Mumbai Suburbs Witness Highest Price Appreciation in 2015
Mumbai real estate has been witnessing a bearish movement over the last couple of years due to multiple factors such as bad economy and sky-rocketing property prices in the city. As a consequence, new supply of apartments has come down in the city and appreciation of property prices has taken a beating in several prime suburbs. Yet, according to CommonFloor’s 2015 annual report, Mumbai suburbs witnessed the highest appreciation over one year in the entire Mumbai Metropolitan Region (MMR).
Following are three important micro markets which witnessed some of the highest price appreciation.
1) Borivali East
Driving factors: Borivali East is a far western suburb of Mumbai. Relative affordability compared to most other western suburbs, while offering a good lifestyle for middle class families have been the major driving factors for this area’s growth. Good connectivity to important business hubs via Western Express Highway (WEH) such as Bandra Kurla Complex (BKC) and proximity to nature has been other major drivers of the area’s growth.
Approx property prices in Borivali East : Rs 11,000-16,900 per sq. ft
2) Malad West
Driving factors: Malad West is a neighbouring area to Goregaon and a western suburb. It’s relatively affordable property prices, availability of good lifestyle for middle class families and excellent connectivity to important business hubs such as BKC have been the major reasons for the area to rank high on good demand and high price appreciation in one year.
Approx property prices in Malad West : Rs 14,100-15,200 per sq. ft
3) Powai
Driving factors: Powai is a central suburb of Mumbai. Presence of Kensington SEZ and IIT-Mumbai, proximity to other important business hubs such as SEEPZ and the international airport, a well-developed infrastructure, clean environment, and a good standard of living are the key driving factors. The fame of being one of the start-up hubs of India has been another major force in the area.
Approx property prices in Powai : Rs 14,000-19,400 per sq. ft
Other suburbs that witnessed high price appreciation this year included Goregaon East, Ghatkopar West, Andheri West, Andheri East and Bhandup West. Ghansoli in Navi Mumbai was the only other area in MMR that saw an appreciation of 10 per cent.
