Malad-Goregaon Becoming Mumbai’s Vibrant Real-estate Hub

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One of the fastest growing suburbs of Mumbai, the Malad-Goregaon region is situated in the north-west part of the city. From being a sparsely populated outskirt, it has transformed into a vibrant residential, commercial and IT hub owing to the various developments, especially since the turn of the millennium. The Background The 16th century Malad was a cluster of villages known for its serene beaches, churches and temples with an airy, open feel of a laid back life. Until the mid-20th century, trails of creeks and mangroves transect the area. Its popular beaches-- Aksa, Marve, Madh etc -- along with the Madh Fort and Essel World amusement park were ideal settings for film and TV shootings. Additionally, it was recognised for INS Hamla, the training and logistics establishment of the Indian Navy. However, since the latter part of the last century, the area started growing and witnessing good housing demand from the upper and middle-class people. As a result, particularly on the west-side, the real estate boom in Malad made investors sit up and take notice of the location. The Transformation Today, the social infrastructure of Malad east and west is well-developed. There are several educational institutions, hospitals, multiplexes, shopping malls and restaurants in the area along with prominent shopping malls such as Oberoi Mall, Inorbit Mall & Infiniti Mall. Besides inspiring a walk-to-work culture, Malad's very own business district Mindspace and the other major corporate hub of Dindoshi offer still another advantage to corporate professionals. Furthermore, the Malad-Goregaon belt has become the chosen destination for IT/ITES companies due to spacious office spaces and competitive rentals. However, lured by its quiet lifestyle close to nature, the new-age buyers have started to invest in these areas. Describing the transformation of the region, Shraddha Kedia-Agarwal, Director, Transcon Developers said, "The Malad-Goregaon location is one of Mumbai’s popular suburbs that enjoy excellent connectivity and a robust social infrastructure. The suburbs' skyline has completely transformed with several high-rises that offer stunning views of the natural and splendid surroundings in the region. The location also enjoys excellent connectivity to Bandra-Worli Sea Link, Western Express Highway along with both domestic and international airports. With innumerable infrastructural developments like the Metro rail, GMLR and the coastal road in progress, it is definitely emerging as a prominent realty destination." Commenting about the real estate growth in the area, Himanshu Jain, VP - Sales, Marketing & CRM, Satellite Developers Pvt. Ltd. said, "The region offers the homebuyers with a mix of affordable as well as luxurious properties. The region is one of the most upcoming and prominent residential and commercial hubs that most property buyers are now moving towards. The suburb has seen growth in not just residential development but also in commercial development with few corporates choosing it as their new headquarters which is the foremost reason it has witnessed a realty boom in the last few years. Also, owning a house near to the workplace is a dream for the homebuyers especially millennials due to the hustle of traffic. Therefore due to the commercial advantage, many developers are coming up with projects in this region that intend to reduce the office travelling to zilch. Nowadays, homebuyers too prefer to stay in studio apartments or compact homes if it is in the vicinity of their respective workspace which also allows them to spend quality time with their family."