Kanjurmarg Realty To Ride On New Metro Line

Looking for a property in Mumbai? Although the property here is expensive, it still continues to be one of the most actively sought-after residential and commercial real estate market. The demand is driven by the influx of people for job and business opportunities. Kanjurmarg is one such locality in the city where demand for homes is still high. Interested? PropTiger.com data suggest that there are 21 projects in Kanjurmarg that are under-construction at the moment.

Price trends

The price growth in Kanjurmarg has been negligible since April 2013. The per square foot value of property in Kanjurmarg has changed from Rs 12,750 in April 2013 to Rs 12,670 in September 2017. This price movement shows that a prospective buyer has the advantage of discounted rates, especially the ones that have been delaying their property-purchase plan for long now but are up and ready now.

What will be the budget you would need to reserve? PropTiger.com data suggest that 1BHK units, on an average, will cost up to Rs 85 lakh while 2BHK units move in the market for an average price of Rs 1.35 crore. For higher configurations you will have to spend Rs 2 crore and upwards.

The size of apartments in Kanjurmarg, a locality with a livability score of 8.8, vary between 298 sqft and 2,050 sqft. Check out all residential projects in Kanjurmarg here.

But what makes Kanjurmarg so popular?

The metro high 

In Mumbai, the Metro connectivity is all set to expand further. Two new lines have been proposed – the fifth and the sixth line. The latter would connect Swami Samarth Nagar to Jogeshwari, Kanjurmarg and Vikhroli. This corridor, which will run six-coach trains, will also link the western and eastern suburbs in Mumbai with 13 stations. The proposed stations on this route are Swami Samarth Nagar, Adarsh Nagar, Momin Nagar, JVLR, Shyam Nagar, Maha Kali Caves, SEEPZ village, Saki Vihar Road, Ram Baug, Powai Lake, IIT Powai, Kanjurmarg West and Vikhroli on the Eastern Express Highway (EEH). This is the second line along this corridor, the first being the Versova - Andheri - Ghatkopar line. Industry experts believe that rentals may jump along this area by 10-12 per cent.

Apartments on rent

Kanjurmarg has over 230 apartment for rent. The price range varies between Rs 15,000 per month and Rs 80,000 per month. These apartments are sized between 400 sqft and 1,600 sqft. The most popular category is the one room-kitchen formats, popularly called 1RK, as these are an economical option.

Security deposits vary from Rs 1 lakh to Rs 5 lakh.

Check out apartments for rent in Kanjurmarg here.

Comparative price advantage

Kanjurmarg shot to fame when Powai, Vikhroli and Thane registered a rise in property prices a few years ago. For a potential homebuyer, Kanjurmarg, with its self-sufficient social infrastructure, such a price difference mattered a lot. The chart below is a price comparison and values may vary, depending upon the size of the unit, the quality of construction, the age of the building, etc.

Property prices as of September 2017, source: PropTiger.com