March 12, 2018

MUMBAI : Here's exploring why property is still the most sought-after vehicle to invest your savings of the past and safeguard your future. And with Gudi Padwa only a week away, the timing cannot be more perfect.

GudiPadwa, or the Maharashtrian New Year as per the traditional Hindu lunar calendar, is celebrated with great fanfare across the state. Over the years, this beloved festival has evolved in style and stature, right from elaborate meals with typical Maharashtrian delicacies for relatives and guests to smaller family celebrations where gifts and other goodies are exchanged. However, apart from the quintessential victory flag (or gudi as it is popularly called), what hasn't changed with time is the need to make an auspicious purchase on this holy festival. While clothes, home appliances and jewellery were traditionally purchased during Gudi Padwa, most people have their eyes on that big purchase: their dream home.

35-year-old banker Swati Karandikar says, "We invested in a 2-BHK apartment at Kalwa (near Thane) almost five years ago, but insisted on taking possession on the morning of Gudi Padwa in 2017. Hence, this day holds special significance for us as a family. Even my children are excited about this festival as they get a chance to creatively decorate the home and exchange gifts with their cousins."

Residential growth pockets:

Recent trends indicate that buyers prefer relatively new suburbs of the city such as Thane and Navi Mumbai against conventionally high-demand and conventional areas. Central suburbs such as Chembur have attracted many buyers due to its improved connectivity. "Around 125 percent appreciation is expected in the next five years due to the presence of the Eastern Freeway and Santacruz-Chembur Link Road," says AS Sivaramakrishnan, Head, Residential Services, CBRE South Asia.

Some of the other suburbs attracting buyer interest are Karanjade, Ulwe and Goregaon (east) due to the presence of projects by reputed developers, an improving infrastructure and a potentially good quality of life. Recent realty reports suggest that Thane and its surrounding localities continue to attract home-buyers. Considering the fact that almost 18 percent of new housing projects in entire MMR were launched in Thane last year, Anuj Puri, Chairman, ANAROCK Property Consultants, says, "Out of the 70,000 housing units that hit the Thane market in the last five years, 53 percent have already been sold." This goes on to prove that Thane is indeed a huge draw for home seekers. When home-hunting this season, buyers can look forward to great value deals in areas such as Vartak Nagar, Kasarvadavali and Bhayandarpada, in addition to the conventional favourites such as Majiwada, Ghodbunder Road and Kolshet Road.

Shared spaces, increased value:

Gudi Padwa also comes close on the heels of the financial year end when entrepreneurs and small business owners reassess their commercial decisions. In a bid to ensure space efficiency, occupiers in Mumbai are embracing the trend for flexible workspaces. Another fact, which cannot be ignored is that various local operators have expanded at a rapid pace, fuelled by external investment. Ravi Ahuja, Senior Executive Director, Mumbai and developer services at Colliers International India, believes that flexible workspace operators currently have a strong presence in Mumbai's major commercial hubs such as BKC, Andheri and Lower Parel. "Mumbai has registered an 18 percent share in the overall flexible workspaces market in 2017 with growth continuing across all micro markets in 2018," says Ahuja.

A push for affordable housing in the MMR

* New affordable homes increased by 27 percent in 2017 across eight cities in India;
* Almost 40 percent of affordable housing projects were launched in Mumbai, followed by Kolkata and Pune;
* Mumbai witnessed the highest number of launches at over 19,400 new residential units, out of which the affordable housing sector had a share of close to 10,000 units;
* Affordable housing in Mumbai grew by nearly 300 percent last year.
- Cushman & Wakefield (India)

 

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Source: magicbricks.com