Capital values rise along the Borivali Goregaon West belt
Jul 15, 2013
Source : The Times of India


MUMBAI: The 10-kms stretch, extending from Borivali west to Goregaon west, is high on the list of buyers looking for capital appreciation. With Kandivali west falling along the corridor, the area has 13 per cent of the total new properties (as per data with being constructed there. Out of these, Goregaon west and Borivali west would be delivering 50 per cent and 20 per cent of the supply respectively, most of which is scheduled for possession in the coming three years.

Increased housing demand and improved connectivity, has led to a spurt of new launches in this stretch. Talking about Borivali west, Jayin Patel, proprietor, JP Real Estate Agents and Developers, says, “With improved connectivity and better laid out roads, Borivali is no longer being viewed as a suburb of Mumbai by prospective buyers. People today view it as a centrally located area and thus, prefer to stay here. It is close to the Link Road, which connects to the highway and has easy access to south Mumbai. Availability of ample public transport through buses and rickshaws and the presence of shopping areas, schools, colleges and restaurants, are other factors which have boosted the value of this locality.”

The western part of Borivali is a beautiful green locality, which is low on pollution. In fact, that is an added attraction for property buyers. The capital values in this area rose by 22 per cent in the January to March 2013 quarter and currently, prices range between Rs 15,200-18,500 per sq ft. The demand for apartments in the location has pushed the rental values up by an equally impressive number too. The average rental value of Borivali west stands at around Rs 24 per sq ft per month.

A recent report by Jones Lang LaSalle India states that the stretch from Malad-Borivali west, including the Link Road leading to Goregaon, has witnessed a capital appreciation of 85 per cent in the last four years. This clearly indicates the extent to which the areas around the Link Road have grown in terms of real estate.

Goregaon west, which started out as a mid-income residential locality, has gradually emerged as an upscale commercial and residential destination. It is preferred by the upper middle-class segment of buyers, specifically because of its proximity and easy connectivity to the western express highway and the Link Road. Another reason for the enhanced residential demand is the availability of properties at prices lower than south Mumbai. According to Rajan Joshi from Ganesha Associates, “Goregaon offers properties sized between 2,000 and 3,000 sq ft within a range of Rs 12,000-18,000 per sq ft. A similarly sized apartment in the prime south Mumbai region is priced much higher at Rs 30,000-50,000 per sq ft.

Today, south Mumbai is selling larger floor plans, making the rate for one property around Rs 8-9 crores. Such high prices have made the buyers reluctant to go to south Mumbai, preferring areas such as Goregaon and Borivali instead.” With such positive buyer sentiments along this area, there is no doubt about the potential for capital appreciation. If you are looking for a home in Mumbai, the stretch could be the end of your search.

Latest Realty News

Property values rise; rentals drop in Hinjewadi
Jul 15, 2013
PUNE: Hinjewadi is an excellent example of how the development of an area as a commercial destination, leads to the growth in the residential real estate market too. Until a few years ago, Hinjewadi was seen as a rural area. However, the establishment of the Rajiv Gandhi Infotech Park changed the picture in a radical way. Today, there are more than 20 major IT industries in Hinjewadi, which are fuelling the residential demand in and around the area. The increasing demand for housing has led Hi
ASK Property to invest up to Rs 500 crore by fiscal-end
Jul 14, 2013
MUMBAI: Private equity firm ASK Property Investment Advisors plans to invest up to Rs 500 crore in mid-income residential projects by this fiscal end, a top company official said.
Only 903 housing societies in Mumbai apply for land transfer
Jul 11, 2013
MUMBAI: The deemed conveyance campaign, from last December to June 30, has received a very poor response.
Tapering growth lowers luxury home sales
Jul 11, 2013
MUMBAI: The richer middle class too is feeling the impact of the slowdown and isn’t buying homes like before, badly impacting sales of luxury homes.
High-end realty deal: A shanty in Dharavi fetching a price of over Rs 1 crore
Jul 11, 2013
MUMBAI: A shanty in Dharavi is fetching a price of over Rs 1 crore, and real estate prices in Asia's second-largest slum cluster are beating those in posh central Mumbai areas like Lower Parel.
Key cities across India witness supply of over 20 mn sqft of office space in H1, 2013
Jul 10, 2013
MUMBAI: The prime office space segment across key cities in India witnessed a supply infusion of more than 20 million sqft in the first six months of 2013.
Donald Trump to launch first real estate project in Pune
Jul 10, 2013
PUNE: America's real estate business tycoon and celebrity Donald Trump has announced his company's first Indian project, a 22-storied residential twin towers in Pune having 44 luxurious single-floor condominiums.
Mumbai office market to cross 100 million sq ft mark in Q4 2014: Jones Lang LaSalle
Jul 10, 2013
MUMBAI: Despite sluggish sentiment in the overall realty sector, Mumbai's commercial real estate stock is likely to cross 100 million sq ft mark by the fourth quarter of 2014, consultancy firm Jones Lang LaSalle said.
Finally, a civic property list for Pune
Jul 09, 2013
PUNE: Ten years after it started collecting the data, the Pune Municipal Corporation (PMC) has finally enlisted civic properties paving the way for asset valuation and bringing transparency in lease contracts.
Pune's 'queen of the suburbs'
Jul 09, 2013
PUNE: The western side of Pune is advantageously connected to the expressway which allows easy and speedy access to Mumbai. It also has the major Information Technology (IT) Parks of Hinjewadi, Baner and Aundh in the neighbourhood, while also offering great connectivity to the industrial pockets of Chakan, Pimpri Chinchwad Municipal Corporation and Talegaon. Apart from these economic drivers, Pune's western side is high on serenity and natural beauty, which obviously contributes to its popularit

Latest Realty News Of State

Realty Talk's