By – Anupma Khetan Customer Experience Evangelist, Sunteck Realty on Mira Road’s Rise as a Premium Luxury Real Estate Destination.
Mira Road’s evolution into a prime location for premium luxury homebuyers showcases its advantageous position, serene atmosphere, and expanding infrastructure. Located in the Western Suburbs of the Mumbai Metropolitan Region (MMR), it stands out with its dynamic social amenities and seamless access to commercial centres, redefining residential luxury.
With a commendable literacy rate of 91%, governed by the Mira-Bhayandar Municipal Corporation, Mira Road is affectionately dubbed ‘The City of Gardens’. The area’s lush landscapes are dotted with nearly 6 lakh trees, alongside 65 gardens and 12 playgrounds, offering residents a verdant lifestyle rare in urban settings. This blend of greenery and urban convenience makes Mira Road a unique proposition for those desiring premium luxury in the lap of nature.
The real estate sector in Mira Road is experiencing a renaissance, buoyed by a robust demand for residential properties. The area’s ability to offer land parcels for greenfield developments, coupled with its strategic connectivity to business districts, has sparked a vibrant growth in the housing market. Mira Road’s real estate palette features a variety of properties, catering to the aspirations of a broad spectrum of buyers, including those seeking premium luxury at relatively competitive prices.
Infrastructure is one of Mira Road’s strongest suits, with exceptional connectivity provided by the Western suburban railway line and the Western & Eastern Express Highways. These transport arteries make it effortlessly accessible, bridging distances to Mumbai’s core and beyond. The locality’s rich social fabric is woven with upscale malls, top-tier healthcare facilities, and reputable educational institutions, further enhancing its attractiveness for premium living.
Adding to Mira Road’s allure are significant investments by the State Government of Maharashtra, earmarked at INR 943 Cr for infrastructural enhancements. The anticipation of metro rail expansions, the coastal road project, MMR Ring Road, and other infrastructural upgrades are poised to revolutionize connectivity, making Mira Road even more desirable by reducing commute times to major employment zones.
The key infrastructure developments in Mira Road are:
1. Metro Rail Projects: Enhancing connectivity with several lines, including Dahisar (E) to Mira Bhayandar, Gaimukh (Thane) to Shivaji Chowk (Mira Road), and a proposed line from Shivaji Chowk (Mira Road) to Virar.
2. Coastal Road: A significant freeway project aimed at improving the connectivity along Mumbai’s western coastline.
3. MMR Ring Road: Includes major connectivity projects like the Mumbai-Trans Harbour Link, Virar-Alibaug Multimodal Corridor, Vasai to Mira-Bhayander Bridge, and the Versova-Virar sea link.
4. Dahisar (W)-Bhayandar (W) Link Road: Planned to ease congestion and enhance connectivity.
5. Other Developments: Including Borivali-Thane tunnel road, a 4-lane Gorai-Mira Bhayandar Road, and the Goregaon-Mulund Link Road.
The local residential market shows a promising trend towards an equilibrium between demand and supply ratio of around 1 (ref ANAROCK report). This shift reflects a broader market evolution, indicating Mira Road’s growing reputation as a premium luxury residential hub. The upward trajectory in property values signals an opportune moment for investors and homebuyers to engage with the market, leveraging the area’s potential for substantial returns.
The strategic investments in infrastructure, coupled with a vibrant real estate market, underline Mira Road’s appeal as a smart choice for discerning investors and homebuyers alike.