[ecis2016.org] Andheri west has become a hub for residential and commercial developments in Mumbai. With high demand, we look at whether this region can offer anything more, for property investors
Andheri west, in Mumbai, is a premium real estate location, with posh areas such as Lokhandwala and Versova. The area has always witnessed huge demand for residential homes, especially from the elite class. Hence, the demand and supply in Andheri west is greater, for larger homes. Srinivasan Gopalan, group CEO, Ozone Group, points out that, “Andheri’s prime location, makes it an enviously invaluable packet of real estate.”
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Open space and buildable area in Andheri west
In the new development plan, Andheri west has the highest number of layouts, exceeding 400, with large plots and recreational grounds. “The area has the largest construction volume. Although it is not the largest ward in the city, it is the biggest, in terms of buildable area,” explains Tahir Momin, a real estate consultant.
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Andheri west is a hub for media and production houses
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Andheri west is also a preferred area, for professionals from the television and film industry, people working in production houses, animation and entertainment industries and corporates. Sonali Goyal, an assistant producer at a leading production company says that “Andheri west is one of the most popular residential areas, in terms of offering superb connectivity. It is one of the most posh localities, being the business hub of the entertainment industry. Many of my neighbours have shifted from south Mumbai and Bandra, to Andheri west, due to the quality of life that this areas offers.”
Check out properties for sale in Andheri west
Connectivity in Andheri west
Andheri west is strategically located and provides good connectivity to most parts of Mumbai. Some of the important roads include the Jogeshwari-Vikhroli Link Road (JVLR), Western Express Highway (WEH), SV Road and Andheri-Kurla Road. The Western Line, as well as the Harbour Line of the Mumbai suburban railway network and two metro lines, connect this area to other parts of Mumbai. It also enjoys proximity to the Mumbai International Airport.
The Metro corridor-1 that runs from Ghatkopar to Versova, has proved to be a blessing for this growing western suburb, making it easy to reach the central suburbs of Mulund, Thane, Bhandup, Kurla and Chembur. Other infrastructure developments like the Bandra-Worli Sea Link and the proposed Metro corridors 3 (Colaba-Bandra-SEEPZ) and 7 (Andheri-Dahisar), will make it easier to reach the western parts of Mumbai like Bandra, Andheri, Bandra-Kurla Complex (BKC), Malad and Borivali and areas in south Mumbai like Colaba and Cuffe Parade, in a few hours.
Social infrastructure and employment prospects in Andheri west
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Amit Wadhwani, director of Sai Estate Consultants, recalls that “At one point of time, Andheri was a highly inaccessible area, because of traffic congestion. However, it has opened up, with the advent of the metro rail. Besides being a good residential location, it is also a versatile commercial hub.”
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Andheri west also has good connectivity to amenities, such as malls, theatres, renowned educational institutions and hospitals. Retail and entertainment hubs, healthcare facilities, fine restaurants, etc., make it an upscale residential area. Employment hubs near the area include Saki Naka, BKC, Oshiwara, Goregaon and Bandra.
Property prices and returns on investments, in Andheri west
The rental rates for one-BHK units, are between Rs 18,000 and Rs 32,000 and for two-BHKs, it is Rs 40,000-72,000, while properties for purchase generally cost Rs 2.89 crores to Rs 3.60 crores. Industry experts remain optimistic about future developments in the area. Parth Mehta, managing director of Paradigm Realty says, “Due to the presence of strong infrastructure, commercial developments, excellent connectivity and social amenities, property prices in Andheri west are always on an upward trend. Moreover, there is a very high latent demand for renting of residential, as well as commercial spaces, which gives investors good capital and rental yields.”
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Source: https://ecis2016.org
Category: Lifestyle
