Wadala in Mumbai is the rising housing market and the reason behind this growth is the fast-paced urban infrastructure development. Located exactly between South Mumbai and suburban area, the Wadala locality has witnessed a huge transformation from once being an industrial hub to now being a leading commercial and residential hub in Mumbai. So, if you are planning property investment in Mumbai then this blog post is a must-read:
In the past decade, Wadala has seen rapid growth in rental income and has also gone through a major transformation as far as infrastructure is concerned. The various proposed infrastructure projects planned by MMRDA i.e. the Mumbai Metropolitan Region Development Authority is resulting in a positive impact on the real estate market of Wadala.
Situated at a prominent location, Wadala shares proximity with the famous Bandra-Kurla-Complex [BKC] and the infrastructural projects like Chembur-Wadala Monorail and the Eastern Freeway has made Wadala a hotspot for residential projects in Mumbai. Apart from this, the good quality social and civic infrastructure makes Wadala a top residential locality to invest in Mumbai.
Being an important station on the Harbour line, Wadala offers smooth connectivity to various residential localities in Mumbai including Andheri, Goregaon, and Dahanu Road via the Western line. Other than having a lifeline i.e. local train at the doorstep, the Wadala area also has the biggest bus depot of Mumbai and thus road connectivity is seamless here. Apart from this, the Eastern Freeway ensures congestion-free travel upto Nariman point.
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An integrated transport hub is also on the card of MMRDA in Wadala, Mumbai and the authority has taken approval from the Brihanmumbai Electric Supply and Transport Undertaking (BEST) regarding the same. Also, the proposed metro connectivity between Wadala to Kasarvadavali via Ghatkopar and Mulund is going to make Wadala a premium residential hub as travel between Thane and Chattrapati Shivaji Maharaj Terminus will become easier.
The present unit cost in Wadala is approximately Rs. 22,000 per sq ft. and the area has a range of townships comprising of 2 BHK, 3 BHK, and 4 BHK residential units. The demand for 2BHk unit is high in comparison to others. Similarly, a 1 BHK flat measuring 450- 500 sq ft in Wadala costs approximately Rs. 1.30 crore. The Price trend in Mumbai shows that the monthly rental for 1 BHK unit in the locality ranges between Rs. 31,000 and Rs. 35,000. The monthly rental income for a 2BHK flat falls between Rs. 41,000 and Rs. 48,000 per month.
Home buying in Mumbai is not a cup of tea for everyone but the presence of various reputed educational institutes and healthcare centres like Veermata Jijabai Technological Institute (VJTI), Auxilium Convent High School, Vidyalankar Institute of Technology (VIT), Aditya Jyoti, and Indian Cancer Society in Wadala make this a premium residential locality in Mumbai. Apart from these, the locality also has a lot of entertainment and recreational arenas and Temples, churches, and shrines are also close to the area.