Corridor of growth - Corridor Description and Rating Areas Included:

Malad (E), Malad (W), (W), Kandivali (E), (W), Borivali (E), Dahisar (E) and Dahisar (W)

Fig 1: Map of the corridor 02 Corridor of growth (COG)

About the Corridor Historic development: The Malad-Dahisar The New Link Road and the Swami Vivekanand also broader here compared to and a Corridor is broadly enclosed by the Goregaon- Road, running from north to south, have been number of residential and hotel developments Link Road in the south and the instrumental in the development of residential can be witnessed in the area. There are a Dahisar Toll Naka in the north. The corridor areas on the west of the Western Line. number of luxury residential projects with has Sanjay Gandhi National Park in the east most having completed more than 50% Unlike the -Goregaon Corridor, and the and Malad Creeks in the west. construction. Rajesh Lifespaces and Sheth which required east-west connectivity, the This corridor was created due to a variety of Creators, are some of the key developers in Malad-Dahisar Corridor expanded in a narrow factors, including sky high prices of real estate this area. The stretch also has the 7 lakh sq ft north-south stretch and did not face such to the south as well as poor land availability. Infiniti Mall, along with well-developed areas problems. Hence, although the corridor does Proximity to the old city of as well across it. not have any metro line running through it like as to the airport led to early development of the –Versova Line in the Andheri- Malad East is a mass of rural developments areas south of the Malad-Dahisar Corridor, Goregaon Corridor, buyers still prefer this to a at the back and premium developments including the Andheri-Goregaon Corridor. certain extent due to cheaper prices and lesser near the . The As a result, while those areas have mostly traffic congestions. micro-market currently has a number of big older developments as well as problems residential projects witnessing significant of congestion, the Malad-Dahisar Corridor Upcoming Infrastructure: The connectivity construction activity. As most of the projects remains devoid of these to a major extent. Due in the corridor will be further boosted by the here are close to the Western Express Highway, to the presence of Manori and Malad Creeks construction of multiple metro lines and the connectivity is not as big an issue, in spite of in the west and the Sanjay Gandhi National elevated rail corridor. Currently there are seven Malad East being congested in internal areas. Park in the east, the corridor could not expand other lines planned in Mumbai of which two Kanakia Group, Omkar Realtors and JP Infra in the east-west direction and instead grew are passing through this corridor. These are are key developers here with large upcoming northwards till the boundary. the Dahisar--- Metro developments. Except the Infinity IT Park, Line and the Dahisar (E) - Andheri (E) Metro The development of the corridor has happened there is not much commercial development Line. Work on both these lines is expected in a step by step manner and as one moves in the area, when compared to other Western to start soon and be completed by 2019. In from south to north the quantum of older Suburb areas lying on the Western Express addition, the plan to create an elevated rail developments (over a decade), reduces Highway. The average prices of residential corridor between Bandra and was also significantly. properties in Malad East and West ranges proposed by the Rail Minister in the budget between Rs 14,000-15,000 per sq ft. The Malad-Dahisar Corridor has a number of in February this year, where the work might regions as part of the corridor. These are Malad start as soon as August 2016. All these mass Kandivali West has witnessed a relatively East, Malad West, Kandivali West, Kandivali transportation systems are going to change flat development over the last decade and East, Borivali West, Borivali East, Dahisar the mobility landscape of the corridor, much of the residential supply is in the form East and Dahisar West. Of these, the Malad providing tremendous opportunity to its of Cooperative Group Housing Societies. The and Kandivali regions are more developed residents. construction here is fairly new and mostly not and have many old colonies and cooperative more than a decade old. Rustomjee, Mayfair Current Development: The corridor is a group housing societies. Borivali and Dahisar Housing, Royal Realtors, Acme Group, HDIL, mix of old and new residential constructions regions, on the other hand, are fairly recently Mayfair Housing and Ruparel Estates are key with the old occupying 50% of the available developed, though they lack in holistic developers in this area with projects either residential land in the corridor. The old development witnessed in the south. undergoing development or in the possession residential buildings are mostly Ground + 5 to stage. Prices for properties here are a notch Present Infrastructure: The corridor has 10 floor structures, while the new residential lower than Malad at Rs 11,000-12,000 per sq been considered on the outskirts of Mumbai projects are all in the upper-mid or luxury ft. There is no Grade A mall development or city. It has been in the limelight for the last segments, providing a lot of amenities. In commercial development in the area though decade because of the connectivity it provides general, one witnesses less older constructions it has fairly developed retail high streets. The to the rest of the city. The corridor has strong as one moves from Malad to Dahisar and the area also has a number of schools, hospitals infrastructure with both the Western Express price of properties also comes down. and colleges, earning it a high score on social Highway (NH-8) and the Western Line of Malad West and East, is the southern most infrastructure. the running region of the corridor and has a significant through its full length. These have provided Unlike Kandivali West, Kandivali East has amount of older construction, although much connectivity to both and the witnessed a significant amount of high less than the adjacent Goregaon, and also a northern suburbs and peripheral areas. rise developments. Even areas like Thakur number of new developments. The roads are Complex, which houses a number of 03 Corridor of growth (COG)

