By Accommodation Times Bureau
Mumbai’s Andheri east area was chiefly considered as an industrial area earlier , but now offering excellent housing options to the middle and upper middle-class buyers.
Developing a better infrastructure has transformed Andheri east from an industrial area, to a highly sought-after residential destination for Mumbaikars . From a region that was primarily known for the MIDC and SEEPZ, Andheri east has now become a first choice for office spaces and IT hubs. And is now witnessing steady growth in housing projects.
“Areas like Marol, Saki Naka, Chakala, Jogeshwari-Vikhroli Link Road, Chandivali and Powai, have witnessed tremendous residential growth. Andheri also lies in the vicinity of other commercial hubs like Bandra-Kurla Complex and Lower Parel and suburban areas like Mulund and Vikhroli, thereby, attracting investments from builders, as well as buyers. Hence, what was once a bustling commercial hub, has now transformed into a potential residential hub,” explains Hiral Sheth, director – marketing, Sheth Creators. Andheri east is one of the most promising locations in Mumbai’s real estate market, states Ramesh Nair, COO – business and international director, JLL India.
“The northern suburbs along the Western Express Highway, are looking better in terms of residential demand. This is an ideal time for end-users and long-term investors, to make their move,” says Nair.
strategically located residential projects by reputed developers are attracting investors ,as these projects are promising significant appreciation in prices, Nair adds.
Better scope for future growth, ideal connectivity, and superior infrastructure have attracted developers to invest in Andheri east.
More over as compared to Andheri west, the property rates in Andheri east are easily affordable for middle class buyers.
“Property rates in Andheri east are approximately 30% lesser than in Andheri west. This affordability, makes it an ideal investment destination that caters to both, the middle and upper middle-class buyers. The prices for luxury projects, approximately start at Rs 1.5 crores and may go up to Rs 8 crores,” elaborates Sheth.