MUMBAI: Located close to affluent areas such as Mulund and Powai, Bhandup west has been becoming popular as a prime residential address on the central line in Mumbai. A 1,000 sq ft apartment, which was available for Rs 1 crore in 2012, is now selling at Rs 1.16 crores.
As per data with MagicBricks.com bureau, the locality registered an appreciation of over 16 per cent in one year and 46 per cent in two years. Not only the capital values but the rental values too, have appreciated to a considerable level. The rental values in the locality rose by 8 and 11 per cent during 2012-13 and 2011-12 respectively. Currently, the rental values in Bhandup west for a 600-700 sq ft apartment ranges between Rs 17,000-21,000 per month and Rs 29,000-36,000 for a 1000-1200 sq ft apartment.
Ashok Kumar, managing director and principal partner, Cresa Partners, says, “The prospects of Bhandup west got into the limelight because of its seamless connectivity to the city via the four-lane, Lal Bahadur Shastri (LBS) Marg and the Eastern and Western Express Highway. In addition, the proximity to the Bandra-Kurla Complex (BKC) and the Vikhroli commercial belt made the location a sought after residential area.”
With improving infrastructure such as the upcoming metro rail at Ghatkopar, Bhandup west is gaining prominence on the city’s map and is eyed by several home buyers. The factors that work in the area’s favour are connectivity, social infrastructure and the availability of properties at lower values than other neighbouring areas such as Vikhroli and Ghatkopar.
The capital values of multi-storeyed apartments in Bhandup west range from Rs 12,000 to 13,000 per sq ft. Accordingly, a 1,000 sq ft apartment could be bought within Rs 1.2 to 1.3 crores. One can also get a 1 or 2-BHK apartments of 490-700 sq ft area within Rs 55-70 lakhs. The property values in Vikhroli start at Rs 13, 500 per sq ft and Ghatkopar is at an even higher range, where property values start at Rs 14,700 per sq ft.
Neha Nanda, a user on MagicBricks.com, says, “Bhandup west, which was earlier an industrial zone, has now transformed into a major residential destination. Well-connected to the city, it is largely suited for middle and upper middle income home buyers.”
Homebuyers in Bhandup west largely seek 1, 2 and 3-BHK units and in line with demand, developers concentrate on providing these. Most of the properties available in Bhandup west are sized between 1,000 and 1,200 sq ft. The area also records a healthy supply for properties measuring around 600-700 sq ft.
Simran Bansal, another user on MagicBricks.com, feels that “Bhandup west is still undergoing development and several builders have their projects here. Being at a distance of almost 10-12 kms from the western suburbs of Mumbai, it is free from congestion.”
Commenting on the ease of connectivity to the city, Ashok Giri of Home Consultancy, says, “Bhandup west is easily approachable by the rail and road network. While the railway station is located at hardly a distance of 1 km, the area is also adequately tapped by BEST buses.”
With the social infrastructure in place, Bhandup west is ideal for both, end-users and investors.