MUMBAI: Are you looking for a property in the western suburban area of Mumbai – Malad? The historic locality which now commands premium property values in the city is still one of the most popular residential destinations. With many companies relocating from South Mumbai to the western suburbs, Malad has many homebuyers eyeing the location for their permanent abode. In order to make a choice between Malad East and Malad West, there are certain points of differences that the data with MagicBricks.com points out:
Average Capital Values – The average property values in West Malad ranges from Rs 13,000-16,000 per sq ft, whereas in East the values are a notch lower and range between Rs 12,500-14,000 per sq ft. “Malad West commands a premium due to an upper-middle class crowd, better quality buildings and better social and physical infrastructure,” says Gurdip Arora owner of Wealthymenz Ventures.
Average rental values – Since Malad West is a premium location as compared to Malad East, the rental values in West are higher than the East. While Malad West commands a rent of Rs 30-37 per sq ft per month, Malad East offers rental accommodation between Rs 27-34 per sq ft per month.
Configuration and property size – Due to higher property values in Malad West, there is a huge demand as well as supply for smaller sized homes. While the average size of property in West is 500-1000 sq ft, Malad East offers unit size of 1000-1500 sq ft. Given the sizes, Malad West offers more of 1BHK units to the homebuyer as compared to East. Unit of 2BHK are popular in both the areas.
Age of Property – While Malad West is older as compared to East, 49 per cent properties in West are 5-10 years old and there are 15 per cent new constructions in the area. Malad East, on the other hand, offers 30 per cent new constructions and a majority (39 per cent) of properties which are less than 5 years old.
Resale Vs Sale – Since there are many older properties available in Malad West and less of new constructions, clearly there are more options for re-sale property in West. According to the MagicBricks.com data, 77 per cent properties available for sale in West are re-sale properties. East offers 62 per cent new properties for sale.