By Mr. Aditya Kedia, Managing Director – Transcon Developers
The island city’s unparalleled growth story in the arenas of housing, infrastructure development and increased connectivity has resulted in spurt in demand of commercial real estate. Over the last few years, the number of investors keen on capitalizing into Mumbai’s commercial spaces has increased manifold. Santacruz West is one such area that wrestles the tag of being one of Mumbai’s preferred commercial destination. Making investments in commercial property in Santacruz remains favourable as the area consistently proves its long-term stability through a steady ROI and scope of future growth. It offers a best of both worlds by being primarily a chosen housing destination alongside offering a balanced mix of developments, including corporate office spaces and commercial areas.
Below mentioned are reasons why capitalizing in commercial property in Santacruz West can make for a wise investment choice:
Santacruz an emerging CBD of Mumbai: The shift of CBDs originally from Nariman point to BKC has positively impacted the commercial fortunes of the Santacruz-Andheri belt in the western suburbs. A major reason for commercial realty revival in Santacruz is the areas successful progressions in the development of Office Retail Complexes. This growth of ORC’s has proved to be a probable business opportunity for retailers investing in this western suburb. A robust infrastructure development in the region and higher Floor Space Index (FSI) have transformed the area as a significant business district of Mumbai. In the recent past, an increasing number of companies have chosen the micro-market to consolidate their operations in the city. Large sized office space taken up by corporates have led to an increase in demand for commercial space in the region. This has led to a rise in office developments, with Santacruz countersigning a nearly tenfold surge in office stock.
Ease of accessibility driving demand: This advancement can be credited to the location benefits that Santacruz West enjoys. It is easily reachable by rail and road from the western suburbs, as well as from Thane and Navi Mumbai. The recently completed infrastructure projects like the Kherwadi Flyover and the Santacruz Chembur Link Road have further advanced approachability to this belt. Commuting to central suburbs like Kurla, Thane, Ghatkopar and Chembur have become almost like a cakewalk, thanks to the SCLR. The Milan and Khar subways connect the area to the eastern as well as the western parts. The construction of the Milan Flyover has enriched connectivity between Santacruz east and west. The juxtaposition from the domestic and international airport makes it a go-to option for investors and end-users.
Infrastructure set-ups gaining momentum: The connectors like an elevated road from Vakola Junction on the Western Express Highway to the Asian Heart Hospital, and the 3.5 km two-pronged flyover from Kapadia Nagar Junction at Kurla to Vakola have eased traffic flow and access to Santacruz. The Mumbai Metro is also set to increase accessibility to Santacruz west, with the proposed Line 2 and 3 that runs between Dahisar-Charkop-Bandra-Mankhurd and Colaba to SEEPZ. Additionally, the up-market restaurants, retail shops, malls, and multiplexes that lie in proximity further reinforces the areas position as a world-class commercial district.
Santacruz currently is on a real estate growth track that has metamorphosed into a major commercial destination and a dense micro market in Mumbai.
