Oshiwara is poised for growth in Mumbai
May 21, 2014
Source : The Times of India


MUMBAI: Located between Jogeshwari and Goregaon, Oshiwara is the sovereign destination along with a superlative infrastructure setup and excellent connectivity to all parts of Mumbai.

This west façade of Andheri offers a mixed bag of residential, commercial and retail development that has transformed it into one of Mumbai’s most sought-after suburbs today. Subhankar Mitra, director ­ strategic consulting (west), JLL India, says, “Primarily, the development of the Oshiwara suburb, started in areas near to the stations on both, the eastern and western sides. The development of Lokhandwala Complex, which started in the mid-eighties, gave a major fillip to this area. The most important real estate propositions of Oshiwara are Lokhandwala Complex, Gautam Nagar, Vaishali Nagar, Milat Nagar, Amrut Nagar, Adarsh Nagar, Shastri Nagar and SV Patel Nagar. Lokhandwala is a well-established, high-end residential area in Andheri.“

A planned micro-market

Kamal Khetan, CMD, Sunteck Realty , says, “Oshiwara is a planned micro-market in the making by the MMRDA after the Bandra-Kurla Complex. It has the advantage of being a strategic location, coupled with infrastructure development. The area is a fast emerging corporate hub. Back offices of several banking and IT giants, like CitiBank, JP Moran, among others, are based out of the area, turning it into an affluent and convenient residential option.

Moreover, it enjoys close proximity with bustling shopping malls like Infinity 2, Inorbit and Oberoi and premier educational institutes like Vibgyor School, Ryan International, and Oberoi International School. While it is well-connected with the rest of the city through a labyrinth of flyovers, highways and link roads, its future seems even brighter with the upcoming Oshiwara station and the upcoming east west flyover, being planned.“

Improving connectivity

Dhruv Jaywant, CMO, Ahuja Constructions, agrees, “The location is all set to witness thriving infrastructure projects on the rail front namely, the Versova-Andheri-Ghatkopar Corridor, Colaba-MahimCharkop (Line 2, 32 kms), and Bandra Kurla-Mankhurd. The three phases being scheduled are set to be fully operational by 2021, and will further boost and enhance the connectivity between the eastern and western parts of the city . The residential and commercial scenario in Oshiwara will further be enhanced with the upcoming railway station, coupled with the flyover, which connects Oshiwara to Jogeshwari-Vikhroli Link Road (JVLR).

Moreover, the proposed extension of the harbour line till Borivili, will boost the connectivity further. With both, rail and road connectivity being developed at a fast pace, Oshiwara subsequently, will be the most aspired destination for investment.

Another key indicator to make the destination viable is the close proximity to the international airport which has enabled the rapid development of the social infrastructure in its vicinity.“ Presently, Oshiwara is well-connected to the Western Express Highway , SV Road, Link Road and Mulund-Goregaon Link Road.

Proximity to social infrastructure

Oshiwara possesses a good social infrastructure due to its proximity to estab lished submarkets like Goregaon, Jogeshwari and Malad. The location is close to Infiniti Mall and Oberoi Mall. Also, a number of reputed schools and colleges, including City International School, Marble Arch School, Rajiv Gandhi Institute of Technology, etc., are located around Oshiwara. A number of hospitals such as Orbit Eye Hospital, Bellevue Multispecialty Hospital and Kokilaben Dhirubhai Ambani Hospital, are in close proximity to the area.

The area is recognised for its reputed malls, shopping plazas, multiplexes, restaurants, hospitals, clubs, schools, hospitals and recreational areas. The most frequently visited Lokhandwala Complex and Cinemax, are primarily measured for entertainment and recreational activities. The renowned sports club, Goregaon Sports Complex, is also situated in the vicinity.

High-end residencies

Mitra adds, “The population in the area exhibits high disposable incomes and a well-defined propensity to spend. Lokhandwala Complex has residential projects falling into the HIG and premium category. Oshiwara, being a prime location that is fundamentally the pivot of the western suburbs, is typified by mixed demand for retail and residential projects. It is a prime residential location with many celebrities staying there. This, in turn, has produced a high demand for the right ticket-sized residential apartments, which also generate optimum rentals.“

Ample commercial activity

Speaking of the commercial development in the area, Mitra explains, “Oshiwara and the neighbouring Goregaon have seen rapid urban development over the last decade, with the best of infrastructure support.

