Are you looking to invest in the residential market of Mumbai? 99acres shares a list of the best residential investment hotspots in Mumbai in 2021 with respect to infrastructure expansion, accommodation choices, commercial opportunities, and investment yield.

Mumbai, the financial capital of India, attracts thousands of individuals in search of employment. This inflow is a major reason behind an evergreen housing demand in the city. Despite the frequent cyclical risks in the real estate sector, the capital prices in Mumbai mostly reflect an upward trend, especially towards the emerging nodes of the city.

Here is the list of lucrative real estate housing destinations in the Mumbai Metropolitan Region (MMR):

As Central Mumbai offers limited residential opportunities, with ‘exorbitantly’ high capital values, most investors opt for the peripheral areas. Backed by affordability, planned infrastructure projects and commercial opportunities, peripheral areas, such as KhargharPanvel, and Virar, have witnessed an increased housing demand with a parallel hike in investment returns.

Chembur, Mumbai

The eastern node of the city, Chembur, has witnessed a rapid transformation from an industrial hub to a leading property market. Backed by robust transport infrastructure viz Santa Cruz-Chembur Link Road (SCLR), the Eastern Express Highway (EEH) and the Monorail (from Chembur to Wadala), several reputed realty developers have ventured here in the last few years. Chembur is also served by the Blue Line (Line 1) of Mumbai Metro that operates between Versova and Ghatkopar at five km. While the locale has a dedicated railway station, Tilak Nagar and Govandi are the other two stations nearby. With respect to the commercial market, the famous central business district, i.e. Bandra-Kurla-Complex (BKC), is merely seven km from Chembur.

Industry experts share that the number of high-rises in Chembur has tripled over the last 20 years. Chawls and independent properties, such as bungalows, have been redeveloped into skyscrapers to meet the housing demand in the city. The average home rates in Chembur range from Rs 17,900 per sq ft to Rs 19,000 per sq ft. Presently, the only downside for Chembur is the high pollution level owing to tremendous vehicular movement and proximity to Deonar, an area known for landfills.

Growth influencers

  • Smooth connectivity
  • Recreational hotspots- Diamond Garden and Gandhi Maidan
  • Industries- Bharat Petroleum Corporation Ltd (BPCL) and Rashtriya Chemical Factory
  • Educational institutes- Vivekanand Institute of Management and VES College of Arts and Science
  • Hospitals- K J Somaiya, Inlaks Hospital and BARC Hospital 

Virar, Mumbai Metropolitan Region (MMR)

As several scenic destinations in Mumbai have emerged as weekend homes, Virar has also gained immensely on the back of this concept. Many developers have forayed into the area to leverage its panoramic views and tourism as it is a famous religious hub that hosts a lot of temples and churches. The area also encompasses amusement parks, heritage sites, beaches and resorts.

Average property prices in Virar, Mumbai


Average property prices

Carpet rea


Rs 30-50 Lakh

400-600 sq ft


Rs 45-65 Lakh

800-900 sq ft


Rs 65-80 Lakh

700-1100 sq ft

 Source: 99acres

Most of the second homebuyers scouting for budgeted options prefer Virar. While the area has witnessed marginal capital growth in Jan-Mar 2021 against the last quarter, the yearly property values surged by four percent. Presently, housing values in Virar hover at Rs 5,200 per sq ft.

Growth Influencers

  • Seamless connectivity- Proximity to the NH 48 and Western Express Highway (WEH), good road connectivity
  • Virar-Alibaug Multimodal Corridor to provide connectivity to Thane, Palghar and Raigad districts
  • Proposed 23 km-long Purple Line 13 of Mumbai Metro from Mira Road to Virar to improve inter-city commute.
  • International Airport of Mumbai is at a distance of 60 km from Virar via Western Express Highway.
  • Schools- St James English High School, Carmel Convent High School and Matrix Academy School
  • Hospitals- Sahyog Hospital and Research Centre (2 km), Riddhi Vinayak Multispecialty Hospital (5 km)

Kharghar, Navi Mumbai

Kharghar is one of the most developed nodes in Navi Mumbai after Nerul and Vashi. The area has witnessed significant evolution over time in terms of social and physical infrastructure. Besides, It is well-connected to the Central Business District (CBD) of Belapur, which has ensured healthy real estate growth in the area. As per 99acres Mumbai Insite Report Jan-Mar 2021, the average property prices in Kharghar stand at Rs 9,600 per sq ft. Apartments priced between Rs 85 lakh and Rs 1.3 crore remained the most popular in the area.  