Cooperative Group Housing Societies, has a projects by Grade A developers like Oberoi Commercial Development: Similar to number of high rises. Lokhandwala Township Realty, Kanakia Group, Sheth Developers and the Andheri-Dahisar Corridor, the region of is another well-developed area with a Rustomjee in this area. Due to unavailability the corridor falling on the west has very few significant residential supply. White City by of space, the locality does not provide much in commercial development as most of these Rajesh LifeSpaces, Epsilon by Shapoorji Pallonji terms of social infrastructure. are on the Western Express Highway. The and Gundecha Greens by Gundecha Group are commercial development on the Western Dahisar West and East, forms the north most some of the under construction developments. Express Highway has been mushrooming portion of the corridor and naturally has A significant portion of the land is used by on the narrow stretch of land on both sides, the cheapest of residential developments Mahindra and Mahindra Manufacturing Plant, benefiting from the connectivity provided (average price of Rs 10,000-12,000 per sq ft) leading to development in areas away from by the expressway and the western railway in the corridor. The area is small compared to the Western Express Highway. Overall, it is a line running parallel to it, along with cheaper other localities in the corridor. premium locality. Prices of projects here are rentals compared to south and central on the west and north of the locality largely more than those in Kahdivali West and almost Mumbai. restricts development. Most of the ongoing equal to those in Malad. developments here are by Grade B and C Outlook : The corridor is a prime destination Development in Borivali West is open as developers. of residential development in the region and compared to Kandivali as the area started is going to benefit greatly from the number of Dahisar East, unlike Dahisar West, has a developing later. Almog by Parinee Developers infrastructure projects active here. Although number of developments even though in size and Wadhwa Aquaria Grande are the key the corridor loses out on commercial retail Dahisar East is similar to Dahisar West. This is under construction projects here, while most and hotel developments, when compared majorly because Dahisar East does not lose other projects are being developed by Grade B to the Andheri-Goregaon corridor, it scores out space to the Dahisar River, like Dahisar developers and are being offered at a discount. much better in terms of land availability West does. The current developments are Except a handful, most development is for fresh construction and is able to provide widely spread across, leading to absence of targeted at mid segment buyers. decent sized apartments at affordable prices. congestion. Sheth Developers, Oyster Living, Hence, the area is not rated very high on social Borivali East suffers from a lack of developable A&O Realty and N Rose Developers are the key infrastructure, it is expected to perform well in area because of the presence of the Sanjay developers. the future. Gandhi National Park. There are a number of

Overall Connectivity Social Infrastructure Security/Water

Properties available in the corridor he corridor offers a significantly wide Goregaon Corridor. The starting price of catering mostly to the luxury segment. The variety of price ranges, except the properties here is Rs 60 lakh, with more than properties are fairly distributed across the TAndheri-Goregaon Corridor. The corridor three fourth of the total properties here falling price points until Rs 1.8 crore, post which the also has properties costlier than any other in the luxury category, making it the second contribution to the total pie starts diminishing corridor in , again except the Andheri- corridor after the Andheri-Goregaon Corridor, for each price segment. The corridor is well-

Fig 2: Distribution of properties by price Fig 3: Distribution of properties by delivery status Fig 4: Distribution of properties by bedroom configuration 04 Corridor of growth (COG)

