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 MagicBricks.com) 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.