Andheri West Witnesses Increasing Interest in New Properties
Andheri West has been considered one of the most posh areas in Mumbai in recent years. Being the western zone of Andheri suburb, the area witnessed focussed development from the beginning. Several factors have contributed to the area’s growth as a posh area since then. The area caters more to the affluent population of the country. As such, it offers a limited number of new residential properties in Andheri West, focused more towards the higher net worth individuals (HNIs). However, according to a recent report by CommonFloor, the area has witnessed an interesting trend of an increasing availability of residential units during the last three years, indicating an increased interest in properties here. Year 2014 witnessed almost an increase of 45 per cent in the number of units being launched.
Snapshot of market trends
Available Unit Type: Most of the residential units launched over the last three years are multi-storeyed apartments in the area. Due to the limited land availability and skyrocketing property prices in the area, most of the erstwhile bungalows have been redeveloped into apartments.
BHK Configuration: Andheri West offers a significant number of 2 and 3BHK units. Almost half of the available new units are 2BHK apartments, with one third of the new units being 3BHK units in Andheri West. The remaining are 1BHK apartments in Andheri West.
Approximate budget: One may find a property in the area over a wide range of budget, starting from Rs 60 lakh (mid-segment) and going beyond Rs 2 crore (ultra-luxury segment). According to the CommonFloor data, the mid-segment, luxury and ultra-luxury segments offered properties in equal percentage.
Price: The weighted average price (WAP) of new projects in the area was about Rs 19,000 per sq. ft during Q1, 2015.
The following table gives some of the top builders and projects in the area.
Table: Top builders in the area
|
Developers |
Projects |
Total Units |
BHK availability |
Expected Yr. of completion |
|
V Raheja |
V Raheja Varuna |
70 |
2 and 3BHK |
Sep 2016 |
|
Lashkaria Group |
Lashkaria Green Woods |
17 |
2BHK |
Jun 2015 |
|
Shreedham Group |
Shreedham Splendour |
90 |
1 and 2BHK |
Dec 2016 |
|
SD Corporation Pvt. Ltd. |
SD 69 SVP |
64 |
2 and 3BHK |
Jun 2017 |
Key Drivers of Growth
– Focused development of the area as a residential area, leading to good growth in civic and social infrastructure.
– Proximity to posh localities such as Bandra, Khar and Juhu. The availability of all upscale social amenities improve the deluxe quotient of the area.
– Proximity to important business hubs such as Bandra Kurla Complex (BKC) and SEEPZ SEZ. Also proximity to the Mumbai International Airport as well as Juhu beach.
– Excellent connectivity to all the major areas of Mumbai via road and rail. The connectivity and traffic conditions have improved in the recent past due to the new metro line and Sahar Elevated Road in proximity to the area. A few more infrastructure projects are in pipeline.