Table 1: Sizes and prices of flats available for developed and majority of the available buyers with prices varying along the length various room configurations listings are ready-to-move-in, properties. of the corridor, falling as one moves north Sales Price Covered Area Given the expensive nature of the residential and away from southern Mumbai. There are ( Lacs) (Sq.ft) sector in this region, majority of the supply options available in this corridor. While the 1 BHK 55-130 550-700 is in 2BHK category, followed by the 1BHK range of apartment sizes is rather large, the 2 BHK 100-210 840-1170 format with 28% supply. majority of configurations of 1, 2, 3 and 4BHK units is around 630 sq ft, 1100 sq ft, 1500 sq ft 3 BHK 160-315 1200-1770 The corridor provides a wide range of choices and 2400 sq ft, respectively. 4 BHK & above 220-640 1680-3190 for each bedroom configuration to the home Best sectors to invest in a home Based on rental demand in sectors

Fig 5: Top localities by consumer for renting a house he rental demand for the corridor strongly Dahisar West, which loses out to Dahisar East Line to the east portion for Dahisar, lending its tilts in favour of the western portions by a significant margin as Dahisar East is more development to it. Additionally, the western Tof Malad, Borivali and Kandivali, with easily accessible. Also, the Swami Vivekanand portions have two key roads – The New Link these three constituting almost 65% of the Marg, which lies in the western portion for all Road and the Swami Vivekanand Road, easing corridor’s total demand. The only exception is other regions, swings over the Western Rail connectivity. Based on home buying demand in sectors

Fig 6: Top 10 localitie by consumer for buying a house 05 Corridor of growth (COG)

he home buying tendency follows closely on investment to the owners and hence, more buying demand, as was witnessed for renting with the rent seeking tendency on the people will be looking to buy in properties in demand. The home buyers are showing Tcorridor. All the localities which have these localities. Consequently, the position interests in these localities for both buying and high rental demand will give better returns of most regions remain the same for home renting purpose.

Best bedroom configurations to buy Preferred buying and renting options

Table 2: Demand distribution for buying and renting he 2BHK format is the predominant share of 3BHK units is very less as compared Buying Renting apartment type in the Malad-Dahisar to the corridor., which means it is not prefered Total (BHKs) Total (BHKs) TCorridor, occupying 47% of consumer as much as 1 and 2BHKs. The figures are even 1 BHK 36% 47% demand for buying a house and 43% demand lower than those for the Andheri-Goregaon 2 BHK 47% 43% for renting a house. Units of 1BHK are the most Corridor and are unique to this corridor. sought after for renting, being responsible for Overall, the corridor witnesses much less 3 BHK 15% 10% 47% of the total. But, for buying 2BHK is more demand for the 4BHK and above category. 4 and Above 2% 1% preferred then 1BHK units in the corridor. The Price changes and future prospects

Historic Price movement Corridor Average Price Rs/sqft Table 3: Historical Price changes

6 monthly change Yearly change 0% 2% umbai market has been very stable compared to the rest of India, and Mthe price changes have been largely constrained in this market. The Malad-Dahisar corridor has witnessed sale transactions as well as inventory additions, keeping pricing stable for the corridor. The price changes for the last 5 quarters had a narrow range of -1% to 2%. While the price remained stagnant in last 6 months, it improved marginally by 2% over last year. Going forward, the upcoming supply will keep the prices range bound.

Fig 7: Historical Price changes of corridor 06 Corridor of growth (COG)

Price movement for top localities by Consumer Preference he corridor witnessed a fall of 0.8% in average prices in the last quarter, which was also reflected in the major regions of the corridor. TOf the eight key regions of the corridor, except Malad East, Dahisar West, and Dahisar East, all the other five regions witnessed a drop in prices in the range of 0.6% to 3.2%. Although, the fall in prices was witnessed after a continuous rise for the previous four quarters. Hence, going forward, the prices in the corridor are not expected to be under much downward pressure, and will be moving up mildly.

Fig 8: Price changes in top localities by consumer demand

Master Plan s a result of crunch in space, the city, India, where the ratio is usually between 150% of Natural areas, No Development Zones and on the basis of available support and 300%.There is a severe dearth of land in Natural Water Course, leading to restrictions in Ainfrastructure, provides for developable the corridor for residential use, leading to re- development. Overall, the corridor has more area on a plot of land to be between 200% and development of industrial areas, which forms developable land than the Andheri-Goregaon 800% in its new development plan 2014-34. around 10% of the city’s total developable Corridor, and the percentage of industrial area This trend is rarely witnessed in other cities of area. The corridor has significant percentage of the total area is also less.

