Mumbai’s eastern corridor, hitherto an industrial stretch, has steadily transformed into a major commercial and residential hub. This particularly covers the suburban areas right from Mulund and Ghatkopar to Thane. Several premium residential projects have sprouted up in this belt along with social infrastructure like shopping malls and other amenities. Easy access to the Mumbai CBD which is the Bandra-Kurla Complex (BKC) and good connectivity through the Eastern Express Highway have boosted realty prospects in this stretch. LBS Marg is another major thoroughfare which is now home to several commercial, residential and retail projects.
Residents can easily access the Eastern Freeway for accessing the CBD. The Eastern Suburbs also benefit from their proximity to Navi Mumbai, which is steadily becoming a thriving business district. Powai has turned into an important residential hub in Mumbai and is located near both Kanjurmarg and Vikhroli. These suburbs are also well-linked to the city airport and the western suburbs as well. The JVLR (Jogeshwari-Vikhroli Link Road) connects the Western and Eastern Express Highways through Andheri and Powai. The metro line connects Andheri to Ghatkopar and upcoming metro routes will also boost connectivity further.
The mushrooming of companies and offices in Kanjurmarg, Powai, Thane and Vikhroli has led to increased employment opportunities and several professionals are choosing walk-to-work concepts as well. Mulund and Ghatkopar have benefited in recent times as well. Apartments here are more spacious and rentals are comparatively lower. Relative affordability of apartments as compared to several other western suburbs in Mumbai is a big reason for the rise in demand. Several mills which are now defunct, have been converted into residential structures and there is ample supply of land, factors which are major drivers of the residential market in Eastern Mumbai.
Between the years 2010 and 2015, innumerable residential units have been launched in this stretch. Social infrastructure has hugely improved with several multiplexes, shopping malls, high street retail stores, hospitals, schools and colleges being developed in these areas. Capital values also went up hugely from Rs.9,400 per sq. ft. in 2010 to a whopping Rs.15, 113 per sq. ft. in 2016. There is further room for growth over the next few years as well. Western Mumbai previously had superior infrastructure and a thriving realty market till a few years back. The Eastern Suburbs are now a major hotspot for reputed developers with their connectivity to the western and southern parts of Mumbai and also due to the upcoming infrastructure proejcts that will benefit this region.
