 "Piramal opens purse strings for builders")
Mulund is a well-planned suburb of Mumbai. Located close to the boundary of Navi Mumbai and Thane, this suburb has seen synchronised growth in both residential and commercial sectors. Mulund once catered mainly to buyers from the mid-income segment, but now offers various prime residential options as well. Despite rapid growth in its residential and commercial sectors, it continues to retain a serene atmosphere that appeals to home buyers. The most developed area here is LBS Marg in Mulund West.
Mulund is very well connected to other suburbs and even other cities with a good network of trains, BEST buses and roads, including a national highway. The fast-improving infrastructure is one of the prime growth drivers for the burgeoning commercial sector here. Additionally, Mulund has good recreational and entertainment facilities, and quality social and civic infrastructure such as educational institutes and hospitals. It has a well-defined industrial presence as well, though many of the industries there are redeveloping their excess land for residential and commercial use.
Sometimes referred to as the prince of suburbs, Mulund has a host of large and small residential projects in progress. As compared to the more affluent property destinations of Mumbai, Mulund's residential market is still quite reasonable and is therefore seeing considerable demand. Residential property prices in Mulund are Rs 11,350-Rs 18,700/sq ft, depending on the location, developer brand and facilities offered.
Both investors and end-users are finding Mulund a profitable realty destination. Apartments for rent are also in great demand in Mulund, due to the number of job opportunities in the nearby areas. Investing here is a wise bet, as the rental market in Mulund is quite strong and is growing rapidly. Besides, factors like a number of well-known schools and colleges, excellent transport facilities, and favourable infrastructure growth have made Mulund one of the best destinations for residential investment.
Like the residential asset class, even the commercial market in Mulund is witnessing growth. This suburb will soon become home to many burgeoning Information Technology (IT) companies. Keeping in mind the kind of returns that commercial spaces offer, a new breed of investors can be seen flocking to Mulund betting highly on this segment.
Some of the major infrastructure projects that will dot Mulund in the near future include a Mono Rail and extension of the Metro line. Also, Mumbai City Development Plan 2005-2025 proposes construction of a Goregaon-Mulund Link Road, which will not only enhance the connectivity of this suburb but lead to significant appreciation in property rates.
The writer is COO - business & international director, JLL India
