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Realty queries answered by Ramesh Nair, COO Business & Intl Director, JLL India

The Economic Times

I have been scanning various locations in and around Mumbai for investment, and have now shortlisted Mulund as a good area to focus on. Could you advise whether it will be a suitable investment destination?

I have been scanning various locations in and around Mumbai for investment, and have now shortlisted Mulund as a good area to focus on. Could you advise whether it will be a suitable investment destination?
S. Gangadharan
Mulund is a well-planned suburb of Mumbai. Located close to the boundary of Navi Mumbai and Thane, this suburb has seen synchronised growth in both residential as well as commercial sectors. Mulund once catered mainly to buyers from mid-income segment, but now offers various prime residential options as well. Despite rapid growth in its residential and commercial sectors, it continues to retain a serene atmosphere that appeals to home buyers.
The most developed area here is LBS Marg in Mulund west. It is very well connected to other suburbs and even other cities with a good network of trains, BEST buses and roads -including a national highway.The fast-improving infrastructure is one of the prime growth drivers for the burgeoning commercial sector here. Additionally, Mulund has good recreational and entertainment facilities and quality social and civic infrastructures such as educational institutes and hospitals. It has well-defined industrial presence as well, though many industries there are redeveloping their excess land for residential and commercial use.
As compared to the more affluent property destinations of Mumbai, Mulund's residential market is still quite reasonable and is therefore, seeing considerable demand. Residential property prices in Mulund range between Rs 11,350 and Rs 18,700 per sq. ft., depending on exact location, developer brand and facilities and amenities offered.
Prabhadevi seems to be a good place to invest in luxury residential property. Though the rates are quite high here, I have been given to believe that appreciation will be good. Could you advise?
Mahesh Fultambekar
Prabhadevi has always been a strategic location within central Mumbai, but was saturated for many years. Only when the numerous textile mills in the area closed shop did the potential of redevelopment of these spaces release more land supply into Prabhadevi. Though the property rates are still relatively lower than many surrounding areas, considerable price appreciation is expected over middle to long term.
From being at its peak at Rs 44,000-50,000 per sq. ft. during 2013, property prices here now range between Rs 34,000 and Rs 40,000 per sq. ft. on the back of increased supply of luxury homes. The appreciation levels, too, have stagnated over the mid-term.
 

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