MUMBAI: Andheri east has gained prominence in both, residential and commercial segments lately. It is an industrial area and also a MIDC-SEEPZ zone. The Chhatrapati Shivaji International Airport is an important landmark here. The upcoming Mumbai metro and its close proximity to the western express highway ensure that any project here will see increasing valuations over the years. Ramesh Nair, managing director west, Jones Lang LaSalle India, says, “The area has now become a hot property 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 easy and fast connectivity to commercial hubs like the Bandra Kurla Complex, Lower Parel and the eastern suburbs.”
Andheri east is witnessing many new residential constructions. The overall capital value of all these projects ranges between Rs 60 lakhs to Rs 3 crores and above. The developers present here offer 1, 2 and 3-BHK apartments. Due to the increasing popularity of the area among prospective homebuyers, prices have already gone up significantly.
Sunil Trehan, working at Boomerang, informs that most of the builders offer amenities including a clubhouse, a gym, a swimming pool, an amphitheater, a Jacuzzi and gardens, among others. “So, for the working executives, it is a blessing in disguise, as they get the best of both worlds,” he adds.
In terms of new properties, Andheri east contains 33 per cent properties that are less than five years old and 22 per cent new constructions, while Andheri west has 20 per cent in the less than five year bracket and 20 per cent new constructions. A price comparison shows that property values in Andheri east are lower than Andheri west and range from Rs 10,500-14,000 per sq ft in the east and Rs 16,500-25,000 per sq ft in the west.
Ashwani Kumar of Property Fete Real Estate concludes, “Andheri east faces heavy traffic jams and also has many slum pockets compared to the west. The buyers of properties in Andheri east mostly belong to the middle and upper class segments.”