Prabhadevi In Mumbai Faces High Property Price Variation
Prabhadevi is a prime area in Mumbai due its central location between the western suburbs and South Mumbai. It is also an example of high variation of property prices in residential real estate. The price varies from Rs. 25,000 per sq.ft to Rs. 1 lakh per sq.ft in this area.
Wide range of options in real estate market
Prabhadevi offers good commercial properties. At the same time, it also has a good mix of commercial real estate, residential real estate and high street market. It has a number of prestigious car showrooms belonging to Mercedes, Volkswagen and Lamborghini. A Porsche showroom is expected to open in December. Prabhadevi also has various stores such as Reliance Digital, Subway and Vodafone along with banks such as ICICI, Kotak Mahindra and other banks.
Prabhadevi is close to commercial places in South Mumbai such as Nariman Point and Lower Parel as well as western suburbs such as Bandra and Worli. One can reach Nariman Point from Prabhadevi in 30 minutes and Lower Parel in 15 minutes. Bandra can be reached in 15 minutes via the Bandra-Worli Sea Link. Most people in the mid-sized business class and high-end working class prefer staying close to their workplaces. Prabhadevi is a good choice for these people.
Home to premium residential projects
All the above factors make Prabhadevi one of the ideal locations in Mumbai for developing premium projects. The area boasts of some famous premium projects in Mumbai. For example, it houses the Beaumonde Towers by Sheth Developers, which is a residence for many well-known Bollywood celebrities. The apartments in this project command ultra-high values ranging between Rs. 85,000 to Rs. 1 lakh per sq.ft. Another luxury project in the area includes Ahuja Towers which is nearing completion and is said to be similar to Beaumonde Towers in terms of quality of construction and pricing. A few other premium projects that are completed include Chaitanya Towers, Siddhivinayak Horizon and Sumer Trinity.
Property trends in Prabhadevi
Unlike few other suburbs in Mumbai, Prabhadevi has not seen much slump in the last two years. Instead, it has been witnessing a healthy real estate trend. The main reason for this healthy trend is that the locality has not witnessed a condition of oversupply. Moreover, whatever new supply has been created here, has been of quality.
While Prabhadevi is a premium locality, it also stretches from Shivaji Park to Worli and hence, a classic mix of prime quality residential houses and ordinary residential premises which are usually old. While the old constructions are available in the low cost bracket, new constructions are available for higher prices. There are other middle-aged constructions available for mid-range prices.
