· Eastern Suburbs accounts majority of new launches with 25% in Q2 2021
In 2006, buoyant on-demand to convert defunct industrial properties for commercial and residential development, Lal Bahadur Shastri Marg or LBS Marg, on the eastern fringes of Mumbai, witnessed a sudden increase in real estate expansion.
Notwithstanding, the LBS Marg conversion from an industrial zone to a mixed-use district had started six years before the property boom in this belt. The stretch is a 21 km long, major arterial road that connects Sion in Mumbai with the neighbouring Thane. It passes through thickly populated areas of the eastern suburbs where lakhs of vehicles ply daily. The authorities are tackling this congestion through the LBS Road widening project.
Commenting on the transformation of this stretch, Mr. Cherag Ramakrishnan, Managing Director, CR Realty said, "Earlier an industrial hub, the LBS Marg stretch from Kanjurmarg to Mulund has completely transformed into a most coveted residential destination. The employment catchment areas of Powai, Vikhroli, Airoli, and Thane are also in close proximity to this location. With the upcoming Metro 4, the location is undergoing a residential, commercial, and infrastructural metamorphosis that has spurred the interest of end-users and investors alike."
LBS Marg has several malls, apartment complexes and corporate offices along the way. Some of Mumbai's most prominent malls including Phoenix Market City at Kurla, the largest shopping mall in India, occupy this route. Bhandup has Asia's biggest water filtration plant and was also one of the first railway stations in India whereas Kanjurmarg railway station gives access to IIT Bombay, Hiranandani Gardens and Powai. Offices of several IT firms, corporates, and some notable residential complexes as well are located here. The Kanjurmarg, Bhandup, Mulund corridor covering the entire stretch of LBS Road has been positively impacted due to the development. It comprises an upwardly mobile, educated, middle-income group engaged in business and white-collared jobs.
Speaking about the development in the region, Mr. Saurrabh Runwal - Associate Director, Runwal Group said, "Due to the upcoming infrastructure projects like the Metro and GMLR, the real estate market on the LBS Road is witnessing a significant transformation making it a landmark address. The location is well-affiliated with the rest of the city via Eastern Express Highway, suburban railway stations apart from having close proximity to workplaces, schools, and colleges. The region experiences seamless connectivity which will make your daily commute hassle-free and convenient. Specifically, in Mulund, the real estate projects are also naturally gifted with the breathtaking views of the Yogi Hills which elevates the contemporary lifestyle making it a truly blissful living."
Located along LBS Marg is the flourishing area of Mulund, the only planned suburb of Mumbai. Nestled in the foothills of the Sanjay Gandhi National Park, it accords easy access to the Eastern Express Highway and Navi Mumbai through the Mulund-Airoli Bridge. The other major road development is the Mulund-Goregaon Link Road that will connect Film City in Goregaon to the Eastern Express Highway in Mulund. It will reduce the traffic on the JVLR considerably.
Commenting on the advantage of this suburb, Ms. Shraddha Kedia-Agarwal, Director, Transcon Developers said, "This suburban area is known for its seamless connectivity and the ever transforming infrastructure. Today, it is connected to every city corner, reducing travel time through most modern infrastructure projects in Mumbai. Further, the Metro and GMLR will ease and enhance the connectivity to almost all parts of the city. The location especially towards the Mulund end provides panoramic vistas of the hills with enchanting green surroundings as it is located on the foothills of one of the largest urban reserve forests in the world. Also, housing the city's finest healthcare and educational institutions, the suburb has become one of the most preferred locations for residential, commercial and recreational spaces."
According to JLL India, new launches in the Mumbai residential market increased by 33 percent to 6,143 units in the second quarter of 2021 from 4,616 units in the first quarter. The eastern suburbs accounted for 25 percent of the new projects, followed by the western suburbs with 22 percent.
Considering the overall real estate trends in Mumbai and factoring in affordability, infrastructure and connectivity, the LBS Marg corridor offers good returns on investment and is likely to see rapid growth in real estate development in the future.