Spotting parking slots in the lanes of Central Mumbai's Matunga is no mean task. In fact, this is true for its residents, as well the floating population, who visit its famed restaurants like the Madras Café known for its filter coffee. So, as Matunga’s residential real estate sector moves into a phase of redevelopment, parking slots have become a unique selling proposition (USP).
Matunga is home to small buildings of two or three floors. However, due to a lack of garage space, the homeowners here are constrained to park their vehicles on the roads.
Over the last two years, this area has begun undergoing a major redevelopment, with the entry of several big listed real estate players, including Lodha Group, Godrej Properties and others. These real estate players have launched projects consisting of 2,3 and 4 BHK apartments in this locality.
Due to the ongoing redevelopment work, the rental markets of this area have suffered as tenants are hunting for temporary accommodation elsewhere.
Matunga is centrally located, close to the commercial hubs of South Mumbai, Central Mumbai and Bandra Kurla Complex (BKC). Those travelling by road in not-so-heavy traffic can reach any of these locations in under 30 minutes.
About the area
Matunga is largely a residential locality. It is also home to many famous educational institutions, such as Don Bosco High School, Ruia College and Welingkar Institute of Management.
Matunga has ample open space in terms of playgrounds and gardens compared to other localities of Mumbai. In terms of healthcare, the area is strategically located near the government-led Sion Hospital, followed by private hospitals like Raheja Hospital, and Lilavati Hospital in a 20-minutes radius.
Thanks to the low crime rates in this area, Matunga is considered a safe locality for women and senior citizens.
However, Matunga has barely any scope for greenfield development. Redevelopment is the only option for developers wanting to construct in this locality. But that’s the case not just in Matunga, but in Mumbai overall, due to the lack of available land for greenfield development.
Harshul Savla, Managing Partner at Suvidha Lifespaces (M Realty), who is selling a residential project in Matunga, said, “Matunga is touted as the Queen of the Eastern Suburb. It is a slum-free location, with perfect social and physical infrastructure and has a rich cultural heritage. Matunga is the most attractive micro-market for redevelopment in the residential space as it was developed 50 years ago.”
Parking woes
However, parking is a major issue in Matunga. This has made parking facilities a must-have amenity for new housing units coming up in this area, say developers and property consultants.
For example, Godrej Properties announced a project with three car parks for each flat. Lodha Group’s Macrotech Developers, on February 13 launched a project named Lodha Divino not to mention with parking. The developer also agreed that consumers do mention parking as a major challenge in Matunga.
“Consumers mention parking as a major challenge in Matunga, with some of the older developments not offering regular parking, but only roadside or mechanical parking. This has led to congestion on the roads, as well as much time being wasted on getting the vehicle in and out of the parking area,” said Rajib Das, President – Eastern Suburbs and Navi Mumbai, Lodha Group.
Vivek Rathi, Director Marketing, Knight Frank India, told Moneycontrol, “Over the last decade or so, amenities that were earlier considered ‘nice-to-have’ have become ‘must-have’ for consumers. Parking, elevators, etc. are such features, which add to the comfort and convenience associated with a property. For buyers with elderly or sick family members, these amenities become a crucial factor. In older locations like Matunga, where earlier housing settlements were low-rise developments and such amenities were absent, these have become a major selling point.”
Prominent projects
Matunga is metamorphosing into a major real estate redevelopment hub. It is witnessing development projects by large players like Lodha Group and Godrej Properties, and others like Rustomjee Group, Suvidha Group, Sugee Group, Hubtown and the Wadhwa Group.
Connectivity
Matunga is well connected to railway stations like Matunga, and Dadar. It is easily accessible by those using the Eastern and Western Express Highway.
The area will be impacted by the upcoming Colaba-Seepz Metro-3 and CST-Thane Metro-4 corridors that will allow citizens to travel up and down the south, central, western and central suburbs of Mumbai.
The two Metro corridors will also enable penetration into the micromarkets of Mumbai Metropolitan Region (MMR), including Thane, Mira Road, and Bhayander, among others.
Cost of flats in Matunga
The developers are offering 2,3,4 BHK apartments in the locality, priced between Rs 2.50 crore and Rs 7.50 crore, depending on the project. As for rentals, a 1 BHK apartment comes at a monthly rental of between Rs 35,000 and Rs 50,000, 2 BHK for Rs 55,000 and Rs 1 lakh, and 3 and 4 BHK apartments cost above Rs 1 lakh.
Home sweet home
Adjacent localities
While Matunga may remain a preferred destination for potential homebuyers, the nearby areas including Sion, Dadar, Mahim, and Bandra should also be considered before they finally purchase their dream home. That, is since all these localities that are less than a 30-minute drive from Matunga, offer flats in a similar price bracket, except in Dadar and the sea-view apartments of Bandra.
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