These smaller-scale micro markets cater to particular demographics and present distinctive prospects. They meet the community’s demands of work, connectivity, and way of life.
Mumbai: The real estate landscape in Mumbai is changing due to micro markets. Developers are finding smaller, niche markets within the metropolis in this space-constrained city. These smaller-scale micro markets cater to particular demographics and present distinctive prospects. These smaller-scale micro markets offer unique opportunities and target specific demographics. They meet the community’s requirements for work, connectivity, and way of life.
“In the Mumbai Metropolitan Region (MMR), neighborhoods like Dombivali, Thane Ghodbunder Road, Goregaon, Kandivali, Mulund, Nahur, Kanjurmarg, Vikhroli, and Chembur are expanding and developing as micro markets. In these markets, improving connectivity and infrastructure are critical components People who want to investigate the walk-to-work concept are finding a lot of commercial and residential buildings in these areas, according to Dominic Romell, director of Romell Group and president of CREDAI MCHI.
“As more people have options for commuting to work outside local trains, the growth is also primarily driven by the increasing metro connectivity.” According to Romell, these micro-markets offer 2 BHK apartments with a carpeted area ranging from 600-645 square feet and one parking space. They would rather take a comfortable transit option that drives down and exacerbates the traffic jam.”
These apartments range in price from around Rs 1.75 crore and less, though prices will depend on the location and amenities. In response to the issue of whether we can refer to these as “Affordable dwellings,” Romell said that although the size of these apartments is reasonable, the price is not because it is directly tied to the cost of land that the developer bought.
CEO of Runwali Bliss, Lucy Roychoudhury, stated that Mumbai’s architecture is changing due to the construction of high rises and skyscrapers in areas that were not as popular ten years ago as they are now for home buyers. “Localities like Kanjurmarg, Vikhroli, Dombivli, and Kandivali amongst others have gained momentum in the past few years and are locations much sought-after by home buyers today,” Roychoudhury said. The luxury of gated communities with expansive green open spaces, first-rate amenities, and improved connectivity is available at these locations.”
“The younger generation of homebuyers is looking for larger living spaces without sacrificing access to convenient places for their way of life or employment. Recent data indicates a significant demand for homes for ownership and rental purposes, due to the ease of commuting, the availability of projects, and good social infrastructure. These neighborhoods encourage homebuyers to upgrade their lifestyles because they offer the perfect balance of luxury and convenience” Roychoudhury said.
Micromarkets serve a variety of purposes. Young professionals value vibrant nightlife and cultural scenes, while families value proximity to schools, supermarkets, and hospitals. Mumbai’s real estate market changes as micro markets do. Beyond the usual hotspots, homebuyers scour the city for fresh opportunities.