Is a house in Mumbai your dream? Try Goregaon

Every city, big or small, has areas that goes on to and come out of limelight over a period of time. Mumbai, the financial capital of India, has witnessed massive growth in commercial and housing sector in the last couple of decades.

The erstwhile commercial hotspots like Nariman Point has been replaced initially by Bandra Kurla Complex and later by Lower Parel. Similarly, in case of housing or residential sector, once home buyers were attracted to coveted localities of South Mumbai. Soon, housing demand reached sky high in Juhu and Santacruz. Subsequently, lack of land availability and astronomical prices projected suburbs like Panvel and Virar as the next housing destinations. Now, the suburban areas of Goregaon are the ones attracting the highest housing demand and growth.

Suburbs of Mumbai

Due to the limited availability of land in Mumbai, the suburbs are driving the band wagon of housing growth in the recent past. Mumbai suburbs can be divided into two categories:

Eastern Suburb: Eastern suburbs of Mumbai are the areas lying to the eastern precinct of the city. Eastern suburbs are also called Central suburbs. They include Bhandup, Ghatkopar, Kanjurmarg, Kurla, Mulund, Powai, Vidyavihar and Vikhroli. Chembur, Govandi, Mankhurd and Trombay lies to the south east of the city and are called ‘Harbour Suburbs‘.

Western Suburbs: Western Suburbs are the areas lying to the western precinct of the city. Western suburbs include Andheri, Bandra, Borivali, Dahisar, Goregaon, Jogeshwari, Juhu, Kandivali, Khar, Malad, Santacruz and Vile Parle.

Property prices in Mumbai Suburbs

Property prices in some of the suburbs in Mumbai are given below. Prices are as per October-December quarter, 2012.

Goregaon: The growing suburb

Goregaon has grabbed the limelight over the last couple of years. Residential demand is rising in this suburb which was once declared the locality of low income people. It has become the sought after destination for people who are looking to buy a house in Mumbai. There are factors behind the growth story of Goregaon.

Its first advantage is the strategic location and connectivity with Mumbai city and other hubs in the vicinity. It is located on the Western Express Highway and connects with East through both the Lokhandwala-Malad Link Road as well as the Jogeshwari-Vikhrole road.

Goregaon has price advantage over other new residential hubs like Lokhandwala. People aspiring for a quality lifestyle in these areas are disheartened by the price bracket in those areas. Although only about 4 kilometers away from Lokhandwala, Goregaon is still affordable to majority of customers.

Another factor working in favour of Goregaon is that it has less slum areas compared to other localities like Malad. It means that roads and other infrastructure facilities like water pipes would be less congested in Goregaon, which acts as an added incentive for home buyers as well developers.

Of the total 3,000 hectares of land in Goregaon, 800 hectares is residential. 300 hectares is industrial, while 160 hectares is commercial area. There is a possibility of converting the industrial areas to commercial zones in near future.

Goregaon has witnessed development on other infrastructure areas in recent times as well. Malls have come up in recent times. It also has good international schools like Vibgyor, Oberoi International, Ryan International, etc in the vicinity. All these have put Goregaon in the radar for housing development and potential home buyers are flocking here to buy an apartment.

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