National, July 19, 2022: The Mahim-Matunga region has developed into a plush destination with property trends showing high market prices, continually heading northwards. As per Knight Frank data, in the month of June 2022, maximum share of property registrations for high value ticket sizes of Rs 5 crore to Rs 20 crore was recorded in Central Mumbai.
Commenting on the lifestyle trends of the area, Mr. Jitendra Shah – Managing Director, Rockford Group said, “The area offers luxurious living with urban classy, signature residencies located in the heart of Mumbai. The inhabitants of this area enjoy a contemporary lifestyle along with panoramic views of the Arabian Sea and easy connectivity to all major utilities like Airport, Hospital, Schools, MNCs, etc in just a matter of a few kilometers. A buzzing place, well-known for its educational institutions, shopping markets, eateries, parks, and stunning views of the sea; the location has it all.”
A total of 12,023 houses were sold in Mumbai city and 65,114 in Mumbai suburbs in 2021, as per MMR Housing Uptick aided by Support research report, conducted jointly by CREDAI MCHI, Colliers and CRE Matrix. As per the report, central Mumbai (Dadar, Lower Parel, Worli, Sewri, Mahim, Matunga, Parel, Wadala) saw the maximum revival in sales last year with registrations rising 93 per cent from 2019 and 71 per cent from 2020.
The Mahim-Matunga micro-market hosts some of the biggest and most prestigious luxury housing projects in the city, and thus attracts business honchos, sports personalities and other celebrities, start-up founders, and C-Suite professionals.
Speaking about the prominence of this micro-market, Mr. Bhushan Nemlekar – Director, Sumit Woods Limited said, “The Mahim-Matunga region is fast gaining popularity among the high-end property buyers with several top-notch projects coming up in the area. It is also in close proximity to leading educational institutions, recognized hospitals and also the major commercial hubs of BKC, Lower Parel, Worli and Prabhadevi. The Metro – 3 lines passing through L.J. Road will further enhance the commute of the residents with connectivity to South Mumbai along with the western and eastern suburbs. With a well-established whole ecosystem, it is certainly becoming the most exquisite location with a great quality of life.”
Matunga has a mottled cultural blend with each community bringing in their traditions of food and festivities. The area has a predominantly Hindu population, juxtaposed with a sizable presence of Marathis, Bengalis and Parsis. Its Irani cafes and Udupi restaurants are among the oldest bistros in Mumbai. In addition to places of worship, the Matunga Gymkhana is a home for budding cricketers and other sportspersons. Its sister neighbourhood of the cosmopolitan Mahim, known for the Hinduja Hospital, Mahim dargah, St. Michael’s Church (or the Mahim Church) — one of the oldest Catholic churches in Mumbai—famous for its Wednesday Novenas that is visited by thousands. One of the most high-profile schools in Mumbai — the Bombay Scottish School is located at Mahim. Mahim Creek, swamped by mangroves, forms the boundary between the city and suburbs. The Mahim Causeway is a vital link road connecting the neighbourhoods of Mahim to South Mumbai and Bandra in the West. In the last few years, the landmark Bandra Worli Sea link has added to the lure of the area. The adjacent Bandra-Kurla Complex (BKC), flanked by corporate offices, is a premier commercial location.
Going forward, the mega infrastructure projects such as the coastal road and the metro augur well for the Mahim-Matunga corridor.