Real Estate Trends in Prabhadevi
Prabhadevi is an upscale area in South Mumbai. It is famous for the Siddhivinayak temple, which attracts pilgrims all over India and is considered one of the richest temple trusts in India. It also has the Prabhadevi temple from which the area derives its name. Prabhadevi has Dadar to its north, Worli to the south, Parel to its east and the Arabian Sea to its west.
Access and connectivity
Though Prabhadevi is a posh locality, there are no major highways that pass through this area. However, it lies close to Elphinstone Road (about 2.4 km) which passes through Dadar and other important suburbs. There are also no train stations in Prabhadvi. The nearest train station is in Dadar which is at a distance of about 2.1 km. Elphinstone road and Dadar railway station provide easy access to Prabhadevi from Mumbai Central and Western railway lines.
Some important BEST bus routes pass through Prabhadevi. The area is also at a distance of approximately 16 km from the Mumbai International Airport and can be reached in about half an hour. Apart from gradually emerging as a business hub, it is close to Bandra Kurla Complex which is about 8 km away and Nariman Point which is approximately 13 km away. Both are important business hubs in Mumbai.
Amenities
Prabhadevi is considered one of the cleanest areas in Mumbai. The roads are clean and well maintained. It also has a very clean beach. There are several educational institutions, hospitals and malls. Prabhadevi also has religious institutions. Prabhadevi is gradually growing into a business hub. Google has set up its office here. There are also companies and banks such as Deloitte, ICICI and Crompton Greaves. The main centre of MTNL is here. There are also some textile mills remaining in Prabhadevi.
Real Estate
Prabhadevi is a completely posh area. More than its amenities, the chief contributors to the posh locality is its proximity to expensive suburbs, the commercial South Mumbai and the Arabian Sea. Its central location in Mumbai and its “clean” image has also contributed majorly to its expensive status. There are many old residential localities co-existing with new skyscrapers. Some well-known apartments are Twin Tower lane, Raheja Empress, El Dorado, Sumer Trinity Towers and Lodha Grandeur.
Prabhadevi sees a high demand for multistorey apartments for rentals. While there is a good demand for 1 and 2 BHK properties, 3 BHK properties see a high demand in this area. The area of a 1 BHK apartment ranges from 250 – 750 sq-ft while the area of a 2 BHK apartment is in the range of 700 – 1,450 sq-ft. For a 3 BHK apartment, the area is between 1,450 – 2,200 sq-ft. The covered area for a 4/5 BHK apartment is between 2,000 – 3,600 sq-ft. The covered area of a 1 BHK house is between 300 – 550 sq-ft, a 2 BHK house is 700 – 1,200 sq-ft and a 3/4 BHK house is between 1,050 – 1,850 sq-ft.
Property Trends
The rent for a 1 BHK flat is between Rs. 16,000 – 60,000 while the rent for a 2 BHK flat ranges from Rs. 45,000 – 1.6 lakhs. Rent for a 3 BHK flat is between Rs. 70,000 – 2.5 lakhs while the rent for a 4/5 BHK flat is between Rs. 2 lakhs – 5.5 lakhs. The rent for a 1 BHK house is between Rs. 18,000 – 40,000 while it is between Rs. 40,000 – 85,000 for a 2 BHK house and between Rs. 1.1 lakhs – 1.75 lakhs for a 3/4 BHK house.
Prabhadevi has seen a minor dip in property prices in the last quarter when it comes to apartments as well as residential houses. While the average price per sq-ft for a multistorey apartment in Prabhadevi went down from Rs. 39,300 – 36,100 in the last quarter, it went down from Rs. 38,600 – 38,550 for residential houses.
