It would not be entirely incorrect to say that the launch of Trump towers in Mumbai and Pune has spurred the demand for luxury properties in the city. However the statement is not entirely true as well. The demand for luxury properties has been prevalent for sometime now. It was not seen earlier because not a lot of builders invested in such properties. However the recession of the realty markets has taught one thing to builders for sure- to focus on the demands of end users. This has assuredly caught on and builders with the skills have started investing in luxury properties.
A hotspot for new property development has emerged in the form of Mulund. While the ultra-luxury properties are also being developed in areas like South Mumbai, the lower end of the luxury bandwidth is being catered to in newer areas. The projects are relatively more accessible to end users. Their costs do not exceed Rs. 10 crore which is a positive sign. Tata Housing and Nirmal Lifestyle have both invested in Mulund to offer their luxury properties in the prelaunch schemes.
Luxury Offerings in Mulund
If someone is willing to shell out up to Rs. 5 crores, then Mulund would offer some good options. The locality might be suburban but it is well connected with Mumbai both by road and suburban railways. It is one of the stations lying on the Central Line. This allows easy accessibility and a good opportunity for builders to capitalize on.
Tata Housing has launched its residential project by the name of Tata Avezawhich is being developed in Mulund West. This project consists of high end apartments whose price starts at about Rs. 2 crores and goes up to Rs. 5 crores. The apartments here have floor area ranging from 1400 square feet to 3400 square feet approximately. The Tata brand name is supposed to be reckoned with. The building high rises would become one of the most prominent land marks in the locality with their 41 floors rising up to the height of 150 metres at their highest point.
Alternatives for Investment
For someone who seeks something in a lower price band width, there is the One Mumbai Mulund.This is a prelaunch project from the Nirmal Group which is one of the most well-known builders from Mulund. This project is slightly different from the Tata project because of its amalgamation of residential and commercial components in one. The residential part of One Mumbai is called ‘One Spirit’. This is the part that is now available to end users for purchase. The apartments here have areas ranging between 600 and 1400 square feet. However their location adjacent the L.B.S. Marg and a mall from the same builders make them all the more lucrative. In due course, this property is set to become one of the most popular properties in the city. This is the reason why this is only the first phase of development and provisions have been made for future development as well.
Anyone interested in long term ROI can consider the One Mumbai offerings which are at the accessible bandwidth of luxury properties.
Housing.com allows end users to assess all luxury projects from its ‘New Projects’ sections. End users have the option to seek the aforementioned projects from this section.