The real estate market of the Mumbai Metropolitan Region (MMR) is on its upswing and showing healthy signs of future growth prospects. Mumbai has always been at the pinnacle of real estate demand in this growth curve with its rapidly growing market. However, with the evolving landscape of real estate, the choices and preferences of homebuyers are also taking a significant shift.
Today, rising property prices, demand for affordable housing and changing location preferences of homebuyers’ from densely packed cities to serene and less chaotic areas offering amenities that can enhance one’s lifestyle and well-being are considered as some of the key factors influencing the home-buying decisions of the customers. As a result, this has further provided a boost to the real estate demand in peripheral areas of Mumbai city. And, one such area which is witnessing rapid growth in both, the residential and commercial real estate market and gaining popularity as a lucrative investment destination is the ‘Kalyan- Dombivli’ region.
Infrastructure and connectivity:
The robust infrastructure development has played a significant role in improving the connectivity of the Kalyan- Dombivli location, making it one of the preferred destinations for residential and commercial real estate investment. Kalyan – the smart city of Maharashtra is poised to showcase strong developmental prospects in the next 10 years than any other locality in the MMR region.
The Upcoming infrastructure development such as Airoli – Katai, and Mankoli – Mothagao Bridge will drastically reduce travel time by 30 minutes and will benefit around 60 Lakh People. This development will help improve Kalyan’s connectivity to six economic hubs – Bhiwandi, Dombivli, Ambernath, Ulhasnagar, Badlapur, and Thane. As part of the Maharashtra government’s waterway transportation project, the development of the Vasai to Kalyan water transport service will help ease traffic congestion and enhance the transit experience for commuters. Also, the proposed 16-lane 126 km-long Alibaug-Virar multimodal corridor will give connectivity a major boost. Additionally, the recently inaugurated two additional railway lines connecting Thane and Diva will also enhance travel convenience.
With future developments such as a 31-kilometer-long Ring Road connecting Dombivli and Titwala through Kalyan, Metro Line 5 (Thane-Bhiwandi-Kalyan) and Metro line 12 (Kalyan-Taloja), Kalyan aspires to be a city with limitless possibilities.
Emerging localities:
In the past few years, the Kalyan- Dombivli region has witnessed a rise in the population, with changing home-buying patterns of customers to reside away from the hustle-bustle of crowded cities. Considering the infrastructural development, improved social connectivity and a better lifestyle, the places such as Khadakpada, Manpada, Palava have emerged as the region’s most affluent and aspirational neighbourhoods. And, these locations are aimed to grow further with the planned and upcoming infrastructural development. Due to close connectivity to the small, medium and large industries, these locations are also known as the popular industrial hubs.
Affordable housing solutions:
Kalyan- Dombivli region is the epicentre of the affordable housing segment. The region offers affordable to moderately priced homes that suit everyone’s pockets. It is poised to become an ideal real estate hub, owing to rapidly rising rates in Mumbai suburbs, whereas Kalyan-Dombivli provides affordable housing solutions.
Growth in commercial real estate:
In the last two to three decades, Kalyan, a well-connected suburb has seen significant industrial, commercial and infrastructural growth, culminating in the rise of the walk-to-work concept and increased commercial property demand. Due to better connectivity, the Khadakpada area is getting recognized for premium office space, amongst other localities in the Kalyan- Dombivli region. Realizing the future growth potential of the Khadakpada area, many developers have started launching commercial projects in the area.
By 2028, Kalyan is anticipated to become a large corporate hub, as major transport junctions will be within a five-kilometer radius. The rapid infrastructural development, strong industrial growth, mushrooming of various industries and rising demand for commercial real estate will further help strengthen and create job opportunities.
Pricing factor:
Due to its strategic location and improved connectivity, Kalyan has always been a thriving location from an investment point of view. It offers a variety of property options that suits the needs of every buyer right from affordable to premium luxury properties.
Social infrastructure:
Kalyan- Dombivli area offers a good social infrastructure to its residents. It encompasses renowned educational institutions, shopping malls, restaurants, hospitals, banks, sports complexes and recreational areas. Among other localities, Kalyan is becoming more diverse with attractions such as Metro Junction Mall, a multi-faculty institution like Birla College, and an influx of hospitals, restaurants, and fast-food chains.
Kalyan- Dombivli area is certainly one of the few thriving and promising real estate micro-markets in the Mumbai Metropolitan Region witnessing continuous growth patterns from the last few years. With the ongoing and upcoming infrastructure projects and the government’s efforts and investment in the area’s development, Kalyan- Dombivli region will continue its growth curve for the years to come.
