Infrastructure projects near Wadala in Mumbai are driving the real estate market in the area. Initially, Wadala gained prominence as a residential destination because of proximity to the Bandra-Kurla Complex (BKC). However, with several infrastructure initiatives such as the Chembur-Wadala monorail and the Eastern Freeway, Wadala saw a rapid increase in housing demand, resulting in the doubling of property rates over the past three years.
The Kurla-Santa Cruz flyover, Anik-Panjarpol link road, Byculla bridge and Masjid bridge have improved connectivity to Wadala. The monorail project has improved accessibility to the eastern and south-eastern regions of Mumbai. Until recently, only the western region of Mumbai had attracted significant infrastructure and real estate development. However, this has changed with commencement of the monorail, coupled with the Eastern Freeway. The planned rollout of phase-II of the monorail will help improve connectivity of this area with Lower Parel, the other emerging Convention on Biological Diversity of Mumbai. This phase should become operational by 2016. This will link Wadala with Lower Parel, Jacob Circle and Mahalaxmi.
Besides, the presence of numerous quality educational institutes in Wadala such as Veermata Jijabai Technological Institute, Khalsa College, the University Institute of Chemical Technology, Dr Ambedkar Commerce & Law College and SNDT Women's University drives the demand for residential properties. Wadala also houses some renowned hospitals such as BPT Hospital and Aditya Jyoti Eye Hospital. Besides, there are many retail and entertainment options such as IMAX, Star Mall, Inox and Manish Mall in the proximity.
A decade ago, property prices at Wadala were as low as Rs 2,800 sq ft and rose to Rs 14,000 sq ft a few years ago. Now it is a sought-after real estate destination.
With the announcement of development projects, many people from South Mumbai started relocating to Wadala. Today, property prices here range between Rs 19,000 and 21,000 sq.ft. This means residential property prices here have appreciated by 133 per cent in five years.
The Kurla-Santa Cruz flyover, Anik-Panjarpol link road, Byculla bridge and Masjid bridge have improved connectivity to Wadala. The monorail project has improved accessibility to the eastern and south-eastern regions of Mumbai. Until recently, only the western region of Mumbai had attracted significant infrastructure and real estate development. However, this has changed with commencement of the monorail, coupled with the Eastern Freeway. The planned rollout of phase-II of the monorail will help improve connectivity of this area with Lower Parel, the other emerging Convention on Biological Diversity of Mumbai. This phase should become operational by 2016. This will link Wadala with Lower Parel, Jacob Circle and Mahalaxmi.
Besides, the presence of numerous quality educational institutes in Wadala such as Veermata Jijabai Technological Institute, Khalsa College, the University Institute of Chemical Technology, Dr Ambedkar Commerce & Law College and SNDT Women's University drives the demand for residential properties. Wadala also houses some renowned hospitals such as BPT Hospital and Aditya Jyoti Eye Hospital. Besides, there are many retail and entertainment options such as IMAX, Star Mall, Inox and Manish Mall in the proximity.
A decade ago, property prices at Wadala were as low as Rs 2,800 sq ft and rose to Rs 14,000 sq ft a few years ago. Now it is a sought-after real estate destination.
With the announcement of development projects, many people from South Mumbai started relocating to Wadala. Today, property prices here range between Rs 19,000 and 21,000 sq.ft. This means residential property prices here have appreciated by 133 per cent in five years.
The writer is CEO - Residential Services, JLL India