Extended Suburbs in Mumbai bring new Prospects for Developers

June 26, 2007	(Be the first to rate this story!)  Loading ...
Print This Story   Email This Story Subscribe Newsletter

Property developers in Mumbai are now eyeing ‘extended suburbs’ for acquiring land to develop residential property and establishing exclusive cum affordable apartments.

Around 5 lakh acres of developable land is largely available for which the flat prices hover between 1,000 sq ft. to 2,000 sq ft. Extended suburbs have come up as excellent alternative to high priced locations in metros to provide housing to masses at down to earth rates, says Anuj Puri, chairman and country head, JLL Meghraj.

Taking extended suburbs on the western suburb of Mumbai, they include the areas beyond Vasai, Virar, Dombival along with Thane on the eastern belt, and Panvel on the harbor route.

Hiranandani Constructions are considering buying large chunks of land in extended suburbs in an effort to provide economical housing to masses. It will be highly beneficial for customers in terms of various options to choose from. At the same time, developers can also make killing by constructing more volumes of residential units, says Niranjan Hiranandani.

Close by heels is K Raheja looking out for land in South Mumbai and the suburbs to provide quality housing. Land in suburbs is quite cheap than in extended suburbs which is why a multitude of builders have lined up for land acquisition in suburbs.

Akruti Nirman has plans to acquire around 500 acres in the eastern and western suburbs spread across Virar, Vasai, Thane, Dombivali, and Panvel to develop residential property and factory outlets on a lease model business.

Lack of infrastructure in extended suburbs is the major reason for low prices of land here. For that reason, there can be no other good alternative for builders than looking forward to these areas.

News Published Under:   Mumbai |

Comments