From the development of commercial office complexes and exhibition spaces generating enormous employment to recreation facilities like Goregaon Sports Club, and on to shopping malls and international schools, this area has seen considerable real estate enhancements. Oshiwara is proposed as a CBD and falls under the MMRDA’s authority. Predominantly, it will be known as Oshiwara District Centre, the third Central Business District of Mumbai after BKC and Wadala.“

Future prospects

According to Ravi Ahuja, executive director, Cushman & Wakefield, Oshiwara is likely to develop as a key residential destination in Mumbai in the future, due to the burgeoning physical infrastructure and a well-established social infrastructure. With a number of reputed developers’ plans for residential development in Oshiwara, residents will start flocking the location and shopping options and destinations will further improve. “The current capital values in the western suburbs are between Rs 12,500 and 18,000 per sq ft and have remained stable during the last year. Oshiwara is commanding around Rs 15,000 per sq ft,“ reveals Ahuja.

Rohit Poddar, managing director, Poddar Developers, has noticed that the residential prices have tripled in some buildings, over the last five years along with a significant increase in rentals for commercial and retail spaces. He expects prices in the area to continue to rise over inflation levels, based on the recovery in the luxury space of the real estate sector in the next 2-3 years.

Latest Realty News

Infrastructure drives real estate along NH3
May 21, 2014
MUMBAI: Infrastructure growth has given impetus to the real estate market across India. The widening of the eastern express highway and construction of a number of flyovers on this stretch led to the increased accessibility of Thane and adjoining areas to south and central Mumbai, resulting in rapid development of Thane and adjoining areas. Similarly, the areas along the National Highway 3 (NH3) are also likely to see considerable transformation, due to its widening into a four-lane highway.
Rs 630 cr penalty to have little impact on DLF
May 20, 2014
MUMBAI:The way the market reacted to news of a penalty being imposed on DLF suggest the strong bullish trend in the real estate sector. Competition Appellate Tribunal (COMPAT) today upheld a penalty of Rs 630 crore on DLF for abusing its dominant position in the market. The stock closed 7.54% higher at Rs 182.45.
Check status of under-construction buildings on Cidco website
May 20, 2014
NAVI MUMBAI: The City and Industrial Development Corporation (Cidco) have initiated a programme where it will upload list of permissions granted to underconstruction buildings.
Property prices likely to increase post elections: Survey
May 19, 2014
MUMBAI: Property prices are likely to increase only after six months when the country will get a new government, a recent survey said here today.
Develop the plot, build the storey
May 19, 2014
MUMBAI: Inherited property can be touchy territory. If you have a land parcel that was bequeathed to you, chances are that you will be in two minds about what to do.
Inorbit to invest Rs 250crore every year for brownfield expansion
May 19, 2014
MUMBAI: Inorbit Mall, a subsidiary of K Raheja Corporation, plans to invest around Rs 250 crore every year for expanding its presence in the country through brownfield route, a top company official said.
Mahindra Lifespace Developers gets Rs 325 crore from sale of Mumbai land
May 19, 2014
MUMBAI: Realty player Mahindra Lifespace DevelopersBSE 4.48 % said it received Rs 324.95 crore from the sale of a five-acre property in the Byculla area of the city owned by the Kanoria family.
Remove regulatory overlaps in real estate: Rajeev Talwar
May 18, 2014
MUMBAI: The new central government should primarily look at making life easier for home buyers and real estate developers.
Homing in on cheap house? Not yet
May 17, 2014
MUMBAI: Affodable housing may still be a few years away as projects set to be undertaken by the new Government could take three to five years to get ready and home price may rise in the short term as sentiment improves. Developers and investors are set to take fresh stock of their real estate plans in line with the new government's plan to develop 100 new cities.
Blackstone buys Mumbai office hub
May 17, 2014
BANGALORE: Private equity giant Blackstone's big appetite for India's commercial real estate is poised to trigger more buyouts. The global investor is close to acquiring a 1-million sqft office space at Vikhroli in Mumbai for Rs 1,050 crore from homegrown real estate fund house Milestone Capital.

Latest Realty News Of State

Realty Talk's