Property Trends

Student housing demand fuels Vile Parle west property market

[] The presence of numerous educational institutes, has been a blessing for the real estate market in Vile Parle west. We look at the options available for those seeking rental accommodation, as well as the prospects for investors

Vile Parle west in the western suburbs of Mumbai, is well-connected to the other far-flung suburbs of the city, as well as south Mumbai. It lies close to the international, as well as the domestic airport. SV Road, the arterial road in the western suburbs, passes through the region. Vile Parle west also has several academic institutes, which attract local and outstation students. This naturally, has a profound impact on the demand for housing. Consequently, this area has grown exponentially over the last decade.

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Vile Parle west is mainly a residential area, which boasts of good connectivity and infrastructure. Over the years, the reputation of the academic institutes in this region, has improved and students from all over India come to study here,” explains Mihir Shah, partner, Heena Builders. Moreover, the Vile Parle railway station is located in this region and the Western Express Highway also passes through this area, thereby, offering road and rail connectivity to the residents of this area, he adds.

Educational institutes in Vile Parle west

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Vile Parle west boasts of arts, science, commerce, pharmacy, architecture and law colleges. Some of the renowned colleges include Mithibai, Baghubai Polytechnic, DJ Sanghvi College of Engineering, Mukesh Patel School of Technology, Management and Engineering, Narsee Monjee Institute of Management, Chandaben Mohan Bhai Patel Homeopathic Medical College, Satheye College, Dhanukar College (in Vile Parle east) and others, besides numerous coaching classes.

Meera Mehta from Surat, who is pursuing a management degree in Vile Parle, explains that “Colleges and coaching classes, are at a walking distance. So, students can save a lot of time and do not have any hassle in commuting. Many buildings in Vile Parle and Juhu, have been converted into hostels and are professionally managed. I have rented a two-bedroom-hall unit, with three other roommates. The four of us have been sharing it for the last two years, which makes it quite economical. We have a cook and a maid too. Moreover, it is a safe area for women. Vile Parle and Juhu have many good eateries and shopping areas like Irla market are in the vicinity.” Vile Parle west also has many leisure and entertainment options – Prithvi Theatre, Bhaidas Sabhagriha, Juhu beach and many garden and parks are all close by.

[] Student housing: The next big real estate asset class?

Rental options available in Vile Parle west

As most colleges do not offer residential facilities on campus, students tend to take up rental accommodations in the vicinity. Hence, the rental market in the region has also grown significantly. “Students prefer to share their accommodation and Vile Parle has good options, vis-à-vis PG and rental properties. Many people have remodelled their homes, so that each room can be separately given to students. Senior citizens here also rent out one or two rooms, so that they do not feel lonely and to earn some income.

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“For 1-BHK units, the monthly rentals are approximately Rs 35,000 and for 2BHK units, it is between Rs 55,000 and Rs 70,000,” says Varsha Sanghvi of Vallabh Prabhu estate agency.

Mumbai can be quite expensive for students looking for affordable housing. Surabhi Arora, senior associate director – research, Colliers International India explains how hostel facilities in such a scenario, is a viable option. “These hostels offer furnished rooms, with air-conditioners, security and services like laundry. The students pay a yearly fee ranging between Rs 2 lakh and Rs 6 lakh, for these hostels,” Arora elaborates.

With good demand for rental properties, investors too, are buying properties, to rent it out to students. Nandita Goswami recently bought a flat in Vile Parle west and gave it on rent. “Three students share my house, on rent. My flat is semi-furnished and includes kitchen facilities like gas connection, keeping in mind the comfort of the students. Buying a property here, is a good investment, as there is a ready market for rental income, with a large number of students who need housing,” concludes Goswami.

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Category: Property Trends

Debora Berti

Università degli Studi di Firenze, IT

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