MUMBAI: Borivali West, classified as one of the suburbs of Mumbai, grew by 22 per cent in the Jan-Mar 2013 quarter. The average price of the area today commands Rs 15,200 per sq ft. Properties in places like RM Bhattad Road, one of the best roads in Borivali West, fetch around Rs 18,500 per sq ft.
What is even more interesting is that rental values of the locality witnessed an equally impressive number. The average rental value of Borivali West stands at around Rs 24 per sq ft per month.
Local real estate agents attribute this trend to various factors. “With improved connectivity and better laid-out roads, Borivali is no more being viewed as a suburb of Mumbai by prospective buyers,’’ states Jayin Patel, Proprietor, JP Real Estate Agents and Developers. “People today view it as a centrally located area. It is close to the bus stop, rickshaw stand, shopping areas, schools and colleges. There are some very well known restaurants in the vicinity. It is close to the Link Road which connects to the highway and has easy smooth access to South Mumbai. All these factors have boosted the value of this locality.’’
The fact that Borivali West is a beautiful green place with trees, parks and a lot of natural greenery resulting in keeping it by and large pollution free is an added attraction.
Several renowned developers have their projects in the area including Kanakia Group, Sheth Developers and Wadhwa Developers among others. At present re-development has hit the locality and slowly this is expected to change the future of the locality in a big way. This makes it relatively an affordable area in Mumbai.
“South Mumbai areas like Bandra, Santa Cruz, Cuffe Parade and Colaba are almost unaffordable for the upcoming upper middle class. Also, those with homes in these places are looking at options for second homes in Borivali West. All these factors have resulted in giving a big boost to the real estate prices of the locality,’’ observes Purvaj Mehta, of Sunraksha Developers.