South Central Mumbai: Hub for Future Ready Homes

By LODHA

We organised 'Better Life' webinar to explore an interesting and insightful conversation with industry experts that peaked into South Central Mumbai as the hub for future ready developments.

The discussion included eminent panellists like, Mr. Abhishek Lodha - MD & CEO, Lodha Group; Mr. Anuj Puri - Chairman and Founder, Anarock; Mr. Ashiesh Shah - Architect, Mr. Gautam Saraf - MD, Cushman & Wakefield, and Mr. Ramesh Nair - CEO & Country Head, JLL India.

One of the finest locations in the city of Mumbai - South Central Mumbai is house to some of the most superior hotels, fine-dining restaurants, and luxury retail outlets. Below are some of the key takeaways:

1. The Covid-19 pandemic has increased one's demand for space. Every homebuyer in this situation is keen on buying properties, which has outdoor facilities like having a garden, terrace, and balcony. Additionally, there is an increased demand for good quality homes in an integrated society with easy access to daily needs that ensure safety & security.

2. The primary concern for any homebuyer is health and safety, and houses within an integrated facility and having good air circulation and ventilation are in demand. Buyers are seeking study rooms and extra area inside the house that can be put to use for various purposes.

3. Home buying sentiments are going through a huge shift and there is a positive sentiment towards the sector. Currently, some of the key homebuyers are salaried employees from IT and pharmaceutical sector who are looking for their first home or an upgrade. NRIs are also showing interest in investing in properties; and with the lowest home loan interest rate in 14 years and numerous value deals by many developers, it is the perfect time to purchase a property.

4. Millennials are active homebuyers in this current market situation, where they preferred staying in rent in the past and now they are looking at buying a home to build an asset. This comes especially after the lockdown where many buildings/housing societies have differentiated between a tenant and a homeowner, which has pushed many renters to own a house.

5. 5 essential rules of buying a home:

    - 20% value for quality of life or lifestyle

    - 20% value for what the home gives to your family from an ecosystem or a community perspective

    - 20% exposure to safety and security

    - 20% relevance for accessibility

    - 20% is the price
 

6. The South Central Mumbai has been the heart of business, politics, administration, and judiciary; along with the best of everything like the sea view apartments, school, infrastructure, gymkhanas, or clubs. With the new malls, hotels, brands and fine dine, Lower Parel has emerged as the new downtown of Mumbai, making it the most attractive micro market to live in.

7. With the evolving lifestyle, technology will start witnessing a significant role in real estate. There is going to be a steady rise in demand for better quality products and the industry will see further consolidation to offer the better quality products that can ensure safety, security and common infrastructure and facilities in the future.

8. Technology has played a crucial role to ensure safe property visits during this lockdown. Video walkthroughs, digital inspections, e-launches have replaced physical visits and homebuyers finalise property by physically visiting the site only towards the end. The method has observed higher rate of conversion and the industry has to adapt and cater to this new requirement in the
future.

9. In the coming times, homebuyers should note that the supply of real estate properties are going to be scarce. Launches would go down due to concerns like liquidity in the market, migrant labour issues and supply chain issues that will eventually lead to a rise in the property prices.

10. Luxury homebuyers are demanding unique services within their developments. People are looking for a quality life where properties are equipped with smart technology, availability of essential items at their doorstep and availability of a central kitchen facility where food is cooked with a high degree of sanitation & hygiene.

The webinar saw stellar panellists sharing valuable opinions and educative information on the South Central Mumbai market, the importance of having your own home, and the way forward of 'work from home' during Covid-19 situation. Here are few snippets from the panellist -

"In comparison to other asset classes, investing in a house is the best investment option in the current times. The South Central market of Mumbai has emerged as one of the most sought micro market as it continues to be the heart for all businesses, political offices, retail outlets, administration, fine dining restaurants. The recent infrastructure development in the area has also made it a cultural hub where it houses some of the landmark infrastructures with luxurious offerings." - Mr. Abhishek Lodha, MD & CEO, Lodha Group

"The crisis has seen an emerging positive sentiment in the real estate industry. Demands are higher from NRIs and millennials who are viewing home buying from an investment point of view. Buyers are ready to buy properties which are ready to move in homes where one can touch and feel the
property before investing. Technology has played a crucial role in helping the industry adapt to the changing circumstances further affecting the sector positively, and the industry has bounced back surprisingly in these difficult times." - Mr. Anuj Puri, Chairman & Founder, Anarock

"In the current situation, every potential home buyer should consider having enough open space as a priority. Recreational activities is essential during these times to ensure mental health; and having space like terrace, decks and balcony gardens ensure the requirements are met. Being a part of gated community is even more beneficial as one would have enough green space and safety. In addition, a buyer needs to do a background check on the developers, and make sure that projects have received OC from RERA so the buyer can move into the property immediately." - Mr. Ashiesh Shah, Architect

"With changing times, owning a home in a gated community is the best option. South Central Mumbai has many gated communities at offering and being the hub of the city, it gives easy access to the best healthcare facilities, safe fine dining restaurants, and essential grocery stores. With the lowest home loan interest rates, this is also the best time to invest in a home in India and avail some of the best offers and discounts provided by developers." - Mr. Gautam Saraf, MD, Cushman & Wakefield

"There has been a shift in perception of owning a home with the pandemic. Earlier, owning a home was either an option or an investment, but now it has become necessary. With the rise in ' work near home' concept, South Central Mumbai is rapidly witnessing infrastructure developments. Most developers see a sudden demand in 'fully furnished' apartments, and homebuyers are in the lookout to buy a home that has some vital facilities around their building like ATMs, grocery stores, a hospital, and a garden. With such demand in the market, good developers with ready inventories can cater to the new requirements." - Mr. Ramesh Nair, CEO &; Country Head, JLL India