Infrastructure Updates Dahisar-Charkop-Bandra- Dahisar-Charkop-Bandra- Bandra-Virar Elevated Rail Line Mankhurd Metro Line Mankhurd Metro Line Although this project has been in the backburner for some time due to it running Work on the line is expected to start soon and Work on the line is expected to start soon and parallel to the Dahisar E - Andheri E Metro Line is expected to be completed by 2019. The line to be completed by 2019. The line connects the and the Dahisar-Charkop-Bandra-Mankhurd connects the north of the north of the Western Suburbs with Central and Metro Line, e Rail minister in the February with Central and East Mumbai regions, which East Mumbai regions and it is fully under- budget this year, said that work might start as will help the commuters in the near future. ground network. soon as August 2016. 07 Corridor of growth (COG)

IN NEWS What Kandivali West has in store for you important road ensuring swift connectivity. The BEST (Brihanmumbai Electric Supply and Transport) buses also ensure smooth connectivity Kandivali West is a very good location in Mumbai. It is very well with other Mumbai localities and Thane too. connected to the rest of Mumbai through an extensive network of roads such as Malad-Andheri Link Road, Mulund-Goregaon Link n Source: Magicbricks Bureau Road and the Western Express Highway. Kandivali West offers a : The new realty magnet wide array of property options. Located at the junction of Mahatma Gandhi Road and Link Road, the locality is a highly preferred area Infrastructure development acts as a catalyst for growth of the among prospective home buyers. In the recent times, Kandivali West residential and commercial property segments. The Phase -1 has undergone a huge transformation wherein several commercial of the Mumbai Metro has played a pivotal role in this context. centers have made their base here. It is an amazing location where the The development of metro and its connectivity will increase the property buyers can think of investing in order to reap heavy return on buyers’ interests in the locality. Further, the metro will attract investment and have quality homes. people in its vicinity. Hence, industry experts believe that there is an enormous scope for real estate development in and around n Source: Magicbricks Bureau the metro. Additionally, property prices in the area are expected and Kandivali an affordable options available to rise significantly once the project gets underway. The metro has helped in better east-west connectivity within the city and helped Both Mira Road and Kandivali are well connected to different parts in saving precious time commuting between work and home. The of the city by the state transport buses. The areas have significant infrastructural initiatives have always contributed to the real estate demand from the home buyers. Social infrastructure is quite robust in boom in the city. both the areas. It is well-equipped with schools, hospitals and markets catering to the basic needs of the residents. Mira Road and Kandivali n Source: Magicbricks Bureau on the Northern parts of Mumbai are the two most talked about Mira Road, the next new active locality localities by buyers looking from investment perspective. Both the areas are very affordable as compared to other localities of Mumbai. Mira road provides good connectivity to the locations and it is quite Kandivali is well-connected via Malad-Andheri Link Road, Mulund- helpful for the home buyers. It enjoys established connectivity to all Goregaon Link Road and Western Express Highway. And, Mira Road is parts of the city, be it , Mumbai or Thane. The Western connected to Western Express Highway, SV Road and Link Road. Express Highway connects it with the Western Suburbs of Mumbai and also with Mumbai International Airport. On the other hand, n Source: Magicbricks Bureau the Ghodbunder Road ensures swift connectivity of the area with Borivali West: Rising high on capital values Navi Mumbai and Thane. The locality is well-equipped with social infrastructure. Several schools, hospitals and markets are present here, Borivali west in north-west part of Mumbai is one of the preferred catering well to the basic needs of residents. Further, there are several areas of the city to buy properties despite consistent rise of its shopping complexes and malls in the area such as Reliance Fresh, property values. As compared to the rest of the localities, this area Thakur Mall, D-mart, Cinemax and Rassaz Mall, among others. witnessed the highest increase in capital values. The presence of wide roads ensures smooth movement of traffic. The locality rarely n Source: Magicbricks Bureau witnesses congestion of traffic. The Western Express Highway is an MOST POPULAR PROJECT in Malad-Dahisar http://magicbricks.com/investment-hotspots/mumbai/malad-dahisar/

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