Mumbai, the entertainment center of India, is one of the most favored realty destinations of the country. It is one of the richest cities in India that generates 5% GDP for India's economy and is a home to headquarters of many Indian and multinational companies. Real estate in Mumbai is one of the most chased after properties as its high standard living and excellent infrastructure promise quality living.
Mumbai realty has developed wholly and has in fact reached a saturation point today. But, the area of Andheri (West) still offers a potent mix of residential, commercial and retail developments. Some of the reasons that attribute to the preference for property in Andheri(West) are its virtue of being located strategically close to domestic and international airports; excellent connectivity; well-developed infrastructure facilities and plentiful shopping & entertainment options. With posh residential areas like Juhu Scheme, Lokhandwala Complex, Versova and Yari Road making its contours, Andheri has options galore that begin from moderately priced to super-premium apartments, duplexes and penthouses. These areas target high-net worth individuals-celebrities, NRIs and expatriates- for whom price is not of much concern as against the conveniences offered.
Residential property in MumbaiAndheri comes across as the first choice for many locals. For them, the central location, good connectivity and easy access to supermarkets, restaurants, malls and multiplexes make Andheri one of the best suburbs in Mumbai. It is a sort of ‘Pensioner's Paradise' with retired people opting to stay in this convenient location offering contemporary lifestyle. Large numbers of residential and commercial projects have been launched in Andheri (West) by well known property developers. It has now become the center of attraction for real estate development as a huge chunk of buyers show interest in buying property in this part of Mumbai. Not only do the affluent and famous buy houses here but plenty of buyers hail from the salaried class as well. The fuelling up of property prices in the area has not dampened spirits of the buyers as demand continues to transcend supply even now. If the rich and mighty buy property in up-market areas Yari road, Lokhandwala Complex and Andheri-Versova Link road, other budgeted buyers opt for houses in Manishnagar, Seven Bungalows and Four Bungalows along JP Road.
The demand for real estatein Mumbai has been tremendous as a result of which large-scale construction activity is shifting to the suburbs. With mammoth demand and potential for housing in Mumbai, property developers are coming up with world class residential projects. Builders like Ajmera Group, Acme Group, Gundecha Builders, Mayfair Housing and others have various projects under construction in Andheri. Even the retail property segment is picking up with increase in population and there needs. Various shopping malls and multiplexes are mushrooming in the area especially on New Link Road with likes of Infinity Mall, Citi Mall and Fun Republic coming up. These multi-storied malls will house a number of national and international brands, all set to make it a shopping destination like Shoppers Stop at Andheri flyover. Besides the malls, Lokhandwala market is a Mecca for shoppers as it offers anything and everything at discounted prices with additional scope for bargaining.
The property rates in Andheri (West) have galloped as huge demand drives the land starving market to a high of Rs.10,000 psf for residential and Rs.12,000 for commercial setups. The much sought after property in Mumbai is blooming at its best and despite the upswing trend in its rates, it continues to welcome the stream of buyers and investors. The prices of premium properties may remain unaffected even by the year end though other may see a slight dip.