Kalyan-Dombivli, an ideal real estate investment hotspot in the MMR region
Kalyan-Dombivli has today emerged as one of the most promising destinations in the MMR real estate market. The location is witnessing the development of new residential and commercial projects at a very rapid pace. The real estate market has recently witnessed a boom, primarily due to the increasing prices in Mumbai suburbs and growing demand for affordable housing in Mumbai. While most other areas of Mumbai offer properties at skyrocketing prices, this region offers properties at pocket-friendly prices, thus making it a popular suburb. The residential real estate here is driven by end-users as well as investors as the region has a good mixture of under-construction and ready-to-move-in projects.
Commenting on the area’s future potential, Mr. Chetan Saraf – Director, Tycoons Group said, “The Kalyan-Dombivli region has a promising future with its proximity to industrial hubs till Badlapur and Bhiwandi, the largest logistical hub. Considering the future infrastructure developments of the region, it is emerging as a major housing and commercial hub for many large and reputed real estate companies. The recent proposals to better social infrastructure as well as connectivity have elevated the location into a destination with great potential.”
The Kalyan-Dombivli location provides buyers with all the essentials of a well-developed social infrastructure; such as prominent educational institutes, hospitals, banks, health care centres, restaurants and shopping complexes. The region has seen a rise in population in recent years which reflects its increasing demand in the last few years. Places like Khadakpada, Manpada, Palava, etc have emerged as the most aspirational neighbourhoods in the region. The locality is also known to be a popular industrial hub where several small and large industries are concentrated. Kalyan actually has a dearth of premium office spaces and Khadakpada is getting recognized for it. Also, the Maharashtra Industrial Development Corporation (MIDC) has developed a big industrial complex around this region. Thus, it offers numerous employment opportunities. This well-connected suburb has witnessed considerable industrial and infrastructural growth in the past two to three decades which has given rise to the walk-to-work concept resulting in rising demand for properties. Many reputed developers have already established their footprint in this region owing to its future growth potential.
Commenting from the demand perspective, Mr. Rajat Rastogi – Executive Director, Runwal Group says, “The Kalyan-Dombivli location is the fastest growing micro-market in the Mumbai MMR region, the locality has witnessed considerable growth in residential real estate. Due to the upcoming infrastructure and connectivity with Mumbai, Thane & Navi Mumbai; it is fast becoming the preferred choice of first time home buyers. Also, the Work-from-Home concept has allowed the potential home-buyers to opt for bigger homes in the peripheries yet staying close to the city.”
The inclusion of Kalyan-Dombivli in Smart City has triggered the growth of infrastructure and transportation in the city. The Patri Pool, which is the major bridge connecting Kalyan to neighbouring areas like Dombivli, Bhiwandi, Thane and Navi Mumbai was recently inaugurated by the Maharashtra Chief Minister which has brought a much-needed relief to the daily commuters easing traffic congestion. Several major neighbourhoods of Mumbai can be easily accessed from this area via the Kalyan-Shilphata Road, Agra Road and National Highway 4. The Kalyan-Shilphata is the main arterial road that connects Kalyan to Dombivli, Thane, Navi Mumbai and Panvel. Currently, it is being widened to 6 lanes in addition to a new flyover connecting to Airoli-Katai Tunnel and Multimodal Corridor. The proposed 16-lane 126 kms-long Alibaug-Virar multimodal corridor will also give connectivity a major boost. The Airoli-Katai Tunnel Road will directly connect Kalyan to Airoli, reducing traffic on Kalyan-Shil Road and smoothening the commute from Kalyan. The work on the Bhiwandi-Kalyan-Shilphata Expressway is also in full swing, bettering commute to Mumbai-Pune Highway (NH4) at Shilphata and the Mumbai–Nashik Highway (NH3) at Bhiwandi. Dombivli and Kalyan are also the busiest railway stations on the central line in the Mumbai suburban railway network. CIDCO has planned to extend the Navi Mumbai metro rail to Kalyan which has fuelled the growth for housing in this region. The upcoming Navi Mumbai International Airport will also be at a distance of less than 35 kms.
With various infrastructure projects in the pipeline, the realty market here is showing positive trends and it is expected that one can easily witness a price appreciation of about 20-25 per cent over the next few years. However, affordable property prices, good connectivity to other key areas in the MMR and the various market trends go on to indicate that the region has good growth potential in the near future.