- October 2020 witnessed luxury home sales worth over Rs. 500 crore in the South-Central Mumbai region
- Experts expect nearly similar sales this festive season as well
The Mahim-Matunga region has developed into a plush destination with property trends showing high market prices, continually heading northwards. In the beginning of the festive quarter in October 2020, South-Central Mumbai localities witnessed luxury home sales worth over Rs 500 crore, as per an analysis by Anarock Property Consultants. Experts believe that they would see nearly similar sales this festive season on the account of low home loan rates, festive discounts, etc.
Matunga was among the first planned areas of Mumbai. Physically, Matunga is bounded by the Sion-Dharavi belt in the North, Mahim in the North-West, GTB Nagar in the North-East, Wadala in the East and Dadar in the South, designating it as a prominent residential and commercial area of Mumbai. Besides, Matunga has a mottled cultural blend with each community bringing in their traditions of food and festivities. The area has a predominantly Hindu population, juxtaposed with a sizeable presence of Marathis, Bengalis and Parsis. Its Irani cafes and Udupi restaurants are among the oldest bistros in Mumbai. In addition to places of worship, the Matunga Gymkhana is a home for budding cricketers and other sportspersons.
Its sister neighbourhood of the cosmopolitan Mahim, known for the Hinduja Hospital, Mahim dargah, St. Michael’s Church (or the Mahim Church) — one of the oldest Catholic churches in Mumbai—famous for its Wednesday Novenas that is visited by thousands. One of the most high-profile schools in Mumbai — the Bombay Scottish School is located at Mahim. Mahim Creek, swamped by mangroves, forms the boundary between the city and suburbs. Nestled in its midst is the mini-ecosystem of the Mahim Nature Park. The Mahim Causeway is a vital link road connecting the neighbourhoods of Mahim to South Mumbai and Bandra in West.
Speaking about the prominence of the area, Mr. Vedanshu Kedia – Director, Prescon Group said, “Situated in South-Central Mumbai, the Mahim-Matunga region is fast gaining popularity among property buyers. It is a coveted & densely populated residential area with close proximity to the major commercial centres of the city including BKC and Lower Parel. The progress of Metro – 3 lines passing through L.J. Road will further enhance the commute of the residents along the regions of Colaba upto Andheri. A buzzing place, well-known for its educational institutions, shopping markets, eateries, parks, and stunning views of the sea; the location has it all. With several high-end projects coming up in the area, it is certainly becoming the most promising location with a great quality of life.”
Moreover, the area is near the seaside location of Bandra West, famous for the Linking-Road and Hill-Road shopping locations, Joggers Park, Carter Road Promenade, Mt. Mary Church, Bandstand and houses of India’s famous Bollywood stars. In the last few years, the landmark Bandra Worli Sea link has added to the lure of the area. The adjacent Bandra-Kurla Complex (BKC), flanked by corporate offices, is a premier commercial location.
Commenting on the real estate demand, Mr. Bhasker Jain, Head – Sales, Marketing and CRM at The Wadhwa Group said, “The region is one of the prime locations in the heart of Mumbai where culture, cuisine, and heritage convene and connect seamlessly. The location offers ease of connectivity to the city’s business hubs like BKC, Worli, Prabhadevi, Lower Parel, and South Mumbai. With its proximity to centers of education, business hubs, entertainment, shopping outlets, parks, and green spaces, it complements the lifestyle of the people living there allowing them more cherished time with family and friends. The area is pure bliss with serene neighborhoods on one end and mesmerizing views of the Bandra-Worli sea link on the other end. All these factors have led to a boost in realty demand in the region.”
This micro-market hosts some of the biggest and most prestigious luxury housing projects in the city, and thus attracts business honchos, sports personalities and other celebrities, start-up founders, and C-Suite professionals.
Going forward, the mega infrastructure projects such as the coastal road and the metro augur well for the Mahim-Matunga corridor. Offering a mix of residential, commercial and institutional constructions that include parks and gardens, the place has ease of connectivity to the city’s business districts at BKC, Lower Parel, Prabhadevi, and Worli. Overall, with its proximity to hubs of education, entertainment, hospitals, shopping outlets, parks and green spaces, it complements the lifestyle of the populace.