Bhiwandi-Kalyan Corridor: The Next Big Thing in Mumbai's Real Estate
The Bhiwandi-Kalyan corridor is undergoing a major metamorphosis, driven by massive infrastructure upgrades and growing demand for residential real estate.
Bhiwandikalyan CorridorMumbai Real EstateInfrastructure DevelopmentResidential MarketHomebuyersReal Estate MumbaiAug 28, 2024
The Mumbai Metropolitan Region (MMR) is undergoing a massive infrastructure upgrade, with a budget of over Rs Five Lakh crore. This development is having a direct impact on the rise of micro-markets close to the financial capital of the country. The Bhiwandi-Kalyan corridor, located on the north-east part of MMR, is strategically positioned near the Thane market.
The corridor is an emerging hub for various large-scale infrastructure projects, including the Virar-Alibaug Multimodal Corridor, the Mumbai Metro Line 5, and the Mumbai-Nagpur Samruddhi Marg. These projects are expected to boost the warehousing and logistics activities in Bhiwandi, improve connectivity, and drive the growth of residential real estate in the region.
Some of the key proposed and ongoing infrastructure projects that are changing the outline of the corridor include
Virar-Alibaug Multimodal Corridor This 126km long highway will connect seven growth centers in MMR, including Virar, Bhiwandi, Kalyan, Dombivli, Panvel, Taloja, and Uran.
Mumbai Metro Line 5 This metro line will enhance connectivity from Bhiwandi to Thane and other extended suburbs, employment nodes of Kalyan and Taloja, resulting in growth of demand for residential real estate in Bhiwandi.
Mumbai-Nagpur Samruddhi Marg This project will improve connectivity to Bhiwandi-Kalyan Corridor from various parts of MMR.
Other projects that will influence growth in Bhiwandi-Kalyan Corridor include the development of two new business hubs on the lines of BKC, the In-land waterways project, the Thane-Dombivli Link Road, and the 8-lane widening of the currently 4-lane Mumbai-Nashik highway.
The residential market in Bhiwandi-Kalyan Corridor and its outlook
The Bhiwandi-Kalyan corridor has witnessed a dramatic growth in the past decade. On completion of the planned infrastructure projects, the price per square foot may rise further, thus providing attractive returns on investments made now. Currently, the corridor has a maximum supply of 1 & 2 bed apartments in the budget-friendly category. However, increasing job opportunities and spending capacity will drive demand for 1 & 2 bed luxury apartments.
The strong outlook of this region has led to the presence of top developers offering luxurious residential projects. Today, a homebuyer can easily find a well-designed spacious luxury apartment with many lifestyle amenities. Sky villas, designer lobbies, towers with neo-classical architecture, landscaped areas, and convenient stores are some features in the latest residential projects developed in Kalyan.
The price arbitrage offered by Bhiwandi-Kalyan Corridor is another reason for its impressive and potential outlook. For price-sensitive residents planning a home along Ghodbunder Road in Thane, the Kalyan-Bhiwandi Road is an ideal location for investment. While the travel time difference from Majiwada to Ghodbunder Road and Majiwada to Kalyan-Bhiwandi Road is barely 10-15 minutes, there is a wide gap in pricing between the two locations.
Similarly, a price arbitrage exists for homebuyers planning to buy a home in established locations of Kalyan. Apartments are priced higher at locations such as Khadakpada, Shahad in comparison to apartments along the Bhiwandi-Kalyan Corridor. However, the travel time difference to Kalyan station from these locations is minuscule.
With improved physical infrastructure, the Bhiwandi-Kalyan Corridor has a good network of social infrastructure. Presence of popular schools, hospitals, departmental stores, and entertainment centers enable residents to upgrade their lifestyle.
With improving connectivity and job opportunities, the Bhiwandi-Kalyan Corridor presents enticing prospects for homebuyers and investors. The corridor still has significant headroom for development due to consistent demand from homebuyers and availability of land parcels.
In fact, it has the potential to support Thane city as a satellite town and over time is expected to be one of the major residential clusters within suburban Mumbai.
House of Hiranandani is a well-known real estate developer with a presence in Mumbai, Bengaluru, and Hyderabad. The company has developed several iconic projects in these cities and is known for its commitment to quality and innovation.
Frequently Asked Questions
What is the Bhiwandi-Kalyan Corridor?
The Bhiwandi-Kalyan Corridor is a region located on the north-east part of the Mumbai Metropolitan Region (MMR), comprising of two cities – Kalyan and Bhiwandi.
What are the key infrastructure projects in the Bhiwandi-Kalyan Corridor?
Some of the key proposed and ongoing infrastructure projects in the corridor include the Virar-Alibaug Multimodal Corridor, the Mumbai Metro Line 5, and the Mumbai-Nagpur Samruddhi Marg.
What is the outlook for the residential market in Bhiwandi-Kalyan Corridor?
The Bhiwandi-Kalyan Corridor has witnessed a dramatic growth in the past decade and is expected to continue growing due to improving connectivity and job opportunities.
What are the benefits of investing in the Bhiwandi-Kalyan Corridor?
The corridor offers a price arbitrage, with lower prices compared to established locations in Thane and Kalyan, making it an attractive option for homebuyers and investors.
What is the potential of the Bhiwandi-Kalyan Corridor in the future?
The corridor has the potential to support Thane city as a satellite town and over time is expected to be one of the major residential clusters within suburban Mumbai.
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