Concrete investments

Residential complexes equipped with lifestyle amenities have hogged the real estate market in the central suburbs

Sujatha Subraman

House hunters, who do not want to splurge their cash and in desperate search of a dream home can now relax. Recently, residential projects in the Rs 25-40 lakh price range are one of the fastest moving real estate segments in our suburb.
For starters, there’s a much wider choice in terms of locations. A decade ago, the Kanjur-Vikhroli belt, along the central suburbs, was considered inaccessible and unpalatable to any tasteful home seeker. But three years ago, the whole perspective changed after connectivity between the western and central suburbs was established.

The Vikhroli-Jogeshwari Link Road and the Goregaon-Mulund Link Road can be attributed to the infrastructural development of this belt. With flyovers and road improvement projects under MUTP already making headway, its effect on the real estate prices cannot go unnoticed.

The Kanjur-Bhandup makeover comes as a surprise to many. It has now shed the erstwhile industrial tag to emerge as a key location for residential projects. N G Royal Park near Kanjur station, a township by RNA builders, offers health spas equipped with swimming pools, jogging tracks, landscaped gardens and play parks for children. Mahavir Trinkets, near LBS Marg in Kanjur is yet another on-going option offering a clubhouse and gardens within the complex. The under construction projects following Mulund’s success, providing lifestyle facilities are now seen cropping all over the suburb.

Clubhouses, swimming pools, ample of green space, shopping arcades - the list is quite extensive and exquisite. Keeping in mind the health conscious, they offer Jacuzzis, gymnasiums, tennis and basketball courts and jogging tracks in the complex. These very conveniences induce an increasing number of bourgeois to stretch their budget and go in for spacious homes.

The residential townships generally offer an entry-level lifestyle home - a 2BHK flat with amenities and scope for high returns over a few years. Jayshree and Santosh Nair, a working couple, who have booked a 2BHK flat in Joy Homes on the LBS Marg, term it as a ‘sensible choice’.

If property consultants and estate agents like Vijay Jadhav, operating in this belt, are to be believed, it is the bigger pay packages and easy availability of home loans that have fuelled the growth in the real estate market. The real estate sector was literally on fire last year, with demand and prices both surging to unheard levels. Tax benefits, low interest rates on house loans, were the twin supports that have been major players in the scenario. This year too, the budget expectations revolve around these issues.

Viewed from the builder’s perspective, the real estate market is on a fast track as housing is the single most industry fuelling the growth of our economy.

Thousands of Mumbaikars have found their dream homes in the Kanjur-Bhandup belt and that too at affordable prices.

Vinod and Sandhya Godse, who lived in a joint family in Friends Colony, Bhandup, have now acquired a place of their own in the same suburb.

“Moving from here is out of the question. Low rates and peaceful surroundings make this a perfect place for our small family. There is a school, college, market and hospital nearby. In fact everything is within our reach,” they explain.

The neighbouring suburb of Vikhroli is also emerging as a new haven for the middle-class families. This suburb sits as a buffer between Ghatkopar and Powai.

Comprising hills and open spaces, a major chunk of property here is owned by the corporate giant, Godrej. The suburb is changing gradually but still has some of the finest premium projects located in its quiet serene surroundings.

The innate simplicity of Tagore Nagar and Kannamwar Nagar in Vikroli is the first to catch your attention. These MHADA-owned residential colonies score high on the traditional advantages like good schools and hospitals. Udhayachal, Vikas, to mention a few schools and the super-specialty Godrej Memorial Hospital are an easy access for the residents here.

Nita Pandey, a homemaker says, “We have a full-fledged market stretching from Tagore Nagar Group No 1 to 3. Even residents from neighbouring suburbs frequently visit this market.”

Godrej’s Garden Enclave, located on the Eastern Express Highway, is emerging as a habitat for generations to cherish. The Enclave is a cluster of nine towers on the highway, of which, a few with the swankiest amenities, have already been constructed.
A call for redevelopment of old buildings is on a war footing here. Kannamwar Nagar - I has taken a lead in the matter of reconstruction and rehabilitation.

Experienced developers are entrusted with the task of constructing new structure with an addition of six to seven storeys.
Manisha and Manoj Maru, residing in this colony are all excited about their new building. “It will have all the modern facilities and we will get 300 sq ft carpet area as against the original 220 sq ft,” they disclose.

The Vikhroli-Kanjur belt has been a home for many who can vouch for its tranquility and good living conditions. The influx is still on and is bound to be on a rise as more development is on the cards.