Mumbai’s coveted ‘pin-code’ makes Mira Road a realty investment hub

Mumbai, Sep 03, 2015: The fast developing western suburb of Mira Road has become one of the most sought-after property investment destinations attracting a fair share of the cosmopolitan crowd. Thanks for the cheaper brimming realty opportunities and the coveted ‘Mumbai’ pin-code.

Situated towards the northern region of Mumbai, the locality is cited to be one of the fastest developing suburbs. Its seamless connectivity to Navi Mumbai and Thane has further fuelled its realty sector. End user market verse an investor market, while a number of new projects have mushroomed in Mira Road is becoming a potential investors’ hub due to its high rental yields. Working professionals from Borivali, Malad and Kandivali are considering moving to Mira Road due to its affordable rents while upcoming film-stars and television actors are finding accommodations in Mira Road due to its established infrastructure.

According to Mr Manoj Asrani, Vice President – Sales & Marketing, JP Infra Mumbai Pvt Ltd, 1–BHK apartments in Mira Road are expected to churn rental yields anywhere between INR 8,000 and INR 14,000 per month, thus making the vicinity a haven for many second time home buyers and local investors. “The foremost USP of Mira Road is the fact that it offers the best affordable prices while buying residential properties. Moreover, high rates of property don’t allow buying properties in Mira Road, but with new builders seeking wide options. A home is an investment. And, of course, economics and return on investment are important. But more important is the return to life. JP North is not just a landmark suburb project, it’s where Mira Road will redefine what Mumbai life should be,” he maintained.

Mira Road offers easy connectivity to all directions of the city – Mumbai, Thane and Navi Mumbai. The Mira-Bhayander belt enjoys easy accessibility from the western suburbs through the Western Express highway, and Thane through the Ghodbunder Road. Due to its proximity to Mumbai and better connectivity to Thane and Bhayandar, there has been a significant growth of population in this area.

The strong infrastructure development has provided the necessary impetus to the housing market growth. MMRDA has proposed four-lane roads connecting Gorai and Bhayandar and widening of existing roads. Mahim-Mira Road forms an important Fast Track Bus Corridor in the much-awaited Bus Rapid Transit System (BRTS). This system, once operational, would ease-off pressure from the transportation considerably. MMRDA has also developed a skywalk near Mira Road railway station to offer more convenience to residents.

JP Infra Mumbai Pvt Ltd, one of the leading real estate developers, announced the launch of its new landmark residential project, JP North, which is also the largest project in Mira Road.

Spread across 19 acres, JP North, will have four elegant properties – Celeste, Cira, Estella and Atria – with as many as 2,500 units featuring 1-BHK (750 sq ft), 2BHK (1100 sq ft) and 3-BHK (1500 sq ft). It will have all the state-of-the-art amenities with pleasing view of surrounding landscape gardens. “JP North is an inspiring combination of modern, urban housing and lifestyle amenities, all amalgamated with nature. JP North is meticulously master-planned and designed by our architect (Reza Kabul). This vision has transcended in every inch of this masterpiece creation – a vision that has manifested itself in the form of JP North,” said Mr Vijay Jain, Chairman & Managing Director, JP Infra Mumbai Pvt Ltd.

Mira Road is the new hotspot in the real estate scenario of Mumbai. Located at about 2.5 km from Essel World and just-off the Western Express Highway, Mira Road has a railway station and also has several bus routes connecting the neighborhood to every nook and corner of Mumbai. With national parks, reputed hospitals, shopping plazas, Cinemax, high schools and colleges, Mira Road is pretty self-sustained and forms a fine blend of urban living with a tinge of serene ambience. How popular and rapidly developing area it is can be ascertained by the fact that there are more than 100 major Mira Road projects excluding the medium to small projects offering thousands of apartments.

“For most of us the conventional definition of living space seems to be restricted to the four walls we live it. But actually your home is just one part of your living space. The home provides comfort both physical and emotional. But the living space provides the key characteristics that define the good life, the balanced life. And when you buy a home you need to make sure you audit the purchase on the concept of living space and not just the justifications of square feet and market rates,” adds Shubham Jain, Director, JP Infra Mumbai Pvt Ltd.

With the infrastructure development and growth, many industries and companies have been set-up there, thus boosting job opportunities in the area.

Corporate Comm India (CCI Newswire)