In the words of Sunil Bhatala, Owner, Destiny Properties, Kharghar,” There are a number of factors leading to the real estate development in Kharghar. These include hassle-free connectivity with Belapur CBD, Taloja MIDC that comprises several small and medium-scale industries, Sion-Panvel expressway and NH 48. In addition, the Navi Mumbai International Airport, a proposed 20 acres corporate park in Kharghar that is expected to develop into Bandra-Kurla Complex 2, is also viewed as a major growth driver. The development will considerably fillip the residential demand in the area. Currently, the micro-market leverages the presence of many under-construction affordable housing projects, which makes it an attractive destination for real estate investment.”

Growth Influencers

  • Availability of land
  • Town planning scheme by City and Industrial Development Corporation (CIDCO)
  • Easy connectivity to prominent schools, markets and retail hubs
  • Smooth connectivity to the Central Business District (CBD) of Belapur, Sion-Panvel Highway, Mumbai-Pune Highway and International Airport of Mumbai (35 km)
  • Prominent establishments- National Institute of Fashion Technology (NIFT), Tata Memorial Hospital
  • The proposed Parsik tunnel will connect Turbhe Station to Tata Hospital in Kharghar

Ghodbunder Road, Thane

Ghodbunder Road has emerged as an attractive real estate investment destination in recent times. Wedged between the Eastern Express Highway (EEH) and the Western Express Highway (WEH), the area has observed a huge influx of reputed developers, primarily owing to the availability of large land parcels. While earlier the area witnessed heavy traffic issues, the flyovers at Manpada, Patilpada, Waghbil and Kapurbawadi have curbed the problem significantly. The ongoing metro rail project along Kasarvadavalli will further reduce the traffic woes and add to the residential demand along the Ghodbunder Road. The fully-functional Monorail and Metro Line Phase I have already been instrumental in augmenting the property rates in the area. Presently, the average capital values in Ghodbunder Road vary from Rs 8,900 per sq ft to Rs 11,000 per sq ft.

Growth Influencers

  • Availability of large land tracts
  • Retail hubs: Max Mall, Growel Mall and Viviana Mall
  • Connectivity options: Close to Western Express Highway and the upcoming Metro rail connectivity
  • Healthcare centres: Bhaktivedanta Hospital, MangalMurti Hospital and Shalom Medicare Hospital

Panvel, Mumbai

Traditionally a popular second home destination, Panvel has evolved into an end-users market over the years. Approximately 40 km from Mumbai, the micro-market falls under the Raigad district and is juxtaposed to Navi Mumbai and Thane District. Smooth connectivity to other important commercial nodes of the city, such as Vashi and Belapur, has improved the housing demand in the region. Property rates in Panvel appreciated by one percent QoQ in Q1 2021 and two percent YoY in Jan-Mar 2021. The average home rates in Panvel hover at around Rs 6200 per sq ft.

"Since 2013, capital values have almost doubled. Considering the planned infrastructure projects in the area, housing prices are expected to go north by 11-14 percent in the next 5-7years", shares Pradeep Mehta, Managing Director, JSM Buildcare Pvt Ltd.

Growth influencers

  • Connectivity options: Proximity to under-construction Navi Mumbai International Airport and smooth connectivity to Mumbai-Pune Expressway, NH48, NH 66 and NH 548
  • Educational institutes- Shanti Niketan Public School, Prudence International School, Pillai Institute of Technology and Commerce and Science College
  • Health care centres- Gandhi Hospitals, Lifeline Hospital and Sahastrabudhe Hospital
  • Retail hubs- Orion Mall, K-Mall,  
  • Commercial centres- Maharashtra Industrial Development Corporation (MIDC), Larsen & Toubro and Hindustan Organic Chemicals

Overall, the Mumbai Trans Harbour Link, Navi Mumbai International Airport, and Chhatrapati Shivaji Maharaj Terminus (CSMT)-Panvel corridor is all set to bolster the city’s real estate growth in the upcoming years.