South Central Mumbai; the heartthrob of the city of Mumbai as a residential micro-market is undergoing a remarkable transformation, with old buildings making way for luxurious high-rise structures. This rejuvenation is attracting home buyers due to its historic significance and strategic location, making it a prime real estate market.
With a unique blend of rich local culture, exceptional connectivity, and promising infrastructure projects, this area is not just a place to live; it's becoming a lifestyle choice for many, according to Cushman & Wakefield’s Mumbai Residential Q2 2024 report.
In the second quarter of 2024, Mumbai city's residential sector saw launches of 17,514 units. South Central Mumbai submarkets witnessed a notable increase in launches, predominantly from high-end segment projects in areas like Mahim and Dadar.
The newly-operational coastal road (Marine Drive-Worli) and the upcoming Metro Line 3 (Andheri-Cuffe Parade) are enhancing the prospects for redevelopment projects in the South Central and Western Prime submarkets.
The report states that Capital values have seen a rise of about 3-6% across all submarkets compared to the previous quarters, driven by significant progress in infrastructure projects. Enhanced connectivity from the newly operational coastal roads and advanced stages of the Metro Line 3 project is expected to further boost capital values in South, South Central, and parts of the Western Suburbs.
Highlighting the growing demand for housing, Anil Mutha, Chief Visionary & Co-Founder, Nandivardhan Group remarked, “We are seeing a definite trend of people opting to live in the heart of the city. They are looking at living in projects that provide them with luxurious amenities and the convenience of reduced travel time. Thus, areas like Dadar in South Central Mumbai are finding favour among home buyers due to improved connectivity and more realistic property prices.
“The Sewri-Worli Elevated Corridor’s strategic alignment establishes a crucial link between Mumbai Trans Harbour Link and Bandra Worli Sea Link along with the partially operational Coastal Road, ensuring direct and signal-free connectivity between two sealinks. This has enhanced access to northern suburbs and will provide direct access to Navi Mumbai and the upcoming Navi Mumbai International Airport,” added Mutha.
As per Knight Frank India, there's a noteworthy rise in property registrations in August 2024 in areas such as Central and South Mumbai. This indicates a potential diversification within the city's property market.
Discussing the transformative impact of connectivity and redevelopment, Vedanshu Kedia, Director of Prescon Group, stated, “The Mahim-Matunga-Dadar Belt in Central-South Mumbai is experiencing a remarkable transformation as a micro-market. Strategically located equidistant from prime CBDs of BKC and Lower Parel and bounded by two high priced residential markets of Bandra to the North and Worli to the South – showcases the tremendous opportunity for redevelopment in this micro market. Furthermore, the large stock of ageing infrastructure, provides an opportune time for residents to opt for redevelopment. The current redevelopment wave is revitalizing the housing landscape, offering long-time residents the chance to enjoy an enhanced lifestyle, while attracting Mumbaikars in search for a well-priced, yet strategic location.”
Real Estate: Godrej Properties Secures ₹515 Crore Bid For Two Prime Gurugram Plots, Targets ₹3,400 Crore Revenue Potential
South Central Mumbai retains the timeless charm of the old city while exuding a youthful vibrancy. This region offers a harmonious blend of recreational options and social amenities, showcasing a lively social infrastructure that includes inviting diners, trendy cafes, and an array of shopping malls.