Each year hundreds of thousands of people land in Mumbai with dreams of getting a great education, finding a lucrative job, and building the life and lifestyle that they have always wanted. Buying a residential apartment or flat is a central part of every Mumbaikar’s dream, and getting the location right is an integral part of the homebuying journey. With a rapidly expanding Municipal Corporation of Greater Mumbai (Brihanmumbai Municipal Corporation), Mumbaikars have many choices for residential localities and neighbourhoods to pick from. One of the surprising entrants to this race is Kurla. Let us look at some reasons for the growing demand for flats in Kurla, Mumbai.
- Kurla - Forging Ahead Anew
While its proximity to the Bandra Kurla Complex (BKC) commercial hub and business district has the promise of a central location, Kurla was a surprisingly untapped residential market until quite recently. The development of the BKC and other industrial estates like Ghatkopar and Saki Naka, the slum redevelopment in the vicinity, and the infrastructural development of the central suburbs, have made Kural more and more attractive for prospective home buyers.
Add to this the fact that some of Mumbai's top real estate developers have taken an interest in Kurla, and it is not surprising to see why it is one of the fast-emerging micro-markets of Mumbai.
- Connecting Mumbai - The Kurla Way
One of the first criteria for any home buyer in Mumbai and the suburbs is connectivity, and, in this regard, Kurla scores over other suburbs. The Santacruz Chembur Link Road (SCLR), which was opened to the public in 2014, has cut short commute times from the eastern suburbs to minutes. The Lal Bahadur Shastri Marg, Eastern Highway, and a number of link roads connect Kurla to various parts of Mumbai.
The Lokmanya Tilak Terminus, or the Kurla Terminus, is one of the five main railway terminal stations in Mumbai and connects Kurla with the rest of the country through the Central Railways. The Kurla railway station on the Central and Harbour lines offers excellent connectivity to the suburban railway network, and the nearby Tilak Nagar station also helps service the area.
The metro railway network has started to replace the suburban rail as the lifeline of the city. On this front, too, Kurla is at an advantage. The Mumbai Metropolitan Region Development Authority is currently developing the Kurla station as the connecting point for Line 2B and Line 4.
- Development and ROI
Kurla has, in recent years, become quite the poster child for mixed development. With commercial, industrial, and residential projects coming up in both east and west Kurla, the neighbourhood has seen a considerable appreciation in asset value. Experts believe that the Kurla growth story has just begun. Real estate pricing trends in Kurla have definitely been on the uptrend.
Average property prices have gone up from INR 15000/sq ft in early 2018 to about INR 18000/ sq ft in early 2023. Now, this is what attracts most real estate investors. Growing rentals and the promise of an assured income complement an appreciation in the property value. Average rentals for 2-3 BHK flats in Kurla, Mumbai, can range between INR 25000-60000 per month depending on the society and the amenities provided. Kurla West is more expensive than the East, but it is also more vibrant and happening.
- The Social Network
We have already mentioned the fantastic infrastructural development that Kurla has undergone in recent years, but the influx of both established and budding businesses and enterprises has added a greater depth to the lifestyle enjoyed by the residents here. The proximity to top shopping centres like Phoenix Market City, Oberoi Mall, and Raghuleela Mall and hospitals such as Criti Care Asia Multi-Speciality Hospital, Guru Darshan Hospital, V Care Hospital, and Aryan Hospital offer the social equity investors in Kurla seek. Young families can take advantage of the growing number of schools and colleges in the locality.
- Why investors love Kurla
Apart from all these, one of the most important reasons you should invest in Kurla is the fact that real estate prices remain affordable, considering the central location. The redevelopment of BKC is all set to send property prices soaring. However, if there is one neighbourhood in the central suburbs that still earns the favour of developers and offers larger, well-developed units in localities like Nehru Nagar, Kurla has to be it.
Conclusion
Kurla's greatest attraction as a residential hotspot is its cosmopolitan outlook. Recreational spaces like restaurants and cafes, entertainment centres, and a calm, settled lifestyle is what you get when you book a residential apartment in Kurla. Its location on one end of the BKC has brought Kurla excellent connectivity and development. While Bandra has witnessed phenomenal growth, Kurla is just embarking on its growth trajectory. This is the right time to invest in this suburb and get the lifestyle you have always dreamed of.
