Old City In A New Market

Industry Insights

Publication – Hindustan Times
Date- 17-08-2019 (page 11)
Byculla is poised to become the next big growth story, given the multiple upcoming projects and scheduled Metro connectivity

If living in the centre of the island city is on your mind, Byculla can be your choice. Neighboured by Nagpada and Mumbai Central on the west, Mahalakshmi on the north-west, Chinchpokli in the north and Madanpura in the centre, Byculla enjoys a great location in Mumbai.

Byculla is predominantly an upper premium segment market comprising a good blend of residential units across various completed and under-construction projects. It is on the verge of transformation, a lot like Lower Parel and Parel did a decade ago. Byculla is primed to be Mumbai’s next big growth story and a great investment opportunity. It is one of the most sought-after locations in south Mumbai, says Nandan Piramal, director, sales and marketing, realty firm Peninsula Land.

Byculla has a good road and rail network. The Byculla railway station, situated on the central line of the Mumbai suburban railway network, is an important medium of connectivity for a large number of commuters.

“Mazgaon is hardly 2-km away and Parel is at a distance of 4 to 5 km from this well-developed locality. The area enjoys close proximity to the upcoming monorail and Byculla Railway Station. It is well connected to the Eastern Express Highway and Eastern Freeway, offering extensive reach to the rest of the city. Nariman Point, Worli, Fort, and Lower Parel are all close by,” Dinesh Sudam, a professional working in the area said.

Byculla is also expected to witness a boost due to metro connectivity in the coming years. The under-construction Line 3 of the Mumbai metro corridor, which spans nearly 34 km, would connect Colaba, Bandra, and SEEPZ and is expected to be completed by 2020.

Byculla and its adjoining areas enjoy good social infrastructure, with the presence of several schools, colleges, and hospitals. Some of these include Regina Pacis Convent High School, St. Isabel High School, St. Mary High School, St. Agnes High School, St Margaret’s College, Burhani College of Commerce and Arts, Wockhardt Hospital, Breach Candy Hospital, Dr. Babasaheb Ambedkar Memorial

“Byculla is a well-planned locality offering most modern facilities which include Saint Isabel School and Masina Hospital at a distance of only half a kilometre. The local market is hardly two minutes away and public transport is easily available. Orchid International School is one of the well-known schools a short distance away. In case of medical emergencies, JJ Hospital and King Edward Memorial Hospital are situated at a distance of 1-km and 3.5-km, respectively,” says Harsha Palwankar, a resident of the locality.

The capital prices for multi-story apartments in the locality range between Rs 21,000-34,500 per sq ft (based on built-up-area) and have largely remained stable during the year.

The residential market of Byculla is comparatively more affordable with respect to the surrounding markets of Worli and Sewri, which command higher price ranges of Rs 29,000-45,000 per sq ft and Rs 24,000-38,500 per sq ft, respectively. While the budget range for a 2BHK unit is Rs 2.5-4.1 crore, for a 3BHK unit the budget is between Rs 4.1-6.8 crore.

Byculla is a preferred rental destination for people working in the nearby business districts of Nariman Point, Cuffe Parade, Lower Parel and Bandra Kurla Complex.

While a 2BHK unit in the locality can be rented in the range of Rs 55,000-92,000 per month, a 3BHK unit can be rented for Rs 90,000 to Rs 1.5 lakh per month.