As one of the fastest developing suburbs of the Mumbai Metropolitan Region (MMR), Mira Road East has been time and again witnessing a flux in the real estate price trends over the years. Yet, in 2021, it became the most transacted residential location in MMR.So, what has led to this surge in residential activity in this location? Let’s understand.
Post-COVID, home-ownership has gained prominence. People are willing to expand their budgets and upgrade to their own homes from rental accommodations. In MMR, where property prices are exorbitant, Mira Road East offers relatively affordable options without compromising on connectivity.
With greater accessibility to necessities, transport, and leisure, the suburb is thus becoming a hotspot for real estate investment. Secluded from the commotion of the city, Mira Road East also offers calming views and serenity which makes it an ideal location for residents seeking concord.
Moreover, with the ongoing construction of the coastal road stretch from Nariman Point to Kandivali coupled with the connectivity of the proposed Metro Line 7, Mira Road East is on the path of steady expansion and economic development.
As per Square Yards research, a ground total of 4,410 real estate transactions took place in H1 2021. It’s a significant number considering the cataclysmic impact of COVID-19 on various sectors of the economy. Property prices have also shown a 0.6% (approx.) in the first half of 2021 compared to 2020.
How Has the Market Value of Property in Mira Road Evolved Over Time?
Every change carries a story behind it. Here’s a sneak-peek into the history of Mira Road.
After 1947, it took a lot of time to develop Mira Road East as a residential area. Since it was an agricultural land largely, most builders resisted developing it as a residential or commercial locality.
However, in the year 1980, builders started constructing townships. After a decade, MBMC (Mira-Bhayandar Municipal Corporation) executed a vital plan of connecting roads, railways, hospitals, schools, and other basic necessities in Mira Road. Such developments attracted residential demand as well as rapid growth in Mira Road.
The variable real estate price trends mirror the suburb’s development and socio-economic changes in the city.
From 2016 to 2019, the capital values in Mira Road East rose from Rs 7,400/Sq. Ft. to Rs 8,500/Sq. Ft. approximately indicating a 13% rise in the real estate prices. The upward shift in the property rates was observed on account of the rapid growth in the infrastructure of the suburb along with the increased real estate demand by homeowners. Additionally, affordable real estate prices led to a surge in real estate prices in Mira Road East.
However, the real estate market witnessed a major decline in 2020 and 2021 due to the COVID-19 pandemic. Compared to 2019, there was an approximately 2% decline in the average real estate prices per Sq. Ft. in Mira Road East. Mention the period.
What is the Per Sq. Ft. Rate for Houses in Mira Road East?
- Out of 4,000+ transactions, around 2,600+ properties were sold under the range of 0 -500 Sq. Ft. carpet area. While people prefer houses with ample space nowadays, easy maintenance and budget are also crucial factors.
- Around 1,730+ properties were sold within the carpet area of 501-1000 Sq. Ft. The perspective of buying a house is evolving with each day. Now, people not only purchase properties as an investment but also as a place where they can create a beautiful escape with family or by themselves.
- Sounder luxuries often reflect a high standard of living. This same ideology sold 45 properties in Mira Road East with a carpet area between 1001 Sq. Ft. to 2000 Sq. Ft. where people were willing to expand their budget in exchange for a lavish property.
- Undoubtedly, the configuration of houses under the 0 -500 Sq. Ft. category remained the most popular choice of homebuyers during H1 2021. However, the margin of difference between the other categories of home layouts barring properties under 1501 – 2000 Sq. Ft. was diminutive in comparison.
- Overall, it was observed that amongst 4,000+ transactions in Mira Road East, the homebuyers were willing to stretch their pockets to find a house that suits their requirements.
Development Scope
Mira Road East is emerging at a fast pace and experiencing economic expansion due to its manufacturing sector and beholding views from new townships. While the suburb has foretasted the developmental transition, the west side is still shrouded with salt pans and mangroves. Therefore, there are still new open possibilities for commercial property rates to rise with the residential ones.
There are many ongoing central projects on Mira Road East. These projects will increase the connectivity between stations, highways, and roads. Additionally, there are schools, academic institutions, and hospitals accessible at a walking distance of 8-10 minutes (approx.).
Furthermore, the state cabinet had endorsed a budget of Rs 19,000 crores for major metro projects. These metro projects will cover the MMR.
Here are the stations from which metros will run.
- Metro 7 – From Dahisar to Bhayandar via Mira Road
- Metro 9 – From Dahisar East to Subhash Chandra Bose Stadium
- Metro 10 – From Gaimukh in Thane to Shivaji Chowk, Mira Road
- Metro 11 – From Wadala to Chhatrapati Shivaji Maharaj Terminus
- Metro 12 – From Kalyan to Taloja
These projects are expected to have a favourable impact on the real estate price trends in Mira Road.
We recommend you to check the updated price trends, residential and commercial properties, average house price in Mira Road or price of land per square metre in Mira Road from squareyards.com. Additionally, you can preview properties for future reference or simply update yourself with the latest price trends in Mira Road.
