Oshiwara Witnesses 18% Hike in Rental Values
Oshiwara, a prominent locality in Jogeshwari West in Mumbai saw an increase of 18% in rental values, one of the steepest hike of rental values in the financial capital during the last quarter of 2013. While this can be attributed to its proximity to important business centres such as Andheri and Bandra Kurla Complex (BKC), the overall infrastructure has given an added boost for the rental values in the locality.
Connectivity and access
Oshiwara is situated in Jogeshwari West, a western suburb of Mumbai. It is a neighbouring suburb of Andheri, which is a posh western suburb. It is also located at almost a distance of 13 km from Bandra, another premium suburb in Mumbai. Oshiwara has a railway station, which lies on the western line of the Mumbai suburban railway. The locality also lies close to the Western Express Highway (WEH). Another important road connecting Oshiwara to other suburbs is the Jogeshwari Vikhroli Link Road (JVLR). The Mumbai International Airport too can be reached within half an hour from the area.
Oshiwara has a large number of industrial estates. It is also close to other important business hubs such as Lokhandwala Complex, a commercial and residential area in Andheri, Andheri SEEPZ and Bandra Kurla Complex (BKC). One can reach BKC from Oshiwara within half an hour while it takes less than 10 minutes to reach Lokhandwala Complex and about 20 minutes to reach SEEPZ. One can also reach the Powai SEZ within half an hour via JVLR.
Rental property
Being in Jogeshwari, a prime western suburb, Oshiwara has all social amenities such as schools, colleges, malls, commercial establishments and entertainment facilities. Due to its social amenities and proximity to important business centres. Oshiwara attracts people from different parts of Mumbai and other cities. Since, purchasing a house is not possible for most people due to high costs, renting is the next best option several people opt for. This has led to an enormous demand for rental housing in the area.
The most common units available for rent in the area are 2-BHK apartments, usually with sizes varying between 900 sq. ft. to 1,100 sq. ft. of covered area. There are also few 1 and 3-BHK apartments available for rent. The covered area of a 1-BHK apartment is usually between 450-700 sq. ft. The approximate rent of a 1-BHK apartment varies between Rs. 20,000-30,000 per month, while that of a 2-BHK apartment is between Rs. 35,000-50,000 per month.
Due to the high demand for rental property, the last quarter of 2013 saw an increase of approximately 18% in rental values across the area. With continued demand for housing in western suburbs due to their proximity to important business centres, the area is expected to witness continued growth in demand for rental housing.
