Mumbai is now a teeming city with a population of nearly 27.1 million. The city is the headquarters of some of the country's top corporations and MNCs as well. Often referred to as the financial capital of the country, Mumbai's rise over the past few decades is attributed to the number of established and new businesses that have set up shop here.
It is but natural that with such tremendous growth and development, the demand for real estate is zooming, and the city is witnessing the development of numerous residential projects to suit all budgets. What is surprising, though, is that development in the city has not been uniform. Though centrally located, some pockets have been late entrants in the real estate race. Kurla is one such neighbourhood. Let us take a closer look at this residential hotspot and its rise over the years.
A late entrant to the development race
Kurla's strategic location in the centre of Mumbai, along the banks of the Mithi River, makes it ideal as a commercial and residential destination. However, till about a decade ago, Kurla remained a suburb peppered with several factories and industries, scrapyards, and large slums. The other two tahsils or the Mumbai Suburban District - Andheri and Borivali –witness far more development than Kurla, despite being further from the posh neighbourhoods of SoBo.
Kurla lies on one end of the most important business district of Mumbai - the Bandra-Kurla Complex (BKC). And yet, distant parts of the city and its fringes, such as Mulund, Ghatkopar, and even Thane, had witnessed much more infrastructural development and real estate enterprise than Kurla. This oversight by the regional administration, real estate players, and prospective homeowners may remain a mystery. The current scenario, however, is very different. Over the past decade, Kurla has definitely caught the eye of some of Mumbai's real estate moguls, and the advantages that Kurla has to offer have now come into sharp focus.
Rise Like A Phoenix
Much of Kurla's current run of development was initiated by the launch of Phoenix Market City. With the launch of several different commercial projects, the suburb's wonderful connectivity is now coming to light. Its location on the Eastern Express Highway offers direct access to the eastern suburbs and Thane. Moreover, its proximity to some of the city's busiest commercial hubs, such as Vile Parle, Bandra, Andheri, and Dadar, makes it poised for unprecedented growth. The Santacruz Chembur Link Road (SCLR) project is another great thread that connects Kurla with the rest of Mumbai.
Unlike most other parts of Mumbai, Kurla's development has not been demand driven; it has been real estate sector driven. What we mean by this is key real estate players of the city capitalised on its central location and excellent connectivity to build swanky commercial centres. So, predictably, the need for housing nearby started to rise.
Enterprise Gated Communities
The rise of gated communities signalled the arrival of this wonderful suburb in the world of Mumbai's real estate. Following the footsteps of Kohinoor Integrated Township, several projects have embarked on a mission to set up self-sufficient but posh residential projects in Kurla. Space, luxury, unmatched amenities and facilities - just what every Mumbaikar wants in his or her home. Kurla's wonderful residential projects offer all these and much more at much lower prices than SoBo neighbourhoods or even suburbs like Andheri.
Real estate prices in Kurla have risen significantly in the past decade. Average prices were estimated to be about INR 7000 per square foot in 2010 and have reached about INR 17000 per square foot this year, signalling a huge surge in demand. And yet, it remains affordable when compared to other settled neighbourhoods of Mumbai. Similarly, rentals for both commercial and residential properties in this growing suburb are much lower than its neighbours. From the likes of it, Kurla's growth story has just begun.
Kurla's connectivity is enhanced by its connection to the Central and Harbour lines of the suburban rail network. Despite the decision to halt work on the Kurla Terminus, the suburb's proximity to the Lokmanya Tilak Terminus and Chembur Metro Station stands it in good stead. A lot of infrastructural development and real estate redevelopment work is currently being undertaken along the BKC, and the consequent appreciation in real estate value will surely bring cheer to Kurla homeowners.
Kurla is now a swanky, upscale residential neighbourhood that has a variety of residential projects for mid to high-income real estate investors. Kurla West, in particular, is a growing residential hotspot and one of the most attractive micro markets. The proximity of the international airport in neighbouring Andheri is a distinct advantage, and so is the highly developed social infrastructure of Chembur, Goregaon, and Andheri. Kurla itself has a number of good schools, colleges, hospitals, and entertainment centres, making it perfect for families.
