Mumbai Report - ICICI Home Finance

Central Suburbs
Major Locations
Ghatkopar, Kurla, Mulund, Bhandup, Chembur, Vikhroli
�Central suburbs, till recently, were not considered as premium locations but now with retail
developments like Nirmal Lifestyle and R Mall, several premium residential projects have
sprung up in this part of the city
�Major builders in the central suburbs include Runwal, Nirmal Lifestyle, Ackruti Nirman Ltd.,
Sheth Developers, Neptune, Kukreja Builders, K Raheja Universal, Neelkanth Group, Damji
Shamji & Co., Godrej Properties Ltd., Mayfair Housing and Rajesh Builders
�Bhandup (W) is characterised as an industrial suburb while Bhandup (E) is considered to be
residential
�Increasing population density and property prices have forced the development of Nahur, a
station which was recently constructed between Mulund and Bhandup
�Major arteries originate at Chembur and lead to Navi Mumbai (New Bombay), Ghatkopar,
Sion, Kurla and Mulund-Thane
�Starting out as an industrial area, Chembur is now a largely residential suburb. Old
bungalows and villas are making way for high-rise apartments
�Ghatkopar is one of the most crowded but developed locations in Mumbai
�People from all strata reside here, but it is mostly dominated by rich businessmen and traders
�Jogeshwari-Vikhroli Link Road has improved the connectivity between the central and the
western suburbs, thus acting as one of the growth stimulators for residential real estate in this area
�The old Fiat factory has given way to a township and mall in Kurla
Growth Stimulators
�� Affordability and saturation of markets in the western suburbs and south Mumbai are driving
the residential markets in the central suburbs
�� Residential developments are seen only on one side of the highway, thus maintaining
smooth flow of traffic
�� Good connectivity and well-developed infrastructure in terms of flyovers and highways, e.g.
LBS Marg runs from Sion to Mulund, the Eastern Express Highway connects Dadar to Thane
and beyond JVLR (Jogeshwari-Vikhroli Link Road), Chembur-Santacruz Link Road connects
the Eastern Express Highway to the Western Express Highway
�� The proposed Ghatkopar–Versova Link Road is on the cards. It will give residents an easy and
convenient access to Andheri, resolving the present problem of traffic hazards
�� There is a presence of organised retail developments in the face of Nirmal Lifestyle, R Mall in
Mulund and Dreams right outside Bhandup station, Shopper's Stop at Ghatkopar and R City
Centre. Commercial development of approximately 3.5 million sq. ft. is expected to enter the
central suburbs over the next 2 years. This translates into 0.03 million new employment
opportunities.