Real Estate Trends in Govandi
Govandi is an eastern suburb in Mumbai. Unlike few other suburbs in Mumbai, Govandi is divided into Govandi (North) and Govandi (South) by the railway line that passes through it. It has Ghatkopar to the North, Kurla and Sion to the west, and Chembur to the south. It has the protected Mangrove forests to its east.
Access and connectivity
Govandi (South) has an excellent infrastructure. It is less than 3 km from the Sion-Trombay Highway which connects it to other localities of Mumbai. Govandi (North) has a BEST bus depot. Govandi is also just about 3.6 km from National Highway 3 (NH 3) that passes through Chembur. The Govandi railway station lies on the harbour-line of Mumbai suburban railway. The nearest metro station would be the proposed Mankhurd station.
Govandi is also close to Chembur which will have the proposed monorail and will be an important junction. The Mumbai International Airport is about 11.5 km from Govandi.
Amenities
Govandi (South) has very good social infrastructure. Deonar Village in this suburb is home to the Deonar Telecom Exchange. Govandi (South) is home to institutions such as the International Institute of Population Sciences, Shah & Anchor Polytechnic and Tata Institute of Social Sciences (TISS). It has several commercial establishments such as Lakme, Dukes (PepsiCo), USV Ltd and Spanco BPO. It also has several banks such as ICICI, State Bank of India and Dena Bank. BARC’s hospital is situated after the Sion-Trombay traffic junction. There is a municipal park which provides walking and jogging facilities to the locals. There are also schools and colleges in this area.
Govandi (North) has a stark contrast compared to south. It is filled with quarters provided by the government for its staff, Deonar abattoir, MHADA transit buildings and housing colonies. It also has several pharmaceutical companies such as Manish Pharmaceuticals and Hindustan Biologicals. There are a few cottage and small-scale industries in the western part of Govandi.
Real Estate
There are many contemporary housing complexes in Govandi (South). Some are the Mumbai Port Trust Colony, Navadurga Apartments, Orchid Residency and Patwardhan Colony. There are also several private builders who have ongoing projects here. Govandi (North) has colonies such as Teacher’s Colony, New Deonar Municipal Colony, Lumbini Baug, Kamla Raman Nagar and Shivaji Nagar. There are also few MHADA transit tenements here.
When it comes to buying and renting properties, Govandi has more properties for purchase than for rentals. The residential properties available here are 1/2 BHK houses and 1/2 BHK apartments. There are not many properties with 3 BHK and beyond in Govandi. The area of a 1 BHK house ranges from 600 – 750 sq-ft while the area of a 1 BHK apartment may be between 520 – 650 sq-ft. The area of a 2/3 BHK house is in the range of 950 – 1,100 sq-ft while for an apartment, it may be between 850 – 1,700 sq-ft.
Property Trends
The rent for a 1 BHK property is between Rs. 17,000 – 23,000 while the rent for a 1 BHK flat ranges from Rs. 18,000 – 25,000. Rent for a 2 BHK house averages at approximately Rs. 25,000 while the rent for a 2/3 BHK flat is between Rs. 22,000 – 50,000. The cost of a 2/3 BHK house may come up to Rs. 1.4 crore. A 1 BHK flat can be bought for Rs. 30 lakhs – 1.05 crore while a 2/3 BHK flat can be bought for a price of Rs. 80 lakhs – 1.75 crore. Some premium properties may cost even up to Rs. 3 – 4 crore.
Govandi has seen a steady increase in property prices in the last quarter. The average price per sq-ft for a multistorey apartment went up from Rs. 13,300 to 13,500 in the last quarter. While apartments saw a steady rise in property rates, independent houses have shown little growth in demand over the last few quarters. This shows that Govandi sees more demand for apartments than independent houses.
