Mulund, in recent times, was a relatively peaceful, well-connected residential neighbourhood within the city of Mumbai, and has quickly emerged as one of the fastest-growing micro markets for real estate throughout the entire city. Due to the improvements made by government agencies, including major infrastructure upgrades and planned developments, Mulund is not only experiencing continued growth on existing assets and new developments, but is being completely transformed into a high-value investment area and high-quality lifestyle area.
The main driver of the transformation of Mulund is the increased connectivity. New and expanded metro networks, such as Line 4 and the upcoming Line 5 of the Mumbai Metro System, have greatly improved access to employment and business centres located throughout the city. Real estate market analysts have noticed that properties located within either one or two kilometres of where new metro lines are being planned tend to attract more demand and experience greater price appreciation as the amount of time it takes for someone to travel from where they live to their jobs is reduced, and their travel times are more predictable.
In addition, new road infrastructure projects, including the 12.3-kilometre Goregaon -Mulund Link Road (GMLR), are under construction to reduce travel time between the western and eastern suburbs to approximately 25 minutes from the present time of more than an hour. Therefore, the development of the Goragoan – Mulund Link Road will facilitate better east-west mobility in Mumbai and result in increased real estate development in all of the areas adjacent to the new road.
The property value increase in the entire micro-market results from improved connectivity, such as multiple transit, connectivity and transportation networks. Average per-square-foot pricing in Mulund has consistently risen over the past 3 years, according to the most recent data relating to such markets – average per-square-foot rates (in Mulund West) in Q1 2025 reached ₹34.5k, moving from roughly ₹33.8k in Q1 2024, confirming continued buyer and investor confidence, resulting from consistent demand levels.
There remains a need for providing families and professionals with community, civic and social infrastructure such as good quality schools, healthcare, retail centres and community gathering places within the micro-market. To increase long-term livability and value, urban redevelopment will result in aged products being replaced with modern, amenity-rich and liveable developments.
Redevelopment is also a huge part of Mulund’s narrative. Brand-led activity is taking place through large-scale redevelopment of the entire area – for example, one premium residential development in Mulund West has been set aside for redevelopment with an estimated GDV of ₹1250 million, clearly illustrating the demand and willingness of developers to invest in quality residential real estate. While redevelopment maintains or strengthens the housing stock of the area, it creates safe and sustainable communities needed for continued future growth.
Demand dynamics are shifting in today’s market. As rents for office space in large metropolitan areas (including Mumbai) continue to rise (approximately 25% increase year-over-year as of 2025), many tenants are favouring established suburban areas that offer a better combination of affordability and lifestyle quality. Mulund’s current rental yield growth rate, combined with the upward trend of capital value growth, provides an opportunity for investors to consider this market as an investment area and grow their properties’ value.
In my opinion, Mulund demonstrates the potential for increased value through successful infrastructure investment in micro-markets. As more infrastructure-related projects are planned or executed in this area, along with its strong existing social infrastructure and strong momentum for redevelopment, Mulund will soon be transitioning from an emerging residential market into a significant real estate market in Mumbai. This transition reinforces Mulund’s value in MMR and establishes a precedent for suburban urbanization based upon advances in infrastructure.
