Real Estate Trends in Goregaon
Goregaon is a western suburb situated in the northern part of Mumbai. The western line of the Mumbai suburban railway divides it into Goregaon East and West. Goregaon has famous film studios such as Film City and Filmistan.
Malad is to the north of Goregaon while Andheri is to the south west. Goregaon has the posh area of Powai to its South east while it has Borivali and the Mangrove forests to its North east.
Access and connectivity
Goregaon has very good road infrastructure and is well connected to other parts of Mumbai. The suburb has the Western Express Highway and Link Road passing through it. Goregaon has three major bus depots viz, Goregaon Bus Depot, Goregaon Bus Station and the BEST Bus Depot. The Goregaon railway station lies on the western line of Mumbai Suburban railway. The Mumbai International Airport is about 14 km from Goregaon and can be accessed via the Western Express Highway. There is currently no metro station here. However there is a metro station proposed in the Shastri Nagar locality during Phase III construction of Metro.
Since Goregaon is a neighbouring suburb to Powai, it is close to the Kensington SEZ as well as other business institutions in Powai. It is also about 18 km from the Bandra Kurla Complex which is a Central Business District (CBD).
Amenities
Goregaon has very good social amenities such as educational institutions, hospitals, commercial institutions and entertainment facilities. Some schools and colleges here include Gokuldham High School, Oberoi International School, Ryan International School and Indira Gandhi Institute of Development Research. Hospitals include Life Line Medicare Hospital, Vasudha hospital and Clemscok Grp. Goregaon is home for film studios such as Mumbai Film City and Filmistan. Other commercial centres include Oberoi Mall, Westin Hotel and Aarey Milk Plant.
Real Estate
Housing boom in Goregaon started in the 1980s. Till then, Goregaon was sparsely populated with localities such as Unnat Nagar, Shastri Nagar, Lokamanya Tilak Nagar and BEST Colony. With the housing boom, newer localities started developing with a constant increase in population density. Goregaon, which was once a middle-class neighbourhood has now transformed into a wealthy and posh suburb. New areas include Saibaba Complex, Yashodham, Oberoi Garden City and Amritvan.
Goregaon sees a high demand for multistorey apartments than residential properties. While there is a good demand for 1,3 and 4 BHK properties, the demand is high for 2 BHK properties, which means that the suburb is still popular with the middle-class. The area of a 1 BHK apartment ranges from 600 – 750 sq-ft while the area of a 2 BHK apartment is in the range of 700 – 1,300 sq-ft while for a 3 BHK apartment the area is between 1,000 – 2,100 sq-ft. The covered area for a 4/5 BHK apartment is between 2,020 – 2,890 sq-ft.
Property Trends
The rent for a 1 BHK flat is between Rs. 13,000 – 35,000 while the rent for a 2 BHK flat ranges from Rs. 19,000 – 70,000. Rent for a 3 BHK flat is between Rs. 25,000 – 1.05 lakh while the rent for a 4/5 BHK flat is between Rs. 65,000 – 1.2 lakh. The cost of a 2/3 BHK house may come up to Rs. 1.4 crore.
While Goregaon (west) has seen a steady increase in property prices in the last quarter, the eastern zone has seen a minor slump in prices when it comes to apartments. While the average price per sq-ft for a multistorey apartment in Goregaon (west) went up from Rs. 14,075 – 14,500 in the last quarter, it went down from Rs. 14,550 – 12,740 in Goregaon (east). Independent houses in both zones have shown steady growth in demand over the last quarter. Capital value went up from Rs. 13,350 – 14,520 per sq-ft in Goregaon (west) while it went up from Rs. 10,140 – 16,130 in Goregaon (east).
