and infrastructure over the past few years. The real estate scenario has also witnessed strong transformation with a seamless expansion of development along the western express corridor. The Mira-Bhayandar belt offers easy connectivity to all directions of the city – Mumbai, Thane and Navi Mumbai. The belt enjoys easy accessibility to the western suburbs through the western express highway and to Thane through the Ghodbunder Road. Due to its proximity to Mumbai and better connectivity to Thane and Bhayandar, there has been a significant growth of population in this area.
The growth of infrastructure has had a positive impact on the realty of the area. John informs that “The MMRDA has proposed four-lane roads connecting Gorai and Bhayandar and widening of existing roads. Mahim-Mira Road forms an important fast track bus corridor in the much awaited Bus Rapid Transit System (BRTS). This system, once operational, would ease the pressure on the transportation system considerably. The MMRDA has also developed skywalks near the Mira Road railway station for the convenience of residents. The MBMC has many development plans for the area, including setting up of the sewage treatment plant under the JNNURM, two more fire stations, upgrading the storm-water drain systems, increasing water supply and slum rehabilitation. The strong physical and social infrastructure development has provided the necessary impetus to the housing market growth.”
Gala adds how “The development of the flyover connecting Mira Road and Vikhroli, will improve connectivity to the town. BEST, State Transport (ST) and Thane Municipal Transport (TMT) buses stop at Mira Road. Additionally, many good quality educational institutions like MIIT Institute, Indian Education of Management and Studies, Don Bosco School, etc., have opened up recently. The health sector of the place is also well established, with hospitals like Umrao and Thunga. Malls like Thakur and Maxus have made the belt popular. The best part is that the area has a natural charm along with modern developments.”
All in all, affodable housing facilities, good connectivity, improving physical infrastructure, decent social infrastructure and quality lifestyle, are factors that make the Mira Road belt a preferred destination in the western suburbs.