Now that the monsoons have set in in Mumbai, the focus has turned to the city’s real estate sector, which is one of the biggest sufferers when rains and floods interrupt the daily lives of its citizens.
Nearly a hundred areas of water logging have been identified by the Brihanmumbai Municipal Corporation, Mumbai’s civic body, thus exposing the problems that the financial capital of India faces during the monsoon. Therefore, let us present five micro-level segments that HT Digital believes home purchasers should distance themselves from if they do not want to reckon with the annual flood-related misfortune.
According to consultants, their study reveals that water logging is one of the key factors that has influenced India’s priciest real estate market. Properties in Mumbai localities that frequently face waterlogging are valued and rented 10-20% less than in localities that are less affected by the problem.
Gandhi Market (Sion): All the roads in this central Mumbai neighborhood lead to the wholesale market; it barely takes half an hour of a heavy downpour for the place to be waterlogged.
Hindmata (Dadar): This part is close to several Grade A office buildings and luxury condominiums and gets flooded within 15 to 20 minutes of a downpour.
Nana Chowk (Grant Road): Nestled in Mumbai’s Bow and Arrow, one of the most expensive places to live today, Nana Chowk has Tardeo on three sides, but that does not spare it from the problematic annual flood.
Milan Subway (Vile Parle): Dharavi is located near Mumbai International Airport, which connects the city to other parts of the world. During every monsoon season, this low-lying area suffers from severe waterlogging.
Dahisar Subway: Located in Incharsopran, Mumbai’s northern end, this vehicular subway gets flooded with water in about 30 minutes of rainfall.
Thus, the current situation with daily monsoons or waterlogging is the perfect time for homebuyers or investors hoping to invest in real estate to consider some facts associated with areas that experience such incidents.
