Mumbai January 11, 2014: Hiral Sheth, Business Development Team, Sheth Creators
LOCATION MELIEU
In the yesteryears, Andheri, known as the ‘suburban district’, was absorbed by Mumbai city as Greater Bombay. However, the suburban district has revived since the early2000 and has emerged as one of the prime residential & commercial real estate destination in the country.
The area has now become a sought after destination because of its easy connectivity to the domestic and international airport. Many areas in the region are logistically well-connected to the western express highway, offering quick access to commercial hubs like the BandraKurla Complex, LowerParel and the eastern suburbs like Ghatkopar, Vikhroli. Moreover the upcoming Mumbai metro and its close proximity to the western express highway ensure that location will see an increasing valuation in the forthcoming years.
The key indicatorto make the destination most viable is the development of the industrial area – MIDC and Seepz, secondly the international airport enabled the rapid development of the hospitality sector in its vicinity which eventually attracted Indian as well as MNC giants.
RESIDENTIAL PARADISE
The residential market has been growing at a steady pace in Andheri East. In the last 5 years, Andheri East has seen a number of major residential projects with some of the major national and regional developers completing their projects. In the same time, the values of these projects have also witnessed steady growth and have seen as much as 30-50 percent hike in capital values.
The infrastructure boom in the area, connectivity, affluent social infrastructure, rising commercial activities has also pushed up demand for residential units. This definitely indicates that the residential property is also likely to see significant appreciation in the property prices in the forthcoming years. Investment in commercial and residential units in Andheri continues to lure investors. This is an ideal time for end users and long term investors to make their move and invest in realty in Andheri East.
Developers who are known to create landmark destinations made a move to this market with bunch of projects offerings from RNA Heights by RNA, Kalpataru Estate by Kalpataru, ,Ashok Towers by Peninsula Land, Brookhaven Condominium by Raheja Group and Vasant Oasis by Sheth Creators at Marol, Andheri East.
NUCLEOUS OF COMMERCIALS
Andheri had gained prominence due to steady rentals and proximity to business districts like new CBD & BKC. Erstwhile Andhericommanded a rental of Rs 65-75 square feet. However due to strategically located office developments and more specifically the ones on Western Express Highway or closer have seen higher rental and capital values. Some of the most noticeable developments are landmark, P&G plaza, Rustomjee plaza, Satellite corporate park, Eutopia, Technopolis knowledge park etc. During the peak year of late 2008, rentals went up to Rs 105-180 per square foot.
LITERACY CENTRE
Initially known for the industrial base Andheri East also includes distinguishedschools like Bombay Cambridge, ST Dominic Savio High School, Divine Child High School, Lady Vissanji and Hiranandani Foundation School, SM Shetty, Gopal Sharma Memorial School due to its close proximity to Hiranandani Township in Powai and prominent B Schools and colleges like ICFAI Business School (IBS), Tolani College and many more.
WELLNESS & REJUVINATION
Andheri East has set an exemplary of being the greatest cosmopolitan habitat by encompassing some of the most renowned hospitals of the city. Health Centres like Seven Hills, L.H Hiranandani Hospital and Holy Family. To ease the stay, celebration and conduct conferences of top notch corporates, Luxury Hotels like The Leela, Grand Hyatt, Courtyard by Marriott, Holiday Innand many more enhance the social life in the vicinity. Popular food joints like Mainland China, Global Fusion, Barbeque Nation, Kobez, 5spice and few others, edify ones frame of mind after the chaotic work routine. Movie Buffs can treat themselves with various theatres in the vicinity like Big Cinemas, Cinemax.
INFERENCE
Andheri-East is driving the market and has readily noticed massive transformation with every minute infrastructure boom and amenities to support simplified and serene living. The location in totality has emerged as an attractive destination from an investment perspective as it benefits from the abundance of Leisure and life style choices. CCI News
