Byculla in Mumbai witnesses an upsurge in luxury housing

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Byculla in Mumbai has been fast transforming with several developers taking up its redevelopment. The area is swarming with premium residential projects and is a preferred destination amongst end-users and investors.

The re-gentrification of Byculla is well underway. Coinciding with Mumbai’s maturing and stabilizing residential real estate market, the increase in the capacity for residences in the area comes at a time when price hikes have become gradual, year-on-year. We saw this transformation earlier - when areas like Lower Parel and Bandra Kurla Complex (BKC) evolved into state-of-the-art commercial hubs. And today, we are witnessing the trend in Byculla, which is poised to become SoBo’s (South Bombay) most revered residential hub.

A number of well-established and respected developers have currently taken on Byculla’s metamorphosis in the immediate vicinity, piquing investor and end-users’ interest, while supporting the growing demand. Over the course of the next decade, these developers will play a pivotal role in driving this re-gentrification process, by presenting end-users and investors with the opportunity to own a luxury residence in the heart of the city.

There are a number of factors that will be integral to this transformation: location and connectivity, legacy and end-users.

Location and Connectivity

Located along the central axis of the city, Byculla provides easy access to the North-South, and East-West sections. Supported by stellar infrastructure that is being further augmented, Byculla’s connectivity with key commercial districts such as BKC, Lower Parel, Worli, Nariman Point, and Fort, make it one of the most conveniently located neighbourhoods in Mumbai. With the phased overhaul of the Eastern Freeway, the Mumbai Monorail, Metro rail projects, and inner-city flyovers, the area is likely to see an increased demand for residential developments.

Legacy

A site of many of the city’s firsts, Byculla is steeped in culture and backed by a vibrant history that is on the cusp of rediscovery. Led by the refurbishment of the Bhau Daji Lad Museum, and the proposed revamp of Jijamata Udyan (Byculla Zoo), the area that was the original home to The Great Indian Peninsula Railway, which ran between Thane and Mumbai, and the city’s most prestigious club, The Byculla Club, has undoubtedly emerged as the cultural nerve centre of the city. Additionally, Byculla boasts of stunning colonial architecture, several heritage buildings, established schools, hospitals and other amenities.

A prestigious European enclave in the 1800s, Byculla housed the who’s who of Bombay; the rich and famous from the days of the ‘Raj.’ Some of its most prominent residents included renowned philanthropist David Sassoon, whose palatial home ‘Byculla Bungalow’ was donated to the Parsi Trust. Today, the bungalow is known to us as Masina Hospital. His plot near Rani Baug (Jijamata Udyan) was also donated to the Mumbai Municipal Corporation to develop the Albert Museum, which, at the time, was designed by one of the most prominent architects in the world.

End Users

Indian consumers are selective, value-conscious, and conservative in their home purchasing decisions, especially given the current plethora of residential developments on offer in South and South Central Mumbai. Projects by trusted developers are more likely to see greater consumer interest, which can be attributed to locality, lower execution risks, strong financial fundamentals, and high levels of corporate governance pertaining to construction regulations and approvals.

Byculla, based on the aforementioned factors of end-users’ preference, and location, legacy, and luxury, is well-positioned to catapult itself onto the list of the most-desirable luxury housing locations in SoBo. The proximity to malls, retail outlets, delectable restaurants and lounges, educational institutions, and healthcare facilities; supported by the heightened connectivity of superior infrastructure, make Byculla an easily accessible neighbourhood where people can grow, work, and celebrate.

The convenient infrastructure coupled with lush nature makes Byculla an unprecedented destination for a luxurious life in South Mumbai. This is reflected in the rising popularity for ultra-luxury projects in the market. The foremost builders have already begun developing Byculla’s luxury housing market with several upscale projects underway to redesign the Byculla’s skyline, while preserving the natural environment and historical elements of the area. The creation of these modern developments will mark Byculla’s cultural re-emergence, and define its journey to become the most-preferred residential location in South Mumbai.

Disclaimer: The views expressed in the article are solely of the author and may not represent 99acres.com's opinions on the subject. 99acres.com does not take responsibility for any actions taken based on the information shared by the author.


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