Lal Bahadur Shastri (LBS) Marg, stretching from Kurla to Mulund, was once famous as an industrial belt. It is now emerging as a leading residential and commercial centre, report Shriya Ghate & Naresh Kamath.mumbai Updated: Oct 20, 2009 01:17 IST
Lal Bahadur Shastri (LBS) Marg, stretching from Kurla to Mulund, was once famous as an industrial belt. It is now emerging as a leading residential and commercial centre.
It was from the ashes of the industries that shut down post-2000 that emerged a series of residential and commercial complexes. The industries owned huge chunks of land that were lapped up by developers. The result: state-of-the-art residential complexes, malls, IT parks, supermarkets, restaurants and theatres.
Dharmesh Jain, managing director of Nirmal Lifestyle, which has undertaken several realty projects on LBS Marg said the development of such areas is part of any city’s logical evolution. “What was a peripheral area for one generation is a hot spot for another,” said Jain. His mall, Nirmal Lifestyle, constructed in 2003 at Mulund, was a grand attraction and was a boost for property rates.
The proximity to the business areas of Navi Mumbai and Thane also put growth on the fast track.
Pankaj Kapoor, founder, Liases Foras, a realty rating and research firm, said: “In the last few years, there was improvement in infrastructure. Better roads, new malls and theatres resulted in the doubling of property prices.”
Parel resident Prasad Palav, a bank executive, has purchased a flat on LBS Marg in Mulund. “Rates in South Mumbai are beyond reach, but I got great deal in Mulund,” he said.
Most of those who moved into houses along this stretch did so because it was affordable. “LBS Marg is easily accessible. Executives working in Andheri found it affordable to shift here,” said Ajay Tiwari, business head, Better Homes, a real estate consultancy. Those already living on this stretch found it easier to move into bigger homes as they were affordable. Also, pointed out Tiwari, “the area is close to railway stations and Eastern Express Highway”.