Mira Road is on the radar of Grade A developers as there is unmatched potential for providing a premium lifestyle to a starved market.
The Indian real estate industry has witnessed unparalleled transformation since the pandemic-induced lockdowns came into effect over two years ago. While things are seemingly optimistic at present as the economy gradually opens and India Inc. prepares to welcome back its returning workforce, the impact of the pandemic on prospective homebuyers is here to stay for the coming decades. Being locked inside the four walls of the house for a prolonged period and stepping out only for the absolute necessities has caused a significant shift in the consumer lifestyle as well as mindset. As a result, people are reevaluating their living choices and incorporating changes that are more in sync with their post-pandemic lifestyle goals.
One such significant alteration has occurred in homebuyer preferences owing to people becoming increasingly mindful of their physical and mental health. Homebuyers are now seeking residences that are not only bigger in typology but with features such as sundecks/ balconies that enable them to unwind amid the natural environment from the comfort of their homes. The continued work-from-home routine and hybrid work culture has further emphasized the need for multi-purpose rooms that could double up as offices or study rooms. Once considered a luxury, such features have now become the basic requirements of homebuyers who are seeking a comfortable lifestyle for their families. Consequently, specific pockets within the Mumbai city’s Western suburbs, like Mira Road, are now emerging as hotspots that can truly help such homebuyers move into their dream abodes.
The past decade saw Mira Road develop by leaps and bounds as a locality and it continues to have immense potential for fulfilling the evolving homebuyer requirements of health and wellness. Primarily swamped by Grade C/D developers, Mira Road has an inherent need for high-quality homes and the kind of lifestyle that can be offered only by grade A developers. Acknowledging this growing demand, reputed developers are now exploring the area to fill in the need-gaps and offer premium lifestyles. Considering Grade-A developers provide well-managed developments with best-in-class facilities, homebuyers’ interests in the location are further strengthened.
Interestingly, the Mira Road market currently comprises 1BHK and bed studios for the large part, and the presence of Grade A developers will also offer bigger typology in terms of 2 & 3 BHKs that cater to like-minded families. As an emerging area, Mira Road has a surplus of consumers who are positive about upgrading to Grade-A developments and have an affinity for western suburbs for their existing social circles and official networks which works in its favour.
Additionally, Mira Road has a lot to offer in terms of unobstructed landscape views and natural greenery, with certain areas offering serene views of Vasai Creek. This further translates into enhanced livability quotient with better air quality and lower temperatures compared to the rest of the city. The neighborhood offers the best educational institutions like Podar International School, Vedanta International School, Singapore International School and N.L. Dalmia Inst. of Management. Healthcare facilities such as Wockhardt Hospital and Thunga Hospital; malls & retail outlets like Star Bazaar, D Mart, Reliance Trends and Thakur Mall are in close proximity.
Mira Road is also well-linked to prominent business hubs like Nesco and Mindspace, enabling the corporate employees to have a better work-life balance due to reduced travel time. Easy access to Western Express Highway and Mira Road station enables the locality to be well-connected by both road and rail to all parts of MMR. The upcoming Metro Line 7 (Andheri East – Dahisar East) and Line 9 (Dahisar East – Mira Bhayandar) coupled with other infrastructural developments such as the proposed 6 km long, 45-meter-wide road (Dahisar Link Road – Bhayandar) are expected to improve the overall connectivity quotient and ease traffic woes.
Keeping in mind the above-mentioned changes in homebuyer trends and infrastructural developments, it is certain that Mira Road is on the radar of Grade A developers as there is unmatched potential for providing a premium lifestyle to a starved market. Mira Road is the perfect balance between nature and fast-paced city life with all the required infrastructure. It continues to emerge as an ideal location for first time homebuyers and those upgrading their homes in order to provide a quality lifestyle to their families with world-class amenities at safe and convenient Grade A residential projects.
(By Prateek Bhattacharya, President – Mid Income and Affordable Housing, Lodha)
