MUMBAI: If you aspire to live in a premium locality of Mumbai and can spend freely, Worli in south Mumbai and Prabhadevi-Dadar west in central Mumbai, are a few areas you can opt for. These areas are located close by and are witnessing a significant demand and supply for 1, 2 and 3-BHK units.
As MagicBricks.com data projects, Worli, which is bridging the gap between north and south Mumbai, is witnessing high demand for large apartments. In the April-June 2013 quarter, the area has seen maximum demand for 3-BHK units at 37 per cent, followed by 2-BHK units at 29 per cent. This trend can be observed in Prabhadevi as well. The data shows that the demand for 3-BHK units is at 39 per cent, followed closely by the demand for 2-BHK units, at 33 per cent, in the April-June 2013 quarter. However, Dadar west is seeing maximum demand for 1-BHK units, which is at 47 per cent.
So, where is this demand coming from? “The expansion of IT/ITeS-BPO sectors has changed the face of the property market in Worli and Prabhadevi. A number of high-end and luxury residential projects and commercial office developments are underway in these areas. This has increased the scope for the ‘walk-to-work’ concept,” says Jayesh Arora of Arora Associates.
“These areas house most premium addresses that include industrialists, sportspersons and celebrities from the entertainment industry. Apart from this, India’s largest business houses, MNCs, financial institutions and top stock exchanges, are based here,” says Vanita Vaswani of Pyramid Property Consultant.
Century Textiles, GSK Pharma, Novartis, RPG Group, the Tata Group, HDFC Bank and Yes Bank, are among the companies that have set up their base here. German manufacturing giant Siemens, has its Indian headquarters situated in Worli. The proximity to the CBD (Nariman Point) on one side and Bandra-Kurla Complex (BKC), Lower Parel and the airport on the other, has also worked in its favour.
Data also projects that the supply of 3-BHK units is high in Worli and Prabadevi, which stands at 38 and 45 per cent respectively, whereas, for 2-BHK units, the supply stands at 29 and 24 per cent respectively. However, Dadar, which is seeing high demand for 1-BHK units, is seeing a low supply in the same category, compared to 2-BHK apartments. The supply of 1-BHK units is 21 per cent whereas a 2-BHK is available in abundance at 43 per cent. This indicates the mismatch between the demand and supply in Dadar west, which is further pushing the property prices for smaller apartments.