Mumbai is the city that grows vertically into its ultimate skyscrapers that define the chic lifestyle the city offers. Over the last decade, the values of residential real estate in the city have multiplied manifold, particularly in the developing suburbs. The two localities that have garnered greatest attention of the buyers are- Mulund and Dombivali. Being the nerve center of suburban real estate developments in Mumbai, the two localities often stand as each other’s competitors. Let us have a closer look at these two localities to judge whether you should put your money into Property in Mulund or in Dombivali.
Infrastructure and Connectivity
Located in the heart of Mumbai, both these localities boast of a well-developed infrastructure and a gamut of world-class facilities. Mulund is considered as an upmarket locality and ensures an enhanced lifestyle for the residents. Lavish high-rise towers and townships are coming up in the location which could not be seen in and around the area about five years ago. On the other hand, Property in Dombivali is comparatively affordable. Improved connectivity such as the extension of Navi Mumbai metro rail to Kalyan and the launch of new industrial belt has fueled the growth of residential as well as commercial real estate in Dombivali. Another reason is the skyrocketing prices of suburban areas like Mulund and Thane.
Investment Vs End-Use
As soon as Mulund became a part of the Mumbai Expansion Plan, developers started coming up with projects in the area. Property in Mulund that was considered affordable a few years ago, are now counted among the most coveted luxury properties of the eastern suburbs. This is why people now consider it as an investment market. Just over a span of two years, the property values escalated by 29% which is surprisingly commendable. On the other hand, because of the increasing prices in these eastern suburbs, the affordable realty of Dombivali attracts mid-segment buyers who are looking for an end-use property closer to their workplaces along the industrial belt of Kalyan-Badlapur. Hence, Mulund in an investment market whereas Property in Dombivali is particularly coveted by the buyers from end-use perspective.
Future Growth Prospects
Since 2008, the price trends graph of Mulund has always been on the rise. Prices have doubled and even tripled in some cases over the last 10 years. People who bought homes for Rs 6,800 per sq ft can now fetch a value as high as Rs 14,000 per sq ft. Goregaon-Mulund link road is an upcoming project which would further enhance the property prices in the area. Although Dombivali is an affordable locale, the value of its property has also shown quite an improvement.
Hence, both localities are perfect depending on whether you want to make an investment or an end-use property.