With opulent high-rise buildings replacing historic buildings, South Central Mumbai, the residential micromarket at the centre of the city, is witnessing a dramatic transition. Due to its strategic location and historic value, its revitalisation is drawing in property purchasers, making it a desirable real estate market.
As per the Mumbai Residential Q2 2024 report by Cushman & Wakefield, this neighbourhood is becoming more than simply a location to live; many people are choosing it as their lifestyle option because of its distinct combination of rich local culture, outstanding connectivity, and exciting infrastructural initiatives.
Mumbai City’s residential sector saw the launch of 17,514 units in the second quarter of 2024. Submarkets in South Central Mumbai saw a noticeable uptick in the number of launches, most of which were high-end developments in Dadar and Mahim.
The South Central and Western Prime submarkets are seeing more opportunities for redevelopment projects thanks to the recently opened Marine Drive-Worli beach route and the forthcoming Metro Line 3 (Andheri-Cuffe Parade).
The report notes that due to notable advancements in infrastructure projects, capital values have increased by roughly 3-6% in all submarkets as compared to the prior quarters. Capital values in South, South Central and portions of the Western Suburbs are predicted to rise even more as a result of improved connectivity provided by the recently opened coastal highways and the advanced stages of the Metro Line 3 project.
South Central Mumbai radiates a youthful vibrancy while retaining the ageless elegance of the old city. This area presents a well-balanced selection of social and recreational facilities, with a vibrant social infrastructure that includes fashionable cafes, friendly restaurants, and a variety of retail centres.
Source: The Free Press Journal
