Real Estate Trends in Powai
Powai is an eastern suburb of Mumbai and is a posh locality situated on the banks of Powai lake. It has Sanjay Gandhi National Park to the north, L.B.S Marg to the north-east, hills of Vikhroli park site to the south-east and Chandivali to the south-west. Powai is a cosmopolitan and westernized culture owing to the mixture of various communities living in this area.
Access and Connectivity
Powai has excellent road connectivity and bus services within the locality as well as to different parts of Mumbai. It has the Lal Bahadur Shastri Marg (old Mumbai-Agra road) to the north-east. The Jogeshwari-Vikhroli Link Road (JVLR) which links the western and eastern suburbs of Mumbai passes through Powai and is one of the busiest thoroughfares in city.
The Mumbai International Airport is just 5 km away from Powai. It does not have a suburban railway station. The nearest railway station is Kanjurmarg railway station which is on the central main line of Mumbai Suburban Railway. It is 3.5 km away from Powai.
Amenities
Once a central village, Powai has grown exponentially as one of Mumbai’s most posh residential and commercials hubs. The suburb has commercial institutions such as Deloitte, CRISIL and Bayer. Some of the commercial institutions are located in the Kensington SEZ in Powai. L&T has a manufacturing plant in Powai.
Powai has several educational institutions. Some of the most famous are IIT Bombay and National Institute of Industrial Engineering. Powai has several malls, a dance academy, mega stores and hospitals such as the Hiranandani Hospital.
Real Estate
Powai has many residential complexes. The most prominent is the Hiranandani Gardens. There are other complexes such as Jalavayu Vihar belonging to the Indian Armed Forces and residential complexes belonging to the NTPC, Income Tax department and Customs. Some apartment complexes include Nahar Amrit Shakti apartments and Oritel Service Apartments.
There are 1, 2, 3, 4 and 5-BHK properties available for rent. The coverage area of 1-BHK property ranges from 400–700 sq-ft. A 2-BHK property may have a coverage area of 700–1,475 sq-ft. The area of a 3-BHK property may be between 1,000–2,500 sq-ft while the area of 4,5-BHK property may be between 1,700–5,500 sq-ft.
Property Trends
The rent for a 1-BHK property in Powai is between Rs. 17,000–37,000. A 2-BHK property is available for rent of Rs. 25,000–1.3 lakhs. A 3-BHK property can fetch a rent of Rs. 35,000-3 lakhs while a 4,5-BHK property is available for a rent of Rs. 70,000 – 5 lakhs.
A commercial property fetches a rent of Rs. 6,000-14,000 for a size of 100 sq-ft depending on the location, size and other amenities.
The last year has seen a steady rise in property rates for residential properties with minor fluctuations. Multistorey apartments saw a rise of property rates from Rs. 14,800 to 18,270 per sq-ft while residential houses saw a rise from Rs. 14,400 to 14,620 per sq-ft.
