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Mumbai to Conduct Property Exhibition in April

The Maharashtra Chamber of Housing Industry (MCHI), the association of real-estate builders and developers are to conduct Property 2009, touted as the largest property exhibition of the season in Mumbai between April 9 and 12. According to a press release from MCHI, the fair will offer the best opportunity for every home buyer. This mega exhibition will be on at the MMRDA Grounds, Bandra Kurla Complex, between 11 a.m. to 8 p.m. Property 2009 will be a one-stop destination offering a wide range of affordable properties to suit all budgets. Lifestyle residential properties, budget homes, second homes, commercial properties ranging from Rs 5 lakh to Rs 5 crore along with various home loan options from leading financial institutions, the release said.

Property 2009 is an ideal option to reach out to the end-users all across Mumbai with properties from Island City, Western/Central Suburbs and beyond, including Thane, Mira Road, Vasai, Virar, Kalyan, Dombivli, Navi Mumbai, Panvel, Karjat, Pune, Lonavala and other cities such as Bangalore, Nagpur, Nasik and Goa, the release said. MCHI was formed in 1982 brings together real-estate developers to address issues facing the industry. Members of MCHI account for 80 per cent of new residential accommodation in Mumbai and its vicinity. With over 400 member builders and developers, MCHI is affiliated with leading industry associations such as FICCI, IMC and CREDAI.

Suburbs in Mumbai continue to see significant development with new areas set to take centre-stage in the real-estate market. The international property consultant Jones Lang LaSalle Meghraj points to the prevailing trends. In Mumbai’s real estate scenario, the suburban landscape has its stars as well as bit players that are gearing up for centre-stage. Among the stars, in Bandra (W), the rates range around Rs 15,000 to 45,000 a sq.ft in the area which has been an attractive destination, thanks to its high-end properties, sea link connectivity, good shopping and lifestyle embellishments such as restaurants and recreation facilities, and schools and colleges

Kandivali (W) costs around Rs 4,000-6,000 a sq.ft; Kandivali (E) Rs 5,500-7,000 and Borivali Rs 4,000-6,000. These areas are increasingly favoured because of their pricing and the convenience of shopping malls, educational and healthcare facilities and train connectivity. Mulund and Vikhroli are also budget locations that are relatively less congested than areas of Mumbai. They have the advantages of good road and rail connectivity to the hinterlands and also town-side, as well as a suitable bouquet of shopping malls and hospitals. Rates per sq.ft: Mulund — Rs. 4,500-7,500; and Vikhroli — Rs 5,500-7,500.

Thane ranks high on general infrastructure, affordability in terms of properties by reputed developers, and the fact that it is its own workplace catchment on many levels. The rates: Rs 3,000-6,000/sq.ft. Navi Mumbai is a planned city with good infrastructure and its own distinct culture and lifestyle. Property rates are favourable, and there is a good range to choose from. Vashi — Rs 3,500-5,500/sq.ft; Kopar Khairne — Rs 3,000-3,500; Airoli — Rs 2,500-3,500; Sanpada — Rs 3,000-4,000; Nerul — Rs 3,000-4,000; Kharghar — Rs 25,00-40,00; Kalamboli — Rs 2,000-2,400; and Panvel — 2,000-3,000. Mumbai’s suburban growth potential does not end with the currently established locations. The area beyond Panvel is developing rapidly, with a hallmark being Reliance’s Maha Mumbai mini city project.

There are also many other developers in the fray, and this area is eventually bound to emerge as a suburb in its own right. Kalyan and Dombivili are increasingly becoming connected to the rest of Mumbai and will figure high on the radar before too long. Bhayander, Nalasopara and the Vasai-Virar region are also ramping up to become extended suburbs of Mumbai. Rates per sq.ft: Dombivali — Rs 2,500-3,200; Kalyan — Rs 2,500-3,200; Bhayandar — Rs 2,200-2,800; Vasai — Rs 1,500-2,500; and Virar — Rs 1,800-2,400